Coinbase Global (NASDAQ:COIN) Trading 4.2% Higher – Still a Buy?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded up 4.2% during mid-day trading on Thursday . The stock traded as high as $306.00 and last traded at $303.14. 3,239,711 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 8,047,217 shares. The stock had previously closed at $291.00.

Wall Street Analysts Forecast Growth

Several research firms have commented on COIN. Oppenheimer lowered their target price on shares of Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Keefe, Bruyette & Woods cut their price objective on Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a research note on Monday, January 13th. JMP Securities restated a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a report on Wednesday, October 9th. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. Finally, Mizuho upgraded shares of Coinbase Global from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $250.00 to $290.00 in a research note on Wednesday. Nine equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $289.06.

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $75.43 billion, a P/E ratio of 51.42 and a beta of 3.59. The stock’s 50 day moving average is $288.15 and its two-hundred day moving average is $235.21.

Coinbase Global (NASDAQ:COIN) last issued 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). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the company posted ($0.01) earnings per share. The company’s quarterly revenue was up 78.8% on a year-over-year basis. As a group, equities analysts predict that Coinbase Global, Inc. will post 4.81 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In related news, CAO Jennifer N. Jones sold 1,837 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $295.02, for a total transaction of $541,951.74. Following the transaction, the chief accounting officer now owns 1,160 shares in the company, valued at $342,223.20. This represents a 61.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 7,104 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $307.80, for a total transaction of $2,186,611.20. Following the completion of the sale, the insider now owns 79,407 shares of the company’s stock, valued at $24,441,474.60. The trade was a 8.21 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 376,205 shares of company stock valued at $112,487,737. 23.43% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. RPg Family Wealth Advisory LLC bought a new stake in Coinbase Global in the third quarter valued at about $25,000. Wingate Wealth Advisors Inc. bought a new stake in shares of Coinbase Global in the fourth quarter valued at about $27,000. ORG Wealth Partners LLC acquired a new stake in shares of Coinbase Global in the third quarter valued at approximately $32,000. MassMutual Private Wealth & Trust FSB increased its position in shares of Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after acquiring an additional 106 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its stake in shares of Coinbase Global by 408.0% in the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after buying an additional 204 shares in the last quarter. 68.84% of the stock is currently owned by 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.