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Coinbase Global (NASDAQ:COIN) Stock Price Up 2.9% - Here's What Happened

Coinbase Global logo with Finance background

Coinbase Global, Inc. (NASDAQ:COIN) traded up 2.9% on Wednesday . The stock traded as high as $401.64 and last traded at $399.32. 5,085,733 shares changed hands during trading, a decline of 53% from the average session volume of 10,935,967 shares. The stock had previously closed at $388.02.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Barclays upped their target price on Coinbase Global from $202.00 to $359.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Citigroup restated an "outperform" rating on shares of Coinbase Global in a research note on Monday. Sanford C. Bernstein upped their target price on Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Needham & Company LLC cut their target price on Coinbase Global from $330.00 to $270.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Finally, The Goldman Sachs Group increased their price target on Coinbase Global from $239.00 to $268.00 and gave the company a "neutral" rating in a research note on Monday, July 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $313.10.

Read Our Latest Report on Coinbase Global

Coinbase Global Stock Up 1.4%

The firm has a market capitalization of $105.76 billion, a price-to-earnings ratio of 78.10, a P/E/G ratio of 30.30 and a beta of 3.70. The stock has a fifty day moving average of $297.88 and a two-hundred day moving average of $250.10. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). The company had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The business's revenue for the quarter was up 24.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.53 earnings per share. Sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 198,300 shares of the stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the sale, the chief executive officer directly owned 526 shares in the company, valued at approximately $209,279.62. This trade represents a 99.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Alesia J. Haas sold 3,000 shares of the stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $360.20, for a total value of $1,080,600.00. Following the sale, the chief financial officer owned 97,366 shares of the company's stock, valued at approximately $35,071,233.20. The trade was a 2.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,245,915 shares of company stock worth $447,462,456 over the last three months. Company insiders own 17.65% of the company's stock.

Institutional Trading of Coinbase Global

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Coinbase Global by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after acquiring an additional 875,359 shares during the period. Geode Capital Management LLC grew its holdings in Coinbase Global by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange's stock worth $882,822,000 after acquiring an additional 127,075 shares during the period. ARK Investment Management LLC grew its holdings in Coinbase Global by 1.1% during the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock worth $528,592,000 after acquiring an additional 34,462 shares during the period. Groupama Asset Managment grew its holdings in Coinbase Global by 100.0% during the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock worth $516,690,000 after acquiring an additional 1,500,000 shares during the period. Finally, Norges Bank acquired a new stake in Coinbase Global during the 4th quarter worth about $536,484,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

About Coinbase Global

(Get Free Report)

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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