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Is Coinbase Global Inc. (NASDAQ: COIN) A Good Pick For New Investors Now?

Coinbase Global Inc. (NASDAQ:COIN) shares, rose in value on Wednesday, 05/24/23, with the stock price down by -1.25% to the previous day’s close as strong demand from buyers drove the stock to $58.36.

Actively observing the price movement in the last trading, the stock closed the session at $59.10, falling within a range of $56.60 and $58.97. The value of beta (5-year monthly) was 2.63. Referring to stock’s 52-week performance, its high was $116.30, and the low was $31.55. On the whole, COIN has fluctuated by 5.06% over the past month.

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With the market capitalization of Coinbase Global Inc. currently standing at about $14.53 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 04, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.01, which is expected to increase to -$0.01 for fiscal year -$0.01 and then to about -$0.01 by fiscal year 2024.

Analysts have estimated the company’s revenue for the quarter at $180k, with a low estimate of $180k and a high estimate of $180k. According to the average forecast, sales growth in current quarter could jump down -46.00%, compared to the corresponding quarter of last year.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that COIN’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a 50% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of COIN currently trading nearly 2.86% and -6.42% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 48.80, while the 7-day volatility ratio is showing 7.04% which for the 30-day chart, stands at 7.14%. Furthermore, Coinbase Global Inc. (COIN)’s average true range (ATR) is 4.31.

Data on historical trading for Coinbase Global Inc. (NASDAQ:COIN) indicates that the trading volumes over the past 10 days have averaged 9.81 million and over the past 3 months, they’ve averaged 16.64 million. According to company’s latest data on outstanding shares, there are 231.49 million shares outstanding.

Nearly 0.20% of Coinbase Global Inc.’s shares belong to company insiders and institutional investors own 59.30% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 37.19 million shares as on Apr 27, 2023, resulting in a short ratio of 2.57. According to the data, the short interest in Coinbase Global Inc. (COIN) stood at 15.85% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 37.17 million. The stock has risen by 64.91% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the COIN stock heading into the next quarter.

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