Coinbase Global (NASDAQ:COIN) Stock Price Up 3.1% – What’s Next?

Coinbase Global, Inc. (NASDAQ:COIN) rose 3.1% during mid-day trading on Friday . The stock traded as high as $266.66 and last traded at $265.15. Approximately 1,764,213 shares changed hands during trading, a decline of 55% from the average daily volume of 3,888,207 shares. The stock had previously closed at $257.21.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods raised their price objective on Coinbase Global from $165.00 to $275.00 and gave the stock a “market perform” rating in a research note on Friday, December 20th. Oppenheimer upped their target price on Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a report on Monday, November 25th. JMP Securities reissued a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a report on Wednesday, October 9th. Needham & Company LLC upped their price objective on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, B. Riley began coverage on Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $286.22.

Coinbase Global Stock Performance

The company has a fifty day moving average price of $279.52 and a two-hundred day moving average price of $228.08. The firm has a market cap of $67.32 billion, a price-to-earnings ratio of 45.89 and a beta of 3.57. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the business posted ($0.01) EPS. The business’s revenue for the quarter was up 78.8% on a year-over-year basis. As a group, equities research analysts expect that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Insiders Place Their Bets

In other news, Director Frederick Ernest Ehrsam III sold 11,421 shares of Coinbase Global stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $273.23, for a total value of $3,120,559.83. Following the transaction, the director now directly owns 10,417 shares of the company’s stock, valued at $2,846,236.91. This trade represents a 52.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $181.36, for a total value of $272,040.00. Following the transaction, the chief operating officer now directly owns 176,601 shares in the company, valued at $32,028,357.36. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 270,641 shares of company stock worth $80,937,273. 23.43% of the stock is owned by insiders.

Institutional Trading of Coinbase Global

Institutional investors have recently bought and sold shares of the company. Clear Street Derivatives LLC acquired a new stake in shares of Coinbase Global during the 3rd quarter valued at about $409,919,000. Renaissance Technologies LLC lifted its stake in shares of Coinbase Global by 185.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after purchasing an additional 691,288 shares during the last quarter. American Century Companies Inc. boosted its holdings 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 purchasing an additional 435,886 shares in the last quarter. Geode Capital Management LLC raised its holdings in Coinbase Global by 10.1% during the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after buying an additional 314,388 shares in the last quarter. Finally, Azora Capital LP lifted its position in shares of Coinbase Global by 214.1% in the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock worth $57,525,000 after buying an additional 220,078 shares during the last quarter. 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.