Coinbase Global (NASDAQ:COIN) Shares Up 3.2% – Still a Buy?

by · The Cerbat Gem

Coinbase Global, Inc. (NASDAQ:COIN) shares rose 3.2% on Friday . The company traded as high as $186.55 and last traded at $183.24. Approximately 3,461,236 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 9,380,327 shares. The stock had previously closed at $177.49.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on COIN. Rosenblatt Securities assumed coverage on Coinbase Global in a report on Friday, March 7th. They set a “buy” rating and a $305.00 price objective on the stock. Canaccord Genuity Group raised their price target on Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Piper Sandler lifted their price target on Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Keefe, Bruyette & Woods increased their price objective on Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a report on Tuesday, February 18th. Finally, Bank of America reduced their price target on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $307.89.

Read Our Latest Report on COIN

Coinbase Global Stock Up 3.7 %

The firm’s fifty day simple moving average is $256.83 and its 200-day simple moving average is $240.64. The company has a market cap of $46.72 billion, a PE ratio of 19.33 and a beta of 3.66. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN – Get Free Report) last posted its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. As a group, equities research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Frederick Ernest Ehrsam III sold 25,194 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $298.95, for a total transaction of $7,531,746.30. Following the transaction, the director now owns 10,417 shares of the company’s stock, valued at approximately $3,114,162.15. This represents a 70.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Alesia J. Haas sold 20,000 shares of Coinbase Global stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $300.00, for a total transaction of $6,000,000.00. Following the completion of the sale, the chief financial officer now directly owns 124,470 shares of the company’s stock, valued at $37,341,000. The trade was a 13.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 219,455 shares of company stock worth $60,955,968. 23.43% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

Hedge funds have recently added to or reduced their stakes in the business. Copia Wealth Management acquired a new position in shares of Coinbase Global during the 4th quarter valued at about $26,000. Wingate Wealth Advisors Inc. purchased a new position in Coinbase Global during the fourth quarter worth approximately $27,000. Atala Financial Inc acquired a new position in shares of Coinbase Global in the 4th quarter valued at $27,000. MassMutual Private Wealth & Trust FSB grew its stake in shares of Coinbase Global by 365.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after buying an additional 106 shares during the period. Finally, RPg Family Wealth Advisory LLC purchased a new stake in shares of Coinbase Global during the 3rd quarter valued at $25,000. 68.84% of the stock is owned by institutional investors and hedge funds.

About Coinbase Global

(Get Free Report)

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.

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