Coinbase Global (NASDAQ:COIN) Trading Up 3.1% - Should You Buy?

Key Points

• Coinbase Global's stock saw a 3.1% increase, closing at $387.27 after trading as high as $390.49, with trading volume down by 36% compared to average daily levels.
• A range of analysts hold varying opinions on Coinbase, with price targets from $340 to $510, leading to an average consensus rating of "Moderate Buy" and a target price of $367.12.
• Insider trading activity includes CEO Brian Armstrong selling 198,300 shares for over $78 million, significantly reducing his ownership stake.

Coinbase Global, Inc. (NASDAQ:COIN) was up 3.1% on Wednesday . The company traded as high as $390.49 and last traded at $387.27. Approximately 7,089,229 shares changed hands during trading, a decline of 36% from the average daily volume of 11,080,293 shares. The stock had previously closed at $375.78.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on COIN shares. Canaccord Genuity Group restated a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a research note on Friday, August 1st. Bank of America lowered their price objective on Coinbase Global from $369.00 to $340.00 in a research note on Wednesday, October 1st. Jefferies Financial Group raised their price objective on Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a research note on Tuesday, July 29th. Monness Crespi & Hardt lowered Coinbase Global from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. Finally, Sanford C. Bernstein raised their price objective on Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $367.12.

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The company has a market cap of $99.50 billion, a price-to-earnings ratio of 37.45 and a beta of 3.68. The company has a fifty day moving average of $323.84 and a two-hundred day moving average of $284.12.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The company's revenue was up 3.3% compared to the same quarter last year. During the same period last year, the business earned $0.14 EPS. Equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Activity

In other Coinbase Global news, CEO Brian Armstrong sold 198,300 shares of Coinbase Global stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the transaction, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $209,279.62. The trade was a 99.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Grewal sold 15,439 shares of Coinbase Global stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $310.80, for a total value of $4,798,441.20. Following the transaction, the insider directly owned 82,328 shares in the company, valued at $25,587,542.40. The trade was a 15.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 739,515 shares of company stock worth $280,933,525 over the last ninety days. Company insiders own 17.65% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Coinbase Global by 25.5% in the 2nd quarter. Vanguard Group Inc. now owns 24,208,863 shares of the cryptocurrency exchange's stock worth $8,484,964,000 after acquiring an additional 4,914,407 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Coinbase Global by 46.1% in the 2nd quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange's stock worth $1,940,805,000 after acquiring an additional 1,755,146 shares in the last quarter. ARK Investment Management LLC raised its position in shares of Coinbase Global by 1.1% in the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock worth $528,592,000 after acquiring an additional 34,462 shares in the last quarter. Groupama Asset Managment raised its position 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 in the last quarter. Finally, Norges Bank bought a new position in shares of Coinbase Global in the 2nd quarter worth about $1,044,354,000. 68.84% of the stock is 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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