Coinbase Global (NASDAQ:COIN) Trading Up 2.3% - Should You Buy?

Key Points

• Coinbase Global's shares rose 2.3% during mid-day trading, reaching $343.78, with a trading volume decline of 33% compared to the average daily volume.
• Analysts upgraded Coinbase's rating, with price targets ranging from $277.00 to $510.00, reflecting a consensus rating of "Moderate Buy" with a price target of $369.01.
• Recent insider trading activities show significant sales, including CEO Brian Armstrong selling 25,000 shares, representing a 97.94% decrease in their position.

Coinbase Global, Inc. (NASDAQ:COIN) shares rose 2.3% during mid-day trading on Monday . The stock traded as high as $354.06 and last traded at $343.78. Approximately 7,419,739 shares were traded during trading, a decline of 33% from the average daily volume of 11,022,893 shares. The stock had previously closed at $336.02.

Analyst Upgrades and Downgrades

COIN has been the topic of several research reports. Rothschild & Co Redburn upgraded Coinbase Global from a "neutral" rating to a "buy" rating and boosted their price target for the company from $325.00 to $417.00 in a research note on Friday, October 3rd. JMP Securities boosted their price target on Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a research note on Monday, July 14th. Redburn Partners set a $417.00 price target on Coinbase Global in a research note on Friday, October 3rd. Compass Point boosted their price target on Coinbase Global from $248.00 to $277.00 and gave the company a "sell" rating in a research note on Monday. Finally, Sanford C. Bernstein boosted their price target on Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $369.01.

Coinbase Global Stock Performance

The firm has a fifty day simple moving average of $328.26 and a 200-day simple moving average of $294.28. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The stock has a market cap of $88.33 billion, a price-to-earnings ratio of 55.36 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the company posted $0.14 EPS. The firm's quarterly revenue was up 3.3% compared to the same quarter last year. Analysts forecast 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 25,000 shares of the company's stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $355.47, for a total transaction of $8,886,750.00. Following the transaction, the chief executive officer owned 526 shares of the company's stock, valued at approximately $186,977.22. This represents a 97.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lawrence J. Brock sold 5,903 shares of the company's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total value of $1,838,017.11. Following the transaction, the insider directly owned 478 shares in the company, valued at approximately $148,834.86. This represents a 92.51% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 205,657 shares of company stock valued at $67,479,576. 23.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Delta Investment Management LLC lifted its stake in shares of Coinbase Global by 4.4% in the 3rd quarter. Delta Investment Management LLC now owns 854 shares of the cryptocurrency exchange's stock valued at $288,000 after purchasing an additional 36 shares during the period. Yarbrough Capital LLC lifted its stake in shares of Coinbase Global by 149.8% in the 3rd quarter. Yarbrough Capital LLC now owns 1,524 shares of the cryptocurrency exchange's stock valued at $514,000 after purchasing an additional 914 shares during the period. Miracle Mile Advisors LLC lifted its stake in shares of Coinbase Global by 8.3% in the 3rd quarter. Miracle Mile Advisors LLC now owns 2,005 shares of the cryptocurrency exchange's stock valued at $677,000 after purchasing an additional 153 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Coinbase Global by 16.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 231,628 shares of the cryptocurrency exchange's stock valued at $80,183,000 after purchasing an additional 33,102 shares during the period. Finally, Merit Financial Group LLC lifted its stake in shares of Coinbase Global by 52.7% in the 3rd quarter. Merit Financial Group LLC now owns 2,376 shares of the cryptocurrency exchange's stock valued at $802,000 after purchasing an additional 820 shares during the period. 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.

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