Coinbase Global (NASDAQ:COIN) Shares Gap Up – Here’s Why

Shares of Coinbase Global, Inc. (NASDAQ:COIN) gapped up prior to trading on Friday . The stock had previously closed at $281.63, but opened at $292.00. Coinbase Global shares last traded at $299.85, with a volume of 2,643,671 shares changing hands.

Analyst Upgrades and Downgrades

COIN has been the topic of a number of research analyst reports. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. B. Riley initiated coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. Oppenheimer dropped their price objective on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a research note on Friday. Needham & Company LLC increased their price objective on Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a report on Monday, December 9th. Finally, Piper Sandler boosted their target price on Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Coinbase Global currently has an average rating of “Hold” and an average target price of $282.83.

Coinbase Global Stock Performance

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a fifty day moving average price of $290.71 and a 200 day moving average price of $230.81. The stock has a market cap of $73.69 billion, a PE ratio of 50.23 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. Coinbase Global’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same period last year, the firm earned ($0.01) earnings per share. Analysts expect that Coinbase Global, Inc. will post 4.69 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $172,528. This trade represents a 99.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Jennifer N. Jones sold 1,837 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $295.02, for a total value of $541,951.74. Following the transaction, the chief accounting officer now directly owns 1,160 shares in the company, valued at $342,223.20. This trade represents a 61.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 321,333 shares of company stock valued at $95,092,118 in the last quarter. Company insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several institutional investors and hedge funds have recently bought and sold shares of COIN. Acadian Asset Management LLC bought a new position in shares of Coinbase Global in the 2nd quarter worth approximately $422,000. Envestnet Asset Management Inc. raised its holdings in Coinbase Global by 14.8% in the second quarter. Envestnet Asset Management Inc. now owns 44,847 shares of the cryptocurrency exchange’s stock worth $9,966,000 after purchasing an additional 5,767 shares in the last quarter. Wealth Alliance purchased a new position in Coinbase Global during the second quarter valued at $230,000. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Coinbase Global by 26.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 12,118 shares of the cryptocurrency exchange’s stock valued at $2,697,000 after buying an additional 2,565 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. lifted its position in Coinbase Global by 6.6% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,570 shares of the cryptocurrency exchange’s stock valued at $571,000 after acquiring an additional 160 shares during the period. 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.