Coinbase Global (NASDAQ:COIN) Reaches New 12-Month High – Here’s Why

Coinbase Global, Inc. (NASDAQ:COIN) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $307.39 and last traded at $307.39, with a volume of 3158556 shares traded. The stock had previously closed at $270.74.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on COIN. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research note on Thursday, October 31st. Mizuho lifted their price objective on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. JMP Securities reissued a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research report on Wednesday, October 9th. Piper Sandler reaffirmed a “neutral” rating and issued a $245.00 price objective on shares of Coinbase Global in a research note on Friday, November 1st. Finally, Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and boosted their target price for the company from $260.00 to $345.00 in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global currently has an average rating of “Hold” and an average target price of $246.28.

Coinbase Global Trading Down 1.6 %

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $79.89 billion, a P/E ratio of 54.46 and a beta of 3.34. The firm’s 50-day moving average price is $187.74 and its 200 day moving average price is $209.65.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.01) earnings per share. As a group, equities research analysts predict that Coinbase Global, Inc. will post 4.27 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 23,075 shares of the company’s 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 completion of the sale, the chief executive officer now owns 526 shares in the company, valued at $91,487.18. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Alesia J. Haas sold 5,250 shares of Coinbase Global stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the sale, the chief financial officer now directly owns 169,786 shares in the company, valued at approximately $33,150,716.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian Armstrong sold 23,075 shares of the company’s 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 completion of the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at $91,487.18. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 135,822 shares of company stock worth $30,921,194. Corporate insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in 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 last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Coinbase Global by 2.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after purchasing an additional 71,398 shares during the last quarter. Cowen AND Company LLC raised its holdings in shares of Coinbase Global by 1.5% during the 2nd quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after buying an additional 22,071 shares in the last quarter. Renaissance Technologies LLC lifted its position in Coinbase Global by 185.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after buying an additional 691,288 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Coinbase Global by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock worth $163,752,000 after buying an additional 52,856 shares in the last quarter. 68.84% of the stock is 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.