Coinbase Global (NASDAQ:COIN) Shares Up 3% – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price shot up 3% during mid-day trading on Thursday . The company traded as high as $210.55 and last traded at $204.95. 3,877,129 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 10,362,277 shares. The stock had previously closed at $198.93.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on COIN. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Friday, August 2nd. Barclays lifted their price target on Coinbase Global from $169.00 to $175.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. HC Wainwright cut their price target on Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Bank of America dropped their target price on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, Needham & Company LLC restated a “buy” rating and set a $260.00 target price on shares of Coinbase Global in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $242.82.

Coinbase Global Trading Down 2.0 %

The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03. The company has a 50 day simple moving average of $181.15 and a two-hundred day simple moving average of $210.23. The firm has a market cap of $50.35 billion, a PE ratio of 40.93 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). The company had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The business’s quarterly revenue was up 104.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.42) EPS. Analysts expect that Coinbase Global, Inc. will post 3.92 EPS for the current fiscal year.

Insider Activity

In other news, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total value of $4,013,434.75. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at $91,487.18. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Brian Armstrong sold 23,075 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total value of $4,013,434.75. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $91,487.18. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Alesia J. Haas sold 5,250 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total value of $1,025,062.50. Following the completion of the transaction, the chief financial officer now directly owns 169,786 shares of the company’s stock, valued at $33,150,716.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,187 shares of company stock valued at $13,158,294 in the last quarter. 23.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of Coinbase Global by 18.4% during the first quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after acquiring an additional 2,624,989 shares during the last quarter. Cowen AND Company LLC raised its holdings in shares of Coinbase Global by 1.5% during the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after acquiring an additional 22,071 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after acquiring an additional 691,288 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Coinbase Global by 1,186.6% during the first quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock valued at $139,854,000 after acquiring an additional 486,512 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Coinbase Global by 1,136.7% during the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after acquiring an additional 435,886 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.