Coinbase Global (NASDAQ:COIN) Trading 0.4% Higher - Here's What Happened

On Thursday, shares of Coinbase Global, Inc. (NASDAQ:COIN) rose by 0.4%. The stock reached a high of $349.49 during the day and ultimately traded at $332.23. A total of 9,261,172 shares changed hands, which is a 17% decrease from the average trading volume of 11,196,170 shares. The previous closing price of the stock was $330.94.

Analyst Ratings Changes

• CleanSpark Challenges MicroStrategy’s Bitcoin Playbook

Recently, several financial institutions provided updates on COIN's performance. The Goldman Sachs Group increased their target price for Coinbase shares from $183.00 to $397.00 while assigning it a "neutral" rating. Monness Crespi & Hardt initiated their coverage of Coinbase Global with a "buy" rating and a price target of $245.00 on October 28. Oppenheimer raised their price goal from $265.00 to $358.00, giving Coinbase an "outperform" rating on November 25. Mizuho set a new price target at $178.00 while giving a rating of "underperform". Additionally, Piper Sandler reaffirmed a "neutral" stance with a price target of $245.00 on November 1. Overall, one analyst gave the stock a "sell" rating, nine recommended holding, and ten suggested buying. According to MarketBeat, the consensus rating stands at "Hold" with an average target price of $265.33.

Coinbase Global Stock Performance

• MarketBeat Week in Review – 11/18 - 11/22

The company’s stock has a 50-day moving average of $236.84 and a 200-day moving average of $220.85. Key financial ratios include a quick ratio of 1.03, a current ratio of 1.03, and a debt-to-equity ratio of 0.48. Coinbase Global boasts a market cap of $82.79 billion and a price-to-earnings ratio of 56.69. The firm’s beta is 3.57.

Coinbase released its quarterly earnings report on October 30. The cryptocurrency exchange reported earnings of $0.28 per share, which fell short of the expected $0.41 by $0.13. The company’s revenue for the quarter was $1.21 billion, while projections called for $1.26 billion. Coinbase Global achieved a return on equity of 14.81% and a net margin of 29.76%. Notably, this revenue marked a 78.8% increase compared to the same quarter from the previous year, when the business noted an EPS of ($0.01). Analysts predict that Coinbase Global, Inc. will report an EPS of 4.44 for the current fiscal year.

Insider Buying and Selling

• MicroStrategy’s Stock Dip vs. Coinbase’s Potential Rally

In related news, CEO Brian Armstrong sold 58,269 shares of Coinbase stock on November 18, at an average price of $328.00, totaling approximately $19.11 million. This transaction decreased Armstrong's ownership of the stock to 526 shares, valued around $172,528. Additionally, insider Paul Grewal sold 10,000 shares on December 2, receiving about $3.06 million at an average price of $305.71. After this sale, Grewal’s remaining shares amount to 69,407 with a value of approximately $21.22 million. In the past three months, insiders have unloaded 216,644 shares worth roughly $62.94 million, indicating that corporate insiders hold 23.43% of the company's total shares.

Institutional Inflows and Outflows

Many institutional investors have made recent changes to their positions in COIN. Cetera Investment Advisers increased its holdings in Coinbase Global by 303.5% during the first quarter, owning now 25,935 shares valued at $6.88 million after acquiring an additional 19,508 shares. Simplicity Wealth LLC raised its position by 11.5% in the second quarter, owning 3,752 shares worth $834,000 after buying an extra 387 shares. QRG Capital Management Inc. boosted its stake by 130.5%, acquiring 9,703 shares valued at $2.16 million after buying an additional 5,493 shares. Sharp Financial Services LLC invested in Coinbase for the first time, while Granite Bay Wealth Management LLC also entered the second quarter with a new stake worth $5.48 million. Currently, 68.84% of Coinbase's stock is owned by institutional investors.

Coinbase Global Company Profile

Coinbase Global, Inc. offers financial infrastructure and technology services for the crypto economy both domestically and internationally. The company primarily functions as a critical financial account for consumers in the crypto space and provides a marketplace for institutions to transact in crypto assets.

Should you invest $1,000 in Coinbase Global right now?

Before making any investment decisions regarding Coinbase Global, it would be wise to explore insights from top-rated analysts who have identified five stocks that may be more promising than Coinbase. Presently, Coinbase holds a "Hold" rating, while other identified stocks are being recommended for investment.

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