Coinbase Global (NASDAQ:COIN) Stock Price Up 1.2% – Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s share price shot up 1.2% during trading on Friday . The stock traded as high as $300.59 and last traded at $298.75. 3,927,292 shares were traded during mid-day trading, a decline of 65% from the average session volume of 11,135,432 shares. The stock had previously closed at $295.23.

Analyst Ratings Changes

Several analysts have recently commented on COIN shares. B. Riley started coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target on the stock. Barclays lifted their price target on shares of Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Canaccord Genuity Group restated a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research report on Thursday, October 31st. Bank of America boosted their price target on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, JMP Securities restated a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $251.00.

Coinbase Global Stock Performance

The stock’s 50-day moving average is $214.20 and its 200-day moving average is $215.16. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a market cap of $76.27 billion, a price-to-earnings ratio of 51.99 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. Coinbase Global’s revenue was up 78.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.01) EPS. On average, analysts expect that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Insiders Place Their Bets

In other Coinbase Global news, Director Frederick R. Wilson sold 40,000 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $300.00, for a total value of $12,000,000.00. Following the completion of the sale, the director now owns 50,000 shares of the company’s stock, valued at $15,000,000. This trade represents a 44.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $91,487.18. The trade was a 97.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 194,091 shares of company stock worth $50,033,426 over the last quarter. 23.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. RPg Family Wealth Advisory LLC acquired a new stake in shares of Coinbase Global during the third quarter valued at about $25,000. Crewe Advisors LLC grew its stake in Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after purchasing an additional 104 shares in the last quarter. Lynx Investment Advisory purchased a new stake in Coinbase Global during the 2nd quarter worth approximately $29,000. Versant Capital Management Inc raised its position in shares of Coinbase Global by 75.0% in the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 57 shares in the last quarter. Finally, ORG Wealth Partners LLC purchased a new position in shares of Coinbase Global during the 3rd quarter valued at approximately $32,000. Hedge funds and other institutional investors 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.