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Coinbase Global (NASDAQ:COIN) Stock Price Up 1.1% - Should You Buy?

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Key Points

  • Coinbase Global's stock rose 1.1% recently, with shares trading between $385.85 and $381.47, although trading volume declined significantly by 73% compared to the average.
  • A recent analyst rating update saw Keefe, Bruyette & Woods raise their price target for Coinbase Global from $183 to $205, while Barclays set a target of $359, contributing to a consensus hold rating with an average target price of $339.43.
  • Coinbase reported Q1 earnings per share of $1.94, missing estimates, with revenue of $2.03 billion, indicating a year-over-year increase of 24.2%, but down from consensus expectations of $2.22 billion.
  • Five stocks to consider instead of Coinbase Global.

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price was up 1.1% during mid-day trading on Thursday . The company traded as high as $385.85 and last traded at $381.47. Approximately 3,031,421 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 11,355,733 shares. The stock had previously closed at $377.48.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on COIN shares. Argus started coverage on Coinbase Global in a research note on Monday, July 14th. They issued a "buy" rating and a $400.00 price target on the stock. Williams Trading set a $405.00 price objective on Coinbase Global in a research note on Thursday. Rosenblatt Securities reissued a "buy" rating and set a $470.00 price objective on shares of Coinbase Global in a research note on Friday. Citigroup boosted their price objective on Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods boosted their price objective on Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $344.55.

View Our Latest Stock Report on Coinbase Global

Coinbase Global Price Performance

The stock has a market capitalization of $81.03 billion, a price-to-earnings ratio of 59.76, a P/E/G ratio of 26.30 and a beta of 3.70. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. The business has a 50-day simple moving average of $326.60 and a two-hundred day simple moving average of $259.23.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $5.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $4.23. The company had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.68 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The firm's revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.14 earnings per share. As a group, research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 336,265 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the transaction, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the completion of the sale, the director owned 10,417 shares of the company's stock, valued at $2,632,167.56. This represents a 74.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,208,340 shares of company stock worth $439,997,456 over the last ninety days. 17.65% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after purchasing an additional 875,359 shares in the last quarter. Geode Capital Management LLC raised its position in Coinbase Global by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange's stock worth $882,822,000 after purchasing an additional 127,075 shares in the last quarter. ARK Investment Management LLC raised its position in Coinbase Global by 1.1% in the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock worth $528,592,000 after purchasing an additional 34,462 shares in the last quarter. Groupama Asset Managment raised its position in Coinbase Global by 100.0% in the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock worth $516,690,000 after purchasing an additional 1,500,000 shares in the last quarter. Finally, Amundi raised its position in Coinbase Global by 44.1% in the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock worth $268,850,000 after purchasing an additional 481,786 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

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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