Coinbase Global (NASDAQ:COIN) Shares Up 3.2% - Here's What Happened

Key Points

• Coinbase Global shares rose 3.2% during trading, reaching a high of $316.78, while average trading volume declined significantly by 48%.
• Analysts have diverse opinions on Coinbase, with some predicting growth and setting price targets ranging from $300 to $510, while others maintain a "sell" rating.
• Insider trading activity included significant sales by the CEO and a director, indicating a 74.33% and 99.84% decrease in their respective share holdings.

Coinbase Global, Inc. (NASDAQ:COIN) shot up 3.2% during trading on Thursday . The company traded as high as $316.78 and last traded at $313.24. 5,977,442 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 11,588,417 shares. The stock had previously closed at $303.58.

Wall Street Analysts Forecast Growth

COIN has been the topic of several research reports. HC Wainwright reiterated a "sell" rating and issued a $300.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. Argus began coverage on Coinbase Global in a report on Monday, July 14th. They set a "buy" rating and a $400.00 price objective on the stock. Sanford C. Bernstein upped their price target on shares of Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. William Blair started coverage on Coinbase Global in a research note on Wednesday, June 11th. They set an "outperform" rating for the company. Finally, Erste Group Bank initiated coverage on shares of Coinbase Global in a research note on Wednesday, July 23rd. They issued a "buy" rating on the stock. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $352.18.

Coinbase Global Stock Up 2.4%

The company has a market cap of $78.90 billion, a price-to-earnings ratio of 30.06, a price-to-earnings-growth ratio of 25.78 and a beta of 3.70. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The stock has a 50-day simple moving average of $330.35 and a 200-day simple moving average of $260.11.

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

Insider Activity at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value of $7,622,597.56. Following the transaction, the director owned 10,417 shares in the company, valued at approximately $2,632,167.56. This represents a 74.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 336,265 shares of Coinbase Global stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at $190,732.86. This trade represents a 99.84% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,208,340 shares of company stock worth $442,911,206. Corporate insiders own 17.65% of the company's stock.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COIN. Envestnet Asset Management Inc. boosted its position in Coinbase Global by 24.0% during the first quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock worth $8,861,000 after purchasing an additional 9,952 shares during the period. Amalgamated Bank lifted its holdings in shares of Coinbase Global by 4.8% during the first 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 last quarter. GAMMA Investing LLC grew its stake in shares of Coinbase Global by 8.1% in the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock worth $193,000 after acquiring an additional 84 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its holdings in Coinbase Global by 124.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange's stock valued at $453,000 after purchasing an additional 1,454 shares during the period. Finally, Wealthcare Advisory Partners LLC grew its position in Coinbase Global by 87.0% during the first quarter. Wealthcare Advisory Partners LLC now owns 3,355 shares of the cryptocurrency exchange's stock worth $578,000 after buying an additional 1,561 shares in the last quarter. Institutional investors 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.

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