Coinbase Global (NASDAQ:COIN) Stock Price Up 2.6% – Should You Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price rose 2.6% on Friday . The stock traded as high as $288.78 and last traded at $286.07. Approximately 5,130,605 shares traded hands during trading, a decline of 53% from the average daily volume of 10,914,453 shares. The stock had previously closed at $278.84.

Analysts Set New Price Targets

COIN has been the topic of a number of analyst reports. B. Riley started coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research report on Tuesday, October 29th. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a research note on Thursday, October 31st. Compass Point reduced their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Finally, JMP Securities reissued a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $246.28.

Coinbase Global Trading Up 9.7 %

The firm’s 50-day moving average price is $198.72 and its 200-day moving average price is $211.89. The company has a market cap of $76.57 billion, a P/E ratio of 52.19 and a beta of 3.34. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

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). The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company’s revenue was up 78.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.01) EPS. As a group, equities research analysts expect that Coinbase Global, Inc. will post 4.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total value of $1,701,000.00. Following the completion of the transaction, the insider now directly owns 74,956 shares of the company’s stock, valued at $12,750,015.60. This trade represents a 11.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $162.24, for a total transaction of $243,360.00. Following the transaction, the chief operating officer now owns 187,601 shares of the company’s stock, valued at $30,436,386.24. This trade represents a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 135,822 shares of company stock worth $30,921,194 in the last quarter. 23.43% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Several large investors have recently added to or reduced their stakes in COIN. Crewe Advisors LLC raised its holdings in shares of Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after acquiring an additional 104 shares in the last quarter. Lynx Investment Advisory bought a new position in shares of Coinbase Global in the second quarter worth approximately $29,000. Versant Capital Management Inc raised its stake in Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 57 shares in the last quarter. RPg Family Wealth Advisory LLC bought a new stake in Coinbase Global during the third quarter valued at approximately $25,000. Finally, Spirit of America Management Corp NY purchased a new position in Coinbase Global in the 2nd quarter worth approximately $33,000. Institutional investors 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.