Coinbase Global (NASDAQ:COIN) Trading Up 12.8%


Shares of Coinbase Global, Inc. (NASDAQ:COIN) were up 12.8% during trading on Tuesday . The stock traded as high as $57.76 and last traded at $57.76. Approximately 114,755 shares traded hands during trading, a decline of 99% from the average daily volume of 12,407,973 shares. The stock had previously closed at $51.22.

Several analysts have commented on COIN shares. Mizuho decreased their price target on shares of Coinbase Global from $60.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, June 15th. Moffett Nathanson cut their price objective on shares of Coinbase Global from $600.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, May 24th. Canaccord Genuity Group cut their price objective on shares of Coinbase Global from $275.00 to $120.00 in a report on Wednesday, May 11th. DA Davidson cut their price objective on shares of Coinbase Global from $225.00 to $160.00 in a report on Tuesday, May 10th. Finally, Piper Sandler cut their price objective on shares of Coinbase Global from $180.00 to $120.00 and set an “overweight” rating on the stock in a report on Wednesday, June 15th. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $199.11.

The firm has a market cap of $13.14 billion, a price-to-earnings ratio of 6.16 and a beta of 3.17. The business’s 50 day moving average price is $90.72 and its 200 day moving average price is $166.57. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.55 and a current ratio of 1.55.

Coinbase Global (NASDAQ:COINGet Rating) last issued its quarterly earnings data on Tuesday, May 10th. The cryptocurrency exchange reported ($1.98) EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($2.72). The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.48 billion. Coinbase Global had a return on equity of 42.39% and a net margin of 33.63%. Coinbase Global’s revenue for the quarter was down 35.2% compared to the same quarter last year. During the same period in the previous year, the business earned $3.05 EPS. Sell-side analysts anticipate that Coinbase Global, Inc. will post -7.99 earnings per share for the current fiscal year.

In other news, insider Paul Grewal sold 1,090 shares of the stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $67.26, for a total transaction of $73,313.40. Following the transaction, the insider now owns 43,220 shares in the company, valued at approximately $2,906,977.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Frederick Ernest Ehrsam III bought 30,030 shares of the firm’s stock in a transaction dated Tuesday, May 24th. The shares were acquired at an average price of $60.60 per share, for a total transaction of $1,819,818.00. Following the transaction, the director now directly owns 1,121,844 shares in the company, valued at $67,983,746.40. The disclosure for this purchase can be found here. Insiders have bought a total of 1,121,844 shares of company stock worth $76,837,576 in the last ninety days. Corporate insiders own 36.10% of the company’s stock.

Large investors have recently made changes to their positions in the company. Westpac Banking Corp purchased a new position in shares of Coinbase Global during the 4th quarter valued at approximately $449,000. Essex Investment Management Co. LLC lifted its holdings in Coinbase Global by 121.8% in the 4th quarter. Essex Investment Management Co. LLC now owns 9,287 shares of the cryptocurrency exchange’s stock valued at $2,344,000 after purchasing an additional 5,100 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in Coinbase Global by 5.6% in the 4th quarter. Commonwealth Equity Services LLC now owns 53,958 shares of the cryptocurrency exchange’s stock valued at $13,617,000 after purchasing an additional 2,847 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings in Coinbase Global by 69.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 21,572 shares of the cryptocurrency exchange’s stock valued at $5,444,000 after purchasing an additional 8,864 shares in the last quarter. Finally, AE Wealth Management LLC lifted its holdings in Coinbase Global by 5.3% in the 4th quarter. AE Wealth Management LLC now owns 12,049 shares of the cryptocurrency exchange’s stock valued at $3,041,000 after purchasing an additional 605 shares in the last quarter. Hedge funds and other institutional investors own 39.01% of the company’s stock.

Coinbase Global Company Profile (NASDAQ:COIN)

Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.

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