Coinbase Global (NASDAQ:COIN) Trading Up 1.9% – Still a Buy?

Coinbase Global, Inc. (NASDAQ:COIN) was up 1.9% during mid-day trading on Thursday . The stock traded as high as $301.88 and last traded at $301.60. Approximately 3,785,647 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 7,789,395 shares. The stock had previously closed at $295.85.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on COIN shares. Bank of America upped their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a research report on Thursday, October 31st. The Goldman Sachs Group lowered their price objective on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Keefe, Bruyette & Woods reduced their target price on Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a research report on Monday, January 13th. Finally, Mizuho boosted their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. 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 company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $282.83.

Coinbase Global Trading Up 0.5 %

The company’s 50-day moving average is $290.36 and its 200-day moving average is $232.75. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $74.44 billion, a price-to-earnings ratio of 50.99 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion for the quarter, compared to analyst estimates 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 quarter in the previous year, the company posted ($0.01) earnings per share. On average, research analysts predict that Coinbase Global, Inc. will post 4.81 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Jennifer N. Jones sold 1,837 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $295.02, for a total value of $541,951.74. Following the completion of the sale, the chief accounting officer now directly owns 1,160 shares of the company’s stock, valued at $342,223.20. This represents a 61.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $203.30, for a total transaction of $304,950.00. Following the transaction, the chief operating officer now directly owns 175,101 shares in the company, valued at $35,598,033.30. The trade was a 0.85 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 377,489 shares of company stock valued at $111,724,097. 23.43% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds have recently bought and sold shares of the company. Banco Santander S.A. grew its position in shares of Coinbase Global by 12.7% in the 3rd quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock valued at $26,531,000 after purchasing an additional 16,737 shares during the period. Global Retirement Partners LLC lifted its stake in Coinbase Global by 135.1% in the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock valued at $477,000 after buying an additional 1,540 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong acquired a new position in shares of Coinbase Global in the third quarter valued at approximately $29,756,000. Lindbrook Capital LLC increased its position in shares of Coinbase Global by 30.2% during the third quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock worth $5,347,000 after acquiring an additional 6,963 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Coinbase Global during the second quarter worth $2,908,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.