Coinbase Global (NASDAQ:COIN) Trading Up 1.9% - What's Next?

Coinbase Global, Inc. (NASDAQ:COIN)'s share price was up 1.9% on Wednesday . The company traded as high as $364.59 and last traded at $361.44. Approximately 3,440,564 shares changed hands during trading, a decline of 68% from the average daily volume of 10,767,769 shares. The stock had previously closed at $354.82.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on COIN shares. Benchmark increased their price objective on shares of Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Cantor Fitzgerald initiated coverage on shares of Coinbase Global in a research note on Tuesday, April 8th. They set an "overweight" rating and a $245.00 target price for the company. Piper Sandler raised their price target on shares of Coinbase Global from $180.00 to $190.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Barclays raised their price target on shares of Coinbase Global from $169.00 to $202.00 and gave the stock an "equal weight" rating in a report on Monday, May 12th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Coinbase Global from $183.00 to $205.00 and gave the company a "market perform" rating in a research note on Friday, May 9th. Ten research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $293.74.

Coinbase Global Price Performance

The stock has a market cap of $94.91 billion, a PE ratio of 70.01, a P/E/G ratio of 26.12 and a beta of 3.70. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52. The firm's 50 day moving average price is $271.24 and its two-hundred day moving average price is $244.08.

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

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 336,265 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 526 shares of the company's stock, valued at approximately $190,732.86. The trade was a 99.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the business'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 transaction of $7,622,597.56. Following the transaction, the director directly owned 10,417 shares of the company's stock, valued at approximately $2,632,167.56. This represents a 74.33% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 685,915 shares of company stock valued at $222,081,432. 23.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of Coinbase Global in the 4th quarter worth approximately $536,484,000. Groupama Asset Managment lifted its holdings in shares of Coinbase Global by 100.0% in 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 last quarter. Vanguard Group Inc. lifted its holdings in shares of Coinbase Global by 4.8% in 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 last quarter. Nuveen LLC bought a new stake in shares of Coinbase Global in the 1st quarter worth approximately $83,454,000. Finally, Amundi lifted its holdings in shares of Coinbase Global by 44.1% in the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock worth $268,850,000 after acquiring an additional 481,786 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.

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.

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