Coinbase Global (NASDAQ:COIN) Shares Up 4.2% – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN)’s share price traded up 4.2% during trading on Wednesday . The company traded as high as $311.89 and last traded at $305.53. 4,353,321 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 11,163,193 shares. The stock had previously closed at $293.29.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Barclays lifted their target price on Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Mizuho lifted their target price on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a report on Thursday, October 31st. Needham & Company LLC lifted their target price on Coinbase Global from $290.00 to $375.00 and gave the stock a “buy” rating in a report on Monday, November 18th. HC Wainwright reiterated a “buy” rating and issued a $295.00 target price on shares of Coinbase Global in a report on Tuesday, October 29th. Finally, Oppenheimer raised their price target on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $255.22.

Coinbase Global Trading Up 6.0 %

The company has a 50 day moving average of $222.79 and a two-hundred day moving average of $217.21. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $77.85 billion, a PE ratio of 53.07 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.01) EPS. Sell-side analysts predict that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other news, CAO Jennifer N. Jones sold 1,837 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $295.02, for a total value of $541,951.74. Following the completion of the transaction, the chief accounting officer now owns 1,160 shares of the company’s stock, valued at $342,223.20. The trade was a 61.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total value of $1,701,000.00. Following the completion of the transaction, the insider now directly owns 74,956 shares of the company’s stock, valued at approximately $12,750,015.60. This trade represents a 11.77 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 237,719 shares of company stock worth $65,309,711. 23.43% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coinbase Global

A number of large investors have recently bought and sold shares of COIN. RPg Family Wealth Advisory LLC acquired a new position in Coinbase Global in the 3rd quarter worth about $25,000. Crewe Advisors LLC raised its holdings in Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after purchasing an additional 104 shares during the period. Lynx Investment Advisory acquired a new position in Coinbase Global in the 2nd quarter worth about $29,000. Versant Capital Management Inc raised its holdings in Coinbase Global by 75.0% in the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 57 shares during the period. Finally, ORG Wealth Partners LLC acquired a new position in Coinbase Global in the 3rd quarter worth about $32,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

About Coinbase Global

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.