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

On Thursday, Coinbase Global, Inc. (NASDAQ:COIN) saw an increase in its stock price, rising by 0.4%. The shares peaked at $349.49 before settling at $332.23. The trading volume for the day reached 9,261,172 shares, which is a reduction of 17% from the average daily volume of 11,196,170 shares. The previous closing price stood at $330.94.

Recent Analyst Ratings

In recent developments regarding analyst ratings, several financial firms have updated their positions on Coinbase. The Goldman Sachs Group increased its target price for Coinbase shares from $183.00 to $397.00, maintaining a "neutral" rating. On the same day, Monness Crespi & Hardt initiated coverage on Coinbase, issuing a "buy" rating with a target price of $245.00. Oppenheimer also adjusted its target, raising it from $265.00 to $358.00 while giving it an "outperform" rating. Additionally, Mizuho brought the price objective up from $160.00 to $178.00 but maintained an "underperform" rating. Lastly, Piper Sandler reiterated a "neutral" rating with a price target set at $245.00. Currently, one analyst has issued a sell rating, nine suggest holding, and ten recommend buying, leading to a consensus rating of "Hold" and an average target price of $265.33 according to MarketBeat data.

Stock Performance Overview

Coinbase Global has a 50-day moving average of $236.84 and a 200-day moving average of $220.85. Financial ratios indicate a quick ratio and a current ratio of 1.03, along with a debt-to-equity ratio of 0.48. The company holds a market capitalization of $82.79 billion, a price-to-earnings ratio of 56.69, and a high beta of 3.57.

In its latest quarterly earnings report released on October 30th, Coinbase reported earnings of $0.28 per share, which was below the consensus estimate of $0.41 by $0.13. The company's revenue for the quarter was $1.21 billion, slightly under the forecast of $1.26 billion. Last year's performance showed a significant recovery, as the revenue increased by 78.8% year-over-year compared to a loss of $0.01 EPS for the same period last year. Analysts expect Coinbase to achieve an EPS of 4.44 for the current fiscal year.

Insider Trading Activity

In other developments, CEO Brian Armstrong sold 58,269 shares on November 18th at an average price of $328.00, totaling approximately $19.11 million. Following this sale, he retains ownership of 526 shares valued at about $172,528, marking a 99.11% decrease in his ownership. The transaction details were shared in a document filed with the Securities & Exchange Commission. Furthermore, insider Paul Grewal sold 10,000 shares at an average price of $305.71, bringing in about $3.06 million, with Grewal now owning 69,407 shares after a 12.59% decrease in their holdings. In total, insiders have sold 216,644 company shares worth roughly $62.94 million over the past three months, with corporate insiders now owning 23.43% of the stock.

Institutional Activity

Recent activities among institutional investors have also influenced Coinbase's stock. Cetera Investment Advisers increased its holdings by 303.5% in the first quarter, now owning 25,935 shares valued at approximately $6.88 million. Similarly, Simplicity Wealth LLC lifted its position by 11.5% during the second quarter, now holding 3,752 shares worth $834,000. QRG Capital Management Inc. raised its stake by 130.5%, holding 9,703 shares valued at $2.16 million after acquiring an additional 5,493 shares. In total, 68.84% of Coinbase's stock is currently held by institutional investors.

Company Information

Coinbase Global, Inc. provides essential financial infrastructure and technology for the cryptocurrency economy, both in the United States and globally. They are known for offering a primary financial account for consumers within the crypto sector, as well as a marketplace that provides liquidity for institutional transactions involving various crypto assets.

Coinbase, Finance, Trading