Coinbase Global, Inc. (NASDAQ:COIN)'s stock price was up 1.9% during trading on Wednesday . The company traded as high as $364.59 and last traded at $361.44. Approximately 3,440,564 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 10,767,769 shares. The stock had previously closed at $354.82.
Wall Street Analysts Forecast Growth
Several equities analysts recently issued reports on COIN shares. Keefe, Bruyette & Woods boosted their target price on shares of Coinbase Global from $183.00 to $205.00 and gave the company a "market perform" rating in a report on Friday, May 9th. Canaccord Genuity Group reissued a "buy" rating and issued a $400.00 price objective on shares of Coinbase Global in a research note on Friday, May 9th. Oppenheimer reaffirmed an "outperform" rating and set a $395.00 target price (up previously from $293.00) on shares of Coinbase Global in a research note on Thursday, June 26th. China Renaissance began coverage on Coinbase Global in a report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 target price for the company. Finally, HC Wainwright restated a "sell" rating and set a $300.00 price target (down from $305.00) on shares of Coinbase Global in a report on Thursday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Coinbase Global has an average rating of "Hold" and a consensus target price of $298.60.
Read Our Latest Stock Analysis on Coinbase Global
Coinbase Global Stock Up 4.0%
The stock has a fifty day moving average of $274.66 and a 200 day moving average of $244.97. 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 has a market capitalization of $98.75 billion, a P/E ratio of 72.84, a price-to-earnings-growth ratio of 27.35 and a beta of 3.70.
Coinbase Global (NASDAQ:COIN - Get Free Report) last released its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The company's revenue for the quarter was up 24.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.53 earnings per share. On average, research analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.
Insider Buying and Selling
In related news, CEO Brian Armstrong sold 336,265 shares of the company'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 transaction, the chief executive officer owned 526 shares in the company, valued at approximately $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total value of $7,622,597.56. Following the completion of the sale, the director directly 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 have sold a total of 685,915 shares of company stock valued at $222,081,432 over the last three months. Insiders own 17.65% of the company's stock.
Hedge Funds Weigh In On Coinbase Global
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mascagni Wealth Management Inc. bought a new position in Coinbase Global in the 4th quarter worth approximately $25,000. Copia Wealth Management purchased a new position in shares of Coinbase Global in the fourth quarter valued at $26,000. Bessemer Group Inc. raised its stake in shares of Coinbase Global by 297.4% during the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after purchasing an additional 113 shares during the period. Atala Financial Inc bought a new stake in shares of Coinbase Global during the 4th quarter valued at $27,000. Finally, McClarren Financial Advisors Inc. purchased a new stake in Coinbase Global during the 1st quarter worth about $30,000. Institutional investors 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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