Coinbase Global (NASDAQ:COIN) Shares Up 6.5% - What's Next?

Key Points

• Coinbase Global's shares increased by 6.5% on Friday, with a trading high of $320.77 and a last trading price of $319.93.
• Analysts have raised their price targets for COIN, with Sanford C. Bernstein setting the highest at $510.00 and Argus rating it a "buy" with a $400.00 target.
• CEO Brian Armstrong sold 336,265 shares of Coinbase stock, representing a significant 99.84% decrease in his holdings, while insiders have sold a total of 1,185,704 shares in the last three months.

Coinbase Global, Inc. (NASDAQ:COIN)'s share price shot up 6.5% during trading on Friday . The stock traded as high as $320.77 and last traded at $319.93. 5,289,377 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 11,497,090 shares. The stock had previously closed at $300.28.

Wall Street Analyst Weigh In

Several research firms have commented on COIN. Sanford C. Bernstein boosted their target price on Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Argus assumed coverage on Coinbase Global in a report on Monday, July 14th. They set a "buy" rating and a $400.00 price target on the stock. The Goldman Sachs Group upped their price target on Coinbase Global from $239.00 to $268.00 and gave the company a "neutral" rating in a report on Monday, July 7th. Citigroup increased their target price on Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Finally, Jefferies Financial Group increased their target price on Coinbase Global from $260.00 to $405.00 and gave the company a "hold" rating in a report on Tuesday, July 29th. Thirteen investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Coinbase Global has an average rating of "Hold" and a consensus price target of $352.72.

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The business has a 50-day simple moving average of $344.45 and a 200 day simple moving average of $261.85. The firm has a market cap of $82.18 billion, a PE ratio of 30.93 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its 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). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The business had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the prior year, the business posted $0.14 EPS. The business's revenue for the quarter was up 3.3% compared to the same quarter last year. Equities research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Buying and Selling

In other news, CEO Brian Armstrong sold 336,265 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 1,185,704 shares of company stock worth $438,918,732 over the last three months. 17.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. GeoWealth Management LLC increased its holdings in shares of Coinbase Global by 20.2% in the 4th quarter. GeoWealth Management LLC now owns 423 shares of the cryptocurrency exchange's stock valued at $105,000 after acquiring an additional 71 shares during the period. First Trust Advisors LP boosted its position in shares of Coinbase Global by 33.8% in the 4th quarter. First Trust Advisors LP now owns 162,635 shares of the cryptocurrency exchange's stock worth $40,382,000 after purchasing an additional 41,115 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Coinbase Global by 2.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 408,170 shares of the cryptocurrency exchange's stock worth $101,392,000 after purchasing an additional 7,834 shares in the last quarter. MetLife Investment Management LLC boosted its position in shares of Coinbase Global by 0.5% in the 4th quarter. MetLife Investment Management LLC now owns 11,061 shares of the cryptocurrency exchange's stock worth $2,746,000 after purchasing an additional 55 shares in the last quarter. Finally, MML Investors Services LLC boosted its position in shares of Coinbase Global by 16.8% in the 4th quarter. MML Investors Services LLC now owns 14,659 shares of the cryptocurrency exchange's stock worth $3,640,000 after purchasing an additional 2,109 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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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