Coinbase Global Inc (NASDAQ:COIN) price on Wednesday, October 23, fall -5.60% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $198.93.
A look at the stock’s price movement, the close in the last trading session was $210.72, moving within a range at $194.6 and $209.7. The beta value (5-Year monthly) was 3.352 while the PE ratio in trailing twelve months stood at 35.79. Turning to its 52-week performance, $283.48 and $70.42 were the 52-week high and 52-week low respectively. Overall, COIN moved 15.87% over the past month.
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Coinbase Global Inc’s market cap currently stands at around $49.43 billion, with investors looking forward to this quarter’s earnings report slated for in November.
Analysts have a consensus estimate of 1.25B for the company’s revenue for the quarter, with a low and high estimate of 1.17B and 1.34B respectively. The average forecast suggests up to a 85.90% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 5.67B, representing a 82.50% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that COIN is a Hold. On the other hand, the stock is on average a 50% Sell as suggested by medium term indicators while long term indicators are putting the stock in 50% Sell category.
37 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 11 analyst(s) rate the stock as a Hold, 23 recommend COIN as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 3 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
COIN’s current price about 7.30% and 9.81% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 55.88, while 7-day volatility ratio is 5.32% and 5.96% in the 30-day chart. Further, Coinbase Global Inc (COIN) has a beta value of 3.36, and an average true range (ATR) of 11.77. Analysts have given the company’s stock an average 52-week price target of $275, forecast between a low of $11 and high of $875. Looking at the price targets, the low is 94.47% off current price level while to achieve the yearly target high, price needs to move -339.85%. Nonetheless, investors will most likely welcome a -38.24% jump to $275 which is the analysts’ median price.
If we refocus on Coinbase Global Inc (NASDAQ:COIN), historical trading data shows that trading volumes averaged 11.85 over the past 10 days and 8.12 million over the past 3 months. The company’s latest data on shares outstanding shows there are 195.19 million shares.
The 22.96% of Coinbase Global Inc’s shares are in the hands of company insiders while institutional holders own 42.45% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 11.07 million on 2024-09-30, giving us a short ratio of 1.46. The data shows that as of 2024-09-30 short interest in Coinbase Global Inc (COIN) stood at 553.0 of shares outstanding, with shares short rising to 8.89 million registered in 2024-08-30. Current price change has pushed the stock 14.38% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the COIN stock continues to rise going into the next quarter.
