Coinbase Global (NASDAQ:COIN) Trading 4.8% Higher – Still a Buy?

Coinbase Global, Inc. (NASDAQ:COIN)’s share price traded up 4.8% during trading on Monday . The company traded as high as $187.20 and last traded at $187.14. Approximately 4,061,548 shares were traded during trading, a decline of 61% from the average session volume of 10,301,396 shares. The stock had previously closed at $178.64.

Key Headlines Impacting Coinbase Global

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Webull expands in Canada using Coinbase infrastructure. Webull will offer Canadian customers cryptocurrency trading through Coinbase’s Crypto-as-a-Service platform, with Coinbase providing trading, liquidity and custody services. The partnership expands Coinbase’s institutional infrastructure revenue opportunity and follows similar Webull launches in Australia and Brazil. Coinbase And Webull Join Forces In Canada
• Positive Sentiment: Canada and India provide international growth catalysts. Coinbase’s partnership with Webull comes as Canadian crypto ownership increases, while Coinbase’s return to India includes a locally registered entity and a customized rupee on-ramp and off-ramp. These developments could broaden user acquisition and transaction volumes outside the United States. Coinbase’s India return
• Positive Sentiment: Some investors remain bullish on COIN. ARK Invest continued to identify Coinbase as a favored crypto-related growth stock, and technical commentary suggested a potential breakout toward $239.60 if the shares clear resistance near $193.81. Cathie Wood of ARK Invest Continues to Scoop up Bargain-Priced Crypto Stocks
• Neutral Sentiment: Coinbase CEO Brian Armstrong discussed the possibility that onchain reputation could eventually help replace traditional credit scores, but the concept remains speculative and has no immediate earnings impact. Your Crypto Wallet Could Replace Your Credit Score
• Negative Sentiment: Crypto equities are losing momentum. Coinbase declined alongside Circle and other crypto stocks even as Bitcoin and Ethereum held largely flat, indicating investors are reducing exposure to high-beta crypto equities independently of the underlying tokens. Commentary also warned that COIN’s rebound from its post-earnings low may be fading. Crypto Stocks Slide as Bitcoin and Ethereum Hold Flat

Wall Street Analyst Weigh In

A number of research firms recently commented on COIN. Benchmark dropped their price target on Coinbase Global from $270.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, July 31st. BTIG Research cut their price target on shares of Coinbase Global from $260.00 to $240.00 and set a “buy” rating for the company in a report on Friday, July 31st. Piper Sandler decreased their price objective on shares of Coinbase Global from $155.00 to $146.00 and set a “neutral” rating on the stock in a research note on Friday, July 31st. KeyCorp restated a “sector weight” rating on shares of Coinbase Global in a research report on Wednesday, June 17th. Finally, Rosenblatt Securities restated a “buy” rating and set a $240.00 target price on shares of Coinbase Global in a research note on Tuesday, July 28th. Eighteen investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and a consensus price target of $216.87.

Coinbase Global Price Performance

The business has a 50-day moving average of $161.26 and a two-hundred day moving average of $175.03. The company has a current ratio of 2.42, a quick ratio of 2.42 and a debt-to-equity ratio of 0.45. The firm has a market cap of $46.65 billion, a P/E ratio of -46.05 and a beta of 3.38.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.92). Coinbase Global had a negative net margin of 15.72% and a positive return on equity of 3.12%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period in the previous year, the business posted $5.14 earnings per share. The business’s revenue for the quarter was down 18.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other news, CAO Jennifer N. Jones sold 2,062 shares of the firm’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $188.75, for a total transaction of $389,202.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 35,068 shares of Coinbase Global stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $144.32, for a total transaction of $5,061,013.76. 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. Over the last 90 days, insiders sold 49,181 shares of company stock valued at $7,365,482. Corporate insiders own 16.66% of the company’s stock.

Institutional Trading of Coinbase Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC increased its position in shares of Coinbase Global by 24.2% during the first quarter. Integrated Wealth Concepts LLC now owns 2,119 shares of the cryptocurrency exchange’s stock worth $365,000 after buying an additional 413 shares during the period. Empowered Funds LLC boosted its position in Coinbase Global by 25.8% during the first quarter. Empowered Funds LLC now owns 8,581 shares of the cryptocurrency exchange’s stock valued at $1,478,000 after acquiring an additional 1,761 shares during the last quarter. Focus Partners Wealth grew its holdings in Coinbase Global by 9.9% during the 1st quarter. Focus Partners Wealth now owns 5,202 shares of the cryptocurrency exchange’s stock worth $896,000 after acquiring an additional 467 shares during the period. Sivia Capital Partners LLC bought a new position in shares of Coinbase Global in the 2nd quarter worth about $285,000. Finally, Cerity Partners LLC lifted its stake in shares of Coinbase Global by 8.6% in the 2nd quarter. Cerity Partners LLC now owns 17,694 shares of the cryptocurrency exchange’s stock valued at $6,203,000 after purchasing an additional 1,402 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

About Coinbase Global

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.