Coinbase Global (NASDAQ:COIN) Shares Gap Up – Time to Buy?

Coinbase Global, Inc. (NASDAQ:COIN) shares gapped up prior to trading on Monday . The stock had previously closed at $194.25, but opened at $205.19. Coinbase Global shares last traded at $204.0450, with a volume of 4,325,851 shares changing hands.

Key Stories Impacting Coinbase Global

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

• Positive Sentiment: Bitcoin rally supports crypto-exchange activity. Bitcoin moved above $85,000, reaching its highest level in more than eight months, lifting Coinbase and other crypto-linked equities. A sustained increase in digital-asset prices could improve trading volumes, transaction revenue and investor sentiment toward COIN. Coinbase Stock Climbs Monday as Bitcoin Surges Past $85,000
• Positive Sentiment: Coinbase launched retail IPO access in the United States. Eligible users can request IPO shares at the offering price through the company’s app, beginning with Oura’s offering. Adding primary-market allocations expands Coinbase beyond crypto trading and could increase customer engagement, assets and fee opportunities. Coinbase Adds IPO Shares to Its Expanding Everything Exchange
• Positive Sentiment: Analysts identified potential benefits from tokenized stocks. A new SEC framework could create a regulated path for blockchain-based stock trading and settlement. Goldman Sachs and Citizens analysts view Coinbase as one of the companies best positioned to benefit, potentially opening new trading, custody and settlement revenue streams. SEC’s Tokenized Stock Framework Opens Revenue Doors for Coinbase, Robinhood, and Circle
• Positive Sentiment: Analyst sentiment has improved alongside the crypto rally. Several analysts issued bullish commentary or raised their targets as Bitcoin strengthened, while Coinbase is pursuing additional products such as single-stock perpetual futures. These initiatives could diversify revenue, although regulatory approval remains necessary. Analysts Back Coinbase Stock Amid Bitcoin Rally

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on COIN. BTIG Research restated a “buy” rating and issued a $240.00 price target on shares of Coinbase Global in a research note on Wednesday, September 16th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $208.00 price target on shares of Coinbase Global in a research note on Wednesday, June 17th. Citizens Jmp cut their price target 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. KeyCorp reiterated a “sector weight” rating on shares of Coinbase Global in a research note on Wednesday, June 17th. Finally, Zacks Research raised shares of Coinbase Global from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 9th. Eighteen analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $219.97.

Coinbase Global Price Performance

The company has a fifty day simple moving average of $167.17 and a two-hundred day simple moving average of $176.08. The company has a market capitalization of $54.16 billion, a price-to-earnings ratio of -53.58 and a beta of 3.39. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.42 and a current ratio of 2.42.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) earnings per share 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 company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the business earned $5.14 EPS. The firm’s revenue for the quarter was down 18.5% compared to the same quarter last year. As a group, research analysts anticipate that Coinbase Global, Inc. will post -0.21 earnings per share for the current year.

Insider Activity at Coinbase Global

In other news, Director Marc L. Andreessen sold 13,676 shares of the business’s stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $181.14, for a total transaction of $2,477,270.64. Following the completion of the sale, the director owned 1,136,324 shares in the company, valued at approximately $205,833,729.36. The trade was a 1.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 35,068 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $144.32, for a total transaction of $5,061,013.76. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 70,806 shares of company stock worth $11,307,687. 16.66% of the stock is owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Institutional investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC increased its position in shares of Coinbase Global by 185.5% in the second quarter. Sequoia Financial Advisors LLC now owns 25,507 shares of the cryptocurrency exchange’s stock worth $3,729,000 after acquiring an additional 16,572 shares in the last quarter. Whetstone Capital Advisors LLC boosted its position in Coinbase Global by 86.3% during the 2nd quarter. Whetstone Capital Advisors LLC now owns 47,048 shares of the cryptocurrency exchange’s stock worth $6,878,000 after purchasing an additional 21,788 shares during the period. National Pension Service boosted its position in Coinbase Global by 117.1% during the 2nd quarter. National Pension Service now owns 641,518 shares of the cryptocurrency exchange’s stock worth $93,784,000 after purchasing an additional 346,045 shares during the period. Engineers Gate Manager LP acquired a new stake in Coinbase Global in the 2nd quarter valued at $417,000. Finally, Integrated Wealth Concepts LLC raised its position in Coinbase Global by 111.2% in the second quarter. Integrated Wealth Concepts LLC now owns 11,585 shares of the cryptocurrency exchange’s stock valued at $1,694,000 after purchasing an additional 6,100 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

About Coinbase Global

Coinbase Global, Inc operates a digital asset and cryptocurrency platform serving retail users, institutions, developers and ecosystem partners. Through its exchange, customers can buy, sell, convert, store and transfer a range of cryptocurrencies and other digital assets. The company also provides an advanced trading platform for more experienced users and services designed for institutional trading and market access.

Its product offerings include custodial services, institutional prime brokerage and custody, staking services, a self-custody wallet, and tools that enable developers and businesses to build applications using blockchain networks.