Coinbase Global (NASDAQ:COIN) Shares Up 6.1% - Time to Buy?

Key Points

• Coinbase Global's stock price increased by 6.1% on Monday, closing at $329.58 after trading as high as $333.66, despite a 42% drop in trading volume.
• Analysts have varying opinions on the stock, with thirteen buy ratings, eleven holds, and two sells, while the average price target is $352.18.
• Insider selling has been notable, with CEO Brian Armstrong selling 336,265 shares and Director Frederick Ehrsam reducing their holdings significantly as well, indicating potential concerns among insiders.

Shares of Coinbase Global, Inc. (NASDAQ:COIN) rose 6.1% during mid-day trading on Monday . The stock traded as high as $333.66 and last traded at $329.58. Approximately 6,717,663 shares traded hands during trading, a decline of 42% from the average daily volume of 11,586,404 shares. The stock had previously closed at $310.54.

Analyst Ratings Changes

COIN has been the subject of several recent research reports. Monness Crespi & Hardt lowered shares of Coinbase Global from a "buy" rating to a "neutral" rating in a report on Monday, July 28th. Argus began coverage on Coinbase Global in a research report on Monday, July 14th. They issued a "buy" rating and a $400.00 price objective on the stock. China Renaissance began coverage on Coinbase Global in a research report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price objective on the stock. 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, August 1st. Finally, Citigroup upped their price objective on Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $352.18.

Coinbase Global Price Performance

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 market capitalization of $82.10 billion, a PE ratio of 30.89 and a beta of 3.70. The firm has a 50 day moving average price of $334.34 and a 200 day moving average price of $259.98.

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 the consensus estimate of $0.91 by ($0.79). The company had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%. The company's revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the company earned $0.14 earnings per share. Research analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Transactions at Coinbase Global

In other news, CEO Brian Armstrong sold 25,000 shares of the company's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $317.09, for a total value of $7,927,250.00. Following the completion of the sale, the chief executive officer directly owned 526 shares in the company, valued at $166,789.34. This represents a 97.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of the company's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total transaction of $3,486,400.00. Following the completion of the transaction, the insider directly owned 82,328 shares of the company's stock, valued at $28,702,833.92. This represents a 10.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,176,221 shares of company stock worth $434,800,609 in the last three months. Corporate insiders own 23.43% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its holdings in Coinbase Global by 24.0% in 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 holdings in Coinbase Global by 4.8% in 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. GAMMA Investing LLC boosted its holdings in 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 buying an additional 84 shares during the period. 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 worth $453,000 after buying an additional 1,454 shares during the period. Finally, Wealthcare Advisory Partners LLC boosted its holdings in Coinbase Global by 87.0% in the 1st 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 during the period. Institutional investors own 68.84% of the company's stock.

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.