Coinbase Global (NASDAQ:COIN) Trading Up 3.4%

Shares of Coinbase Global, Inc. (NASDAQ:COIN) were up 3.4% on Monday . The stock traded as high as $157.40 and last traded at $152.30. Approximately 3,642,825 shares changed hands during trading, a decline of 66% from the average daily volume of 10,669,383 shares. The stock had previously closed at $147.35.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on COIN shares. Barclays upgraded Coinbase Global from an “underweight” rating to an “equal weight” rating and dropped their target price for the stock from $206.00 to $169.00 in a research note on Friday, September 6th. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research note on Friday, August 2nd. Compass Point dropped their price target on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. The Goldman Sachs Group dropped their price target on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Finally, Bank of America dropped their price target on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and a consensus target price of $246.06.

Coinbase Global Stock Down 0.8 %

The company has a market cap of $38.59 billion, a price-to-earnings ratio of 29.98 and a beta of 3.36. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The business has a fifty day moving average of $208.01 and a two-hundred day moving average of $224.18.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The business had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The business’s revenue for the quarter was up 104.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.42) EPS. As a group, equities analysts anticipate that Coinbase Global, Inc. will post 4.28 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at $91,487.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, COO Emilie Choi sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $176.09, for a total value of $1,408,720.00. Following the completion of the sale, the chief operating officer now directly owns 189,101 shares in the company, valued at $33,298,795.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total value of $4,013,434.75. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $91,487.18. The disclosure for this sale can be found here. Insiders sold 111,562 shares of company stock valued at $23,241,279 over the last quarter. 23.43% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Coinbase Global

A number of large investors have recently made changes to their positions in COIN. Vanguard Group Inc. grew its position in shares of Coinbase Global by 18.4% in the first quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after purchasing an additional 2,624,989 shares in the last quarter. Norges Bank purchased a new position in Coinbase Global in the fourth quarter worth approximately $202,936,000. Renaissance Technologies LLC grew its position in Coinbase Global by 185.9% in the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after acquiring an additional 691,288 shares during the period. Canada Pension Plan Investment Board grew its position in Coinbase Global by 1,186.6% in the first quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock worth $139,854,000 after acquiring an additional 486,512 shares during the period. Finally, American Century Companies Inc. grew its position in Coinbase Global by 1,136.7% in the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after acquiring an additional 435,886 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

About Coinbase Global

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.