Coinbase Global (NASDAQ:COIN) Trading 1.9% Higher - Should You Buy?

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

Analysts Set New Price Targets

Several brokerages have commented on COIN. HC Wainwright reissued a "sell" rating and issued a $300.00 price target (down previously from $305.00) on shares of Coinbase Global in a research report on Thursday. Needham & Company LLC decreased their price target on shares of Coinbase Global from $330.00 to $270.00 and set a "buy" rating for the company in a research report on Monday, May 12th. The Goldman Sachs Group raised their price target on shares of Coinbase Global from $239.00 to $268.00 and gave the company a "neutral" rating in a research report on Monday. Oppenheimer reissued an "outperform" rating and issued a $395.00 price target (up previously from $293.00) on shares of Coinbase Global in a research report on Thursday, June 26th. Finally, Piper Sandler lifted their price target on shares of Coinbase Global from $180.00 to $190.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $291.47.

Coinbase Global Stock Performance

The stock's 50-day moving average is $274.66 and its 200-day moving average is $244.97. The stock has a market cap of $95.99 billion, a price-to-earnings ratio of 70.75, a price-to-earnings-growth ratio of 25.95 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.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results 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 firm's revenue for the quarter was up 24.2% compared to the same quarter last year. During the same quarter last year, the business earned $2.53 EPS. Analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 336,265 shares of Coinbase Global 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 owned 526 shares in the company, valued at $190,732.86. This trade represents a 99.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of Coinbase Global stock in a transaction 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 owned 10,417 shares in the company, valued at $2,632,167.56. The trade was a 74.33% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 685,915 shares of company stock worth $222,081,432. 17.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently made changes to their positions in the business. Amalgamated Bank increased its stake in Coinbase Global by 4.8% during 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. KCM Investment Advisors LLC purchased a new stake in Coinbase Global during the 4th quarter worth $507,000. GAMMA Investing LLC increased its position in shares of 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 purchasing an additional 84 shares during the last quarter. Kingswood Wealth Advisors LLC increased its position in shares of 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 purchasing an additional 1,454 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its position in shares of Coinbase Global by 10.4% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,456 shares of the cryptocurrency exchange's stock worth $610,000 after purchasing an additional 232 shares during the last quarter. Institutional investors and hedge funds 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.