Coinbase Global (NASDAQ:COIN) Trading 20.2% Higher – Time to Buy?

06 Nov 2024, 22:30 by Teresa Graham · The Cerbat Gem

Coinbase Global, Inc. (NASDAQ:COIN) traded up 20.2% during mid-day trading on Wednesday . The company traded as high as $233.33 and last traded at $233.07. 13,085,643 shares changed hands during trading, an increase of 25% from the average session volume of 10,462,719 shares. The stock had previously closed at $193.96.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. The Goldman Sachs Group reduced their price objective on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. HC Wainwright reiterated a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research note on Tuesday, October 29th. Bank of America increased their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Monness Crespi & Hardt began coverage on shares of Coinbase Global in a research note on Monday, October 28th. They issued a “buy” rating and a $245.00 price objective for the company. Finally, Compass Point decreased their price objective on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $246.28.

Read Our Latest Stock Analysis on COIN

Coinbase Global Price Performance

The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $63.19 billion, a P/E ratio of 43.40 and a beta of 3.34. The business’s fifty day moving average price is $180.54 and its 200-day moving average price is $208.28.

Coinbase Global (NASDAQ:COIN – Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the firm posted ($0.01) earnings per share. The business’s revenue was up 78.8% on a year-over-year basis. As a group, sell-side analysts predict that Coinbase Global, Inc. will post 4.27 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total value of $4,013,434.75. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at $91,487.18. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total value of $4,013,434.75. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at $91,487.18. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Grewal sold 16,962 shares of Coinbase Global stock in a transaction on Monday, August 26th. The stock was sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the transaction, the insider now owns 75,556 shares in the company, valued at approximately $15,637,069.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 81,187 shares of company stock valued at $15,213,544. Insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds have recently modified their holdings of COIN. Vanguard Group Inc. increased its position in shares of Coinbase Global by 18.4% in the first quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after acquiring an additional 2,624,989 shares during the period. Renaissance Technologies LLC increased its position in shares of Coinbase Global by 185.9% in the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after acquiring an additional 691,288 shares during the period. Canada Pension Plan Investment Board increased its position in shares of Coinbase Global by 1,186.6% in the first quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock valued at $139,854,000 after acquiring an additional 486,512 shares during the period. American Century Companies Inc. increased its position in shares of Coinbase Global by 1,136.7% during the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after buying an additional 435,886 shares during the period. Finally, APEIRON CAPITAL Ltd purchased a new position in shares of Coinbase Global during the first quarter valued at about $108,434,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

About Coinbase Global

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