Coinbase Global (NASDAQ:COIN) Shares Up 1.3% - Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN) shares shot up 1.3% on Thursday . The company traded as high as $265.65 and last traded at $259.39. 3,647,770 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 10,122,031 shares. The stock had previously closed at $256.00.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on COIN shares. Barclays increased their target price on shares of Coinbase Global from $169.00 to $202.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. Jefferies Financial Group reaffirmed a "hold" rating and set a $260.00 price target (up from $210.00) on shares of Coinbase Global in a research note on Tuesday, May 27th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $400.00 price objective on shares of Coinbase Global in a research report on Friday, May 9th. Rosenblatt Securities reaffirmed a "buy" rating and set a $260.00 price target on shares of Coinbase Global in a research report on Monday, May 12th. Finally, JMP Securities restated a "market outperform" rating and issued a $400.00 price objective on shares of Coinbase Global in a report on Thursday, May 8th. Eleven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $266.10.

Coinbase Global Stock Performance

The stock's 50 day simple moving average is $212.70 and its two-hundred day simple moving average is $243.78. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. The company has a market capitalization of $63.79 billion, a P/E ratio of 26.45 and a beta of 3.61.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same period last year, the firm earned $2.53 earnings per share. The firm's revenue for the quarter was up 24.2% on a year-over-year basis. As a group, research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $247.15, for a total value of $6,178,750.00. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company's stock, valued at $130,000.90. The trade was a 97.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Grewal sold 1,952 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $250.00, for a total transaction of $488,000.00. Following the sale, the insider now directly owns 81,773 shares of the company's stock, valued at $20,443,250. This represents a 2.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 195,717 shares of company stock valued at $42,980,101 over the last 90 days. 17.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds have recently bought and sold shares of COIN. SOA Wealth Advisors LLC. boosted its position in shares of Coinbase Global by 17.7% during the 4th quarter. SOA Wealth Advisors LLC. now owns 266 shares of the cryptocurrency exchange's stock worth $66,000 after acquiring an additional 40 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in Coinbase Global by 4.3% during the fourth quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange's stock worth $239,000 after purchasing an additional 40 shares during the last quarter. Yousif Capital Management LLC boosted its holdings in shares of Coinbase Global by 1.7% in the 4th quarter. Yousif Capital Management LLC now owns 2,559 shares of the cryptocurrency exchange's stock valued at $635,000 after purchasing an additional 44 shares in the last quarter. IPG Investment Advisors LLC increased its stake in shares of Coinbase Global by 2.0% in the 4th quarter. IPG Investment Advisors LLC now owns 2,261 shares of the cryptocurrency exchange's stock valued at $561,000 after purchasing an additional 45 shares during the last quarter. Finally, Vivaldi Capital Management LP increased its stake in shares of Coinbase Global by 0.3% in the 4th quarter. Vivaldi Capital Management LP now owns 13,843 shares of the cryptocurrency exchange's stock valued at $3,437,000 after purchasing an additional 47 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

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.