Coinbase Global (NASDAQ:COIN) Shares Up 1.7% - What's Next?

Key Points

• Coinbase Global (NASDAQ:COIN) shares increased by 1.7%, trading at approximately $336.02 after reaching a high of $336.30 during mid-day trading.
• Analysts maintain a consensus price target of $367.94 for Coinbase, with ratings ranging from "Strong Buy" to "Sell" from various research firms.
• Coinbase recently reported earnings per share (EPS) of $0.12, significantly missing the consensus estimate of $0.91, while their quarterly revenue reached $1.50 billion.

Coinbase Global, Inc. (NASDAQ:COIN) was up 1.7% during mid-day trading on Friday . The stock traded as high as $336.30 and last traded at $336.02. Approximately 9,480,503 shares changed hands during trading, a decline of 14% from the average daily volume of 11,040,471 shares. The stock had previously closed at $330.25.

Analyst Ratings Changes

Several analysts recently issued reports on COIN shares. Rosenblatt Securities reiterated a "buy" rating and set a $470.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. Keefe, Bruyette & Woods reduced their price target on shares of Coinbase Global from $355.00 to $335.00 and set a "market perform" rating on the stock in a research report on Monday, August 4th. Canaccord Genuity Group reiterated a "buy" rating and set a $400.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. BTIG Research started coverage on shares of Coinbase Global in a research report on Wednesday, October 1st. They set a "buy" rating and a $410.00 price target on the stock. Finally, HC Wainwright reiterated a "sell" rating and set a $300.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $367.94.

Coinbase Global Stock Up 1.7%

The company has a market capitalization of $86.34 billion, a P/E ratio of 32.50 and a beta of 3.68. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The firm's fifty day moving average is $327.75 and its 200-day moving average is $291.54.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.79). The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The company's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $0.14 earnings per share. As a group, equities research analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Buying and Selling

In related news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $345.88, for a total transaction of $3,458,800.00. Following the sale, the insider directly owned 82,328 shares in the company, valued at $28,475,608.64. This trade represents a 10.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $361.32, for a total transaction of $9,033,000.00. Following the sale, the chief executive officer owned 526 shares in the company, valued at approximately $190,054.32. This represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 205,657 shares of company stock worth $67,479,576 in the last ninety days. Company insiders own 17.65% of the company's stock.

Institutional Investors Weigh In On Coinbase Global

Hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. boosted its position in Coinbase Global by 24.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock worth $8,861,000 after buying an additional 9,952 shares during the period. Amalgamated Bank boosted its position in Coinbase Global by 4.8% during the 1st quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock worth $2,368,000 after buying an additional 629 shares during the period. Kera Capital Partners Inc. lifted its position in shares of Coinbase Global by 3.0% in the 2nd quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange's stock worth $12,954,000 after purchasing an additional 1,085 shares during the period. Parallel Advisors LLC lifted its position in shares of Coinbase Global by 102.6% in the 2nd quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange's stock worth $3,738,000 after purchasing an additional 5,402 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Coinbase Global by 8.1% in the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock worth $193,000 after purchasing an additional 84 shares during the period. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.