Coinbase Global (NASDAQ:COIN) Trading 6.7% Higher

Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded up 6.7% on Friday . The company traded as high as $233.80 and last traded at $233.58. 3,384,441 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 12,548,650 shares. The stock had previously closed at $218.86.

Wall Street Analyst Weigh In

COIN has been the subject of a number of research reports. Canaccord Genuity Group increased their price target on Coinbase Global from $240.00 to $280.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Keefe, Bruyette & Woods increased their price target on Coinbase Global from $230.00 to $240.00 and gave the company a “market perform” rating in a research note on Friday, May 3rd. Bank of America raised Coinbase Global from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $110.00 to $217.00 in a research report on Friday, May 17th. TheStreet raised Coinbase Global from a “d” rating to a “c-” rating in a research report on Friday, February 16th. Finally, Needham & Company LLC lowered their target price on Coinbase Global from $275.00 to $260.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and a consensus target price of $214.67.

Coinbase Global Stock Up 6.7 %

The stock has a 50 day moving average price of $232.60 and a 200-day moving average price of $179.08. The stock has a market capitalization of $57.35 billion, a P/E ratio of 46.80 and a beta of 3.46. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.02 and a quick ratio of 1.02.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.61. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.26 billion. As a group, research analysts expect that Coinbase Global, Inc. will post 5.01 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, Director Frederick Ernest Ehrsam III sold 114,216 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $202.30, for a total transaction of $23,105,896.80. Following the completion of the sale, the director now directly owns 4,662 shares in the company, valued at $943,122.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 114,216 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $202.30, for a total value of $23,105,896.80. Following the completion of the sale, the director now directly owns 4,662 shares in the company, valued at $943,122.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alesia J. Haas sold 64,000 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $228.45, for a total transaction of $14,620,800.00. Following the completion of the sale, the chief financial officer now owns 219,490 shares of the company’s stock, valued at $50,142,490.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 470,563 shares of company stock worth $104,873,137. Company insiders own 33.16% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several large investors have recently made changes to their positions in COIN. Teacher Retirement System of Texas increased its position in shares of Coinbase Global by 4.3% during the third quarter. Teacher Retirement System of Texas now owns 13,032 shares of the cryptocurrency exchange’s stock valued at $978,000 after acquiring an additional 539 shares in the last quarter. Daiwa Securities Group Inc. grew its position in Coinbase Global by 10.5% in the 3rd quarter. Daiwa Securities Group Inc. now owns 11,853 shares of the cryptocurrency exchange’s stock worth $890,000 after purchasing an additional 1,129 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Coinbase Global by 5.3% during the 3rd quarter. Principal Financial Group Inc. now owns 17,483 shares of the cryptocurrency exchange’s stock worth $1,313,000 after acquiring an additional 884 shares during the last quarter. California Public Employees Retirement System boosted its stake in shares of Coinbase Global by 25.4% during the 3rd quarter. California Public Employees Retirement System now owns 304,653 shares of the cryptocurrency exchange’s stock worth $22,873,000 after acquiring an additional 61,788 shares during the last quarter. Finally, Private Advisor Group LLC boosted its stake in shares of Coinbase Global by 1.9% during the 3rd quarter. Private Advisor Group LLC now owns 14,581 shares of the cryptocurrency exchange’s stock worth $1,095,000 after acquiring an additional 277 shares during the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.