Coinbase Global (NASDAQ:COIN) Releases Quarterly Earnings Results, Beats Estimates By $2.93 EPS

Coinbase Global, Inc. (NASDAQ:COIN) posted its earnings results on Thursday. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93, Zacks reports. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%.

Coinbase Global Stock Performance

Shares of NASDAQ COIN traded up $23.21 during midday trading on Thursday, hitting $298.11. The company’s stock had a trading volume of 17,246,350 shares, compared to its average volume of 8,102,175. The firm has a market cap of $74.63 billion, a P/E ratio of 50.87 and a beta of 3.61. Coinbase Global, Inc. has a 1-year low of $146.12 and a 1-year high of $349.75. The firm’s fifty day moving average price is $282.81 and its 200-day moving average price is $237.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03.

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $275.26, for a total value of $6,881,500.00. Following the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $144,786.76. This trade represents a 97.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the transaction, the insider now directly owns 69,407 shares of the company’s stock, valued at $17,816,082.83. The trade was a 12.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 386,798 shares of company stock valued at $114,707,944 over the last quarter. Insiders own 23.43% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on COIN. Oppenheimer reduced their target price on shares of Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Piper Sandler raised their target price on Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. Monness Crespi & Hardt lifted their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, The Goldman Sachs Group decreased their target price on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Nine research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $286.00.

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.