Shares of Coinbase Global, Inc. (NASDAQ:COIN) shot up 11.2% on Tuesday . The stock traded as high as $176.75 and last traded at $178.4580. 2,631,534 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 10,494,628 shares. The stock had previously closed at $160.43.
Coinbase Global News Summary
Here are the key news stories impacting Coinbase Global this week:
- Positive Sentiment: Top investment-firm commentary suggesting the crypto market may be nearing a bottom is boosting sentiment toward Coinbase, since the stock has been heavily tied to crypto prices and trading activity. This Top Investment Firm Says the Crypto Market Is Nearing a Bottom. Here’s What It Could Mean for Coinbase.
- Positive Sentiment: Reports that the CLARITY Act is nearing a Senate vote, with added consumer protections and ethics provisions, are helping crypto stocks surge on hopes of clearer regulation for Coinbase and the broader industry. Trump Oversees Ethics Provisions As Clarity Act Nears Vote
- Positive Sentiment: Coinbase-backed Base saying tokenized equities launch is “imminent” suggests the company may expand into new financial products and grow engagement beyond spot crypto trading. Base’s 1:1-backed tokenized equities launch ‘imminent,’ Pollak says
- Neutral Sentiment: Coinbase CEO Brian Armstrong’s comments defending his X posts and broader crypto commentary are mostly headline-grabbing, but they do not directly change Coinbase fundamentals. Brian Armstrong Warns Traders Against Treating His X Account as “Alpha”
- Negative Sentiment: Prediction-market chatter that Coinbase’s quarterly trading volume could come in below expectations is a concern because lower volume can pressure transaction revenue, one of Coinbase’s main earnings drivers. Coinbase trading results may fall short of expectations, according to prediction markets
- Negative Sentiment: Some commentary says Coinbase’s Base strategy reflects a missed opportunity in the “new era” of crypto, which could weigh on longer-term growth perceptions if investors view the company as lagging innovation. Coinbase’s big Base mistake offers an important lesson for the crypto industry
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their target price on shares of Coinbase Global from $252.00 to $290.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. Rothschild & Co Redburn increased their price target on shares of Coinbase Global from $254.00 to $263.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Bank of America lowered their price objective on shares of Coinbase Global from $288.00 to $234.00 in a research report on Thursday, April 2nd. Citizens Jmp dropped their price objective on shares of Coinbase Global from $355.00 to $325.00 and set a “market outperform” rating for the company in a report on Thursday, July 9th. Finally, HC Wainwright cut their target price on shares of Coinbase Global from $350.00 to $310.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Eighteen equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $245.39.
Coinbase Global Price Performance
The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.44. The business’s 50-day simple moving average is $169.28 and its 200 day simple moving average is $186.24. The firm has a market capitalization of $47.56 billion, a P/E ratio of 67.73, a PEG ratio of 10.14 and a beta of 3.35.
Coinbase Global (NASDAQ:COIN – Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing the consensus estimate of $0.06 by ($1.55). The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The company’s revenue was down 30.5% compared to the same quarter last year. During the same period last year, the business posted $0.24 earnings per share. Sell-side analysts forecast that Coinbase Global, Inc. will post 1.41 earnings per share for the current year.
Insider Buying and Selling at Coinbase Global
In related news, CAO Jennifer N. Jones sold 2,051 shares of Coinbase Global stock in a transaction on Friday, June 5th. The shares were sold at an average price of $158.15, for a total value of $324,365.65. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 10,000 shares of the business’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $181.54, for a total transaction of $1,815,400.00. Following the completion of the sale, the director directly owned 30,000 shares of the company’s stock, valued at $5,446,200. This represents a 25.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 30,627 shares of company stock worth $5,327,841 in the last 90 days. 16.66% of the stock is owned by company insiders.
Institutional Investors Weigh In On Coinbase Global
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new position in Coinbase Global during the 4th quarter valued at $656,744,000. Capital World Investors lifted its position in shares of Coinbase Global by 847.2% in the 4th quarter. Capital World Investors now owns 1,536,534 shares of the cryptocurrency exchange’s stock worth $347,472,000 after purchasing an additional 1,374,318 shares during the period. Ruffer LLP bought a new stake in shares of Coinbase Global during the 4th quarter valued at about $166,515,000. Southpoint Capital Advisors LP bought a new stake in shares of Coinbase Global during the 1st quarter valued at about $104,766,000. Finally, Janus Henderson Group PLC increased its position in shares of Coinbase Global by 2,597.8% during the fourth quarter. Janus Henderson Group PLC now owns 549,304 shares of the cryptocurrency exchange’s stock valued at $124,221,000 after buying an additional 528,943 shares during the period. Institutional investors own 68.84% of the company’s stock.
Coinbase Global Company Profile
Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.
Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.
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