Coinbase Global Inc (NASDAQ: COIN) Could Make Significant Gains?

In the latest trading session, 4.2 million Coinbase Global Inc (NASDAQ:COIN) shares changed hands as the company’s beta touched 2.75. With the company’s most recent per share price at $103.89 changing hands around $4.84 or 4.89% at last look, the market valuation stands at $24.86B. COIN’s current price is a discount, trading about -10.15% off its 52-week high of $114.43. The share price had its 52-week low at $31.55, which suggests the last value was 69.63% up since then. When we look at Coinbase Global Inc’s average trading volume, we note the 10-day average is 10.01 million shares, with the 3-month average coming to 8.23 million.

Analysts gave the Coinbase Global Inc (COIN) stock a consensus recommendation rating of a Hold, calculated at a mean rating of 2.93. If we narrow down to specifics, the data shows that 6 out of 28 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 12 recommended COIN as a Hold, 8 felt it is a Buy and 2 rated the stock as Underweight. Coinbase Global Inc’s EPS for the current quarter is expected to be $0.

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Coinbase Global Inc (NASDAQ:COIN) trade information

Instantly COIN is in green as seen in intraday trades today. With action 12.14%, the performance over the past five days has been green. The jump to weekly highs of 104.10 on Friday, 11/17/23 added 4.89% to the stock’s daily price. The company’s shares are showing year-to-date upside of 193.56%, with the 5-day performance at 12.14% in the green. However, in the 30-day time frame, Coinbase Global Inc (NASDAQ:COIN) is 39.15% up. Looking at the short shares, we see there were 24.38 million shares sold at short interest cover period of 2.87 days.

The consensus price target for the stock as assigned by Wall Street analysts is $86.24, meaning bulls need a downside of -20.47% from its recent market value. According to analyst projections, COIN’s forecast low is $31.00 with $150.00 as the target high. To hit the forecast high, the stock’s price needs a -44.38% plunge from its current level, while the stock would need to tank 70.16% for it to hit the projected low.

Coinbase Global Inc (COIN) estimates and forecasts

Data shows that the Coinbase Global Inc share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 70.12% over the past 6 months, a 91.72% in annual growth rate that is considerably higher than the industry average of 5.00%.

Consensus estimates given by 1 financial analysts project the company’s revenue in the current quarter to hit an average of $170k. 1 analysts are of the opinion that Coinbase Global Inc’s revenue for the quarter ending Sep 2023 will be $140k. The company’s revenue for the corresponding quarters a year ago was $333.29k and $137.39k respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -49.00%. The estimates for the next quarter sales put growth at 1.90%.

The 2023 estimates are for Coinbase Global Inc earnings to increase by 91.21%.

COIN Dividends

Coinbase Global Inc is expected to release its next quarterly earnings report between February 19 and February 23.

Coinbase Global Inc (NASDAQ:COIN)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 4.19% of Coinbase Global Inc shares while 59.26% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 61.85%. There are 59.26% institutions holding the Coinbase Global Inc stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 7.21% of the shares, roughly 13.7 million COIN shares worth $980.0 million.

ARK Investment Management, LLC holds the second largest percentage of outstanding shares, with 5.58% or 10.6 million shares worth $796.12 million as of Sep 29, 2023.

Among Mutual Funds, the top two as of Sep 29, 2023 were ARK ETF Tr-ARK Innovation ETF and Vanguard Total Stock Market Index Fund. With 7.08 million shares estimated at $531.82 million under it, the former controlled 3.73% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 2.46% of the shares, roughly 4.68 million shares worth around $334.96 million.

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