Coinbase Global (NASDAQ:COIN) Trading Up 9.7% - What's Next?

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price was up 9.7% during mid-day trading on Wednesday . The company traded as high as $272.27 and last traded at $278.53. Approximately 5,999,737 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 10,125,344 shares. The stock had previously closed at $253.85.

Analyst Ratings Changes

Several research analysts have weighed in on the company. China Renaissance started coverage on Coinbase Global in a research report on Tuesday. They set a "buy" rating and a $353.30 price target on the stock. Citigroup restated a "neutral" rating on shares of Coinbase Global in a report on Thursday, May 8th. Bank of America cut their price target on shares of Coinbase Global from $363.00 to $311.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. JPMorgan Chase & Co. dropped their target price on shares of Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Finally, Benchmark lifted their price target on Coinbase Global from $252.00 to $301.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Eleven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Coinbase Global has a consensus rating of "Moderate Buy" and an average target price of $271.88.

Coinbase Global Stock Performance

The stock has a 50-day simple moving average of $224.90 and a 200-day simple moving average of $240.73. The stock has a market cap of $75.40 billion, a P/E ratio of 55.77, a PEG ratio of 19.06 and a beta of 3.61. 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 issued its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The firm had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same period in the previous year, the company earned $2.53 EPS. Coinbase Global's revenue for the quarter was up 24.2% on a year-over-year basis. Research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Paul Grewal sold 1,952 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $250.00, for a total transaction of $488,000.00. Following the completion of the sale, the insider now owns 81,773 shares of the company's stock, valued at $20,443,250. This trade represents a 2.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Alesia J. Haas sold 7,575 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the sale, the chief financial officer now owns 114,866 shares of the company's stock, valued at $22,973,200. This trade represents a 6.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 220,717 shares of company stock valued at $49,363,601 over the last 90 days. 23.43% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in COIN. Mascagni Wealth Management Inc. bought a new position in Coinbase Global in the 4th quarter worth approximately $25,000. Copia Wealth Management bought a new stake in shares of Coinbase Global during the 4th quarter worth $26,000. Bessemer Group Inc. boosted its holdings in shares of Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after purchasing an additional 113 shares in the last quarter. Atala Financial Inc purchased a new position in shares of Coinbase Global during the fourth quarter worth approximately $27,000. Finally, McClarren Financial Advisors Inc. bought a new stake in Coinbase Global in the first quarter worth $30,000. 68.84% of the stock is currently owned by hedge funds and other 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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