Coinbase Global Inc [NASDAQ: COIN] jumped around 8.69 points on Friday, while shares priced at $242.36 at the close of the session, up 3.72%. The company report on March 13, 2024 at 8:03 PM that Coinbase Announces Pricing of Upsized Offering of $1.1 Billion of 0.25% Convertible Senior Notes Due 2030.
Coinbase Global, Inc. (“Coinbase”) (Nasdaq: COIN) today announced the pricing of $1.1 billion aggregate principal amount of Convertible Senior Notes due 2030 (the “notes”) in a private offering (the “offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of the offering was increased from the previously announced offering size of $1.0 billion. Coinbase also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $165.0 million principal amount of notes, solely to cover over-allotments. The sale of the notes to the initial purchasers is expected to settle on March 18, 2024, subject to customary closing conditions, and is expected to result in approximately $1.08 billion (or approximately $1.24 billion if the initial purchasers exercise their option to purchase additional notes in full) in net proceeds to Coinbase after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by Coinbase.
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Coinbase intends to use the net proceeds from the offering to repay at maturity, or repurchase or redeem prior to maturity, from time to time and subject to market conditions, its outstanding 0.50% Convertible Senior Notes due 2026, 3.375% Senior Notes due 2028, and 3.625% Senior Notes due 2031 and for other general corporate purposes, which may include working capital and capital expenditures, and to pay the cost of the capped call transactions. If the initial purchasers exercise their option to purchase additional notes, Coinbase expects to use a portion of the net proceeds from the sale of such additional notes to enter into additional capped call transactions. Coinbase may also use a portion of the net proceeds to make investments in and acquisitions of other companies, products or technologies that Coinbase may identify from time to time.
Compared to the average trading volume of 15.32M shares, COIN reached a trading volume of 17087747 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about Coinbase Global Inc [COIN]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for COIN shares is $194.69 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on COIN stock is a recommendation set at 2.61. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Raymond James have made an estimate for Coinbase Global Inc shares, keeping their opinion on the stock as Mkt Perform, with their previous recommendation back on March 12, 2024. The new note on the price target was released on March 08, 2024, representing the official price target for Coinbase Global Inc stock. Previously, the target price had yet another raise to $160, while Keefe Bruyette analysts kept a Mkt Perform rating on COIN stock.
The Average True Range (ATR) for Coinbase Global Inc is set at 17.62, with the Price to Sales ratio for COIN stock in the period of the last 12 months amounting to 18.89. The Price to Book ratio for the last quarter was 9.34, with the Price to Cash per share for the same quarter was set at 23.68. Price to Free Cash Flow for COIN in the course of the last twelve months was 97.03.
How has COIN stock performed recently?
Coinbase Global Inc [COIN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.56. With this latest performance, COIN shares gained by 51.12% in over the last four-week period, additionally plugging by 190.43% over the last 6 months – not to mention a rise of 275.93% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for COIN stock in for the last two-week period is set at 65.91, with the RSI for the last a single of trading hit 63.42, and the three-weeks RSI is set at 66.12 for Coinbase Global Inc [COIN]. The present Moving Average for the last 50 days of trading for this stock 167.13, while it was recorded at 247.61 for the last single week of trading, and 110.82 for the last 200 days.
Earnings analysis for Coinbase Global Inc [COIN]
With the latest financial reports released by the company, Coinbase Global Inc posted 0/share EPS, while the average EPS was predicted by analysts to be reported at -0.01/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 100.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for COIN.
Insider trade positions for Coinbase Global Inc [COIN]
The top three institutional holders of COIN stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in COIN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in COIN stock with ownership which is approximately 5.8325%.
