Coinbase Global (NASDAQ:COIN) Shares Up 5.1% – What’s Next?

Coinbase Global, Inc. (NASDAQ:COIN) was up 5.1% during mid-day trading on Wednesday . The company traded as high as $320.13 and last traded at $317.73. Approximately 3,853,205 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 11,266,338 shares. The stock had previously closed at $302.42.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. HC Wainwright reiterated a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a research note on Tuesday, October 29th. Monness Crespi & Hardt initiated coverage on Coinbase Global in a research note on Monday, October 28th. They set a “buy” rating and a $245.00 price target on the stock. Mizuho increased their price objective on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. B. Riley initiated coverage on Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price for the company. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $276.22.

Coinbase Global Stock Performance

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 firm’s 50 day moving average price is $248.10 and its 200-day moving average price is $223.38. The firm has a market capitalization of $79.11 billion, a PE ratio of 54.22 and a beta of 3.56.

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

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $170.10, for a total value of $1,701,000.00. Following the transaction, the insider now owns 74,956 shares in the company, valued at approximately $12,750,015.60. This trade represents a 11.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $162.24, for a total transaction of $243,360.00. Following the sale, the chief operating officer now directly owns 187,601 shares of the company’s stock, valued at $30,436,386.24. The trade was a 0.79 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 272,220 shares of company stock valued at $80,030,608 over the last ninety days. Corporate insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. RPg Family Wealth Advisory LLC acquired a new stake in shares of Coinbase Global in the third quarter valued at approximately $25,000. Crewe Advisors LLC boosted its position in shares of 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 acquiring an additional 104 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of Coinbase Global in the 3rd quarter valued at approximately $32,000. Spirit of America Management Corp NY purchased a new stake in shares of Coinbase Global during the 2nd quarter valued at approximately $33,000. Finally, Continuum Advisory LLC lifted its holdings in Coinbase Global by 3,000.0% in the second quarter. Continuum Advisory LLC now owns 155 shares of the cryptocurrency exchange’s stock valued at $34,000 after acquiring an additional 150 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.