Coinbase Global (NASDAQ:COIN) Trading Down 7.8% on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price dropped 7.8% on Thursday following insider selling activity. The stock traded as low as $288.55 and last traded at $294.89. Approximately 11,270,493 shares were traded during trading, an increase of 1% from the average daily volume of 11,105,748 shares. The stock had previously closed at $320.01.

Specifically, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at $172,528. This trade represents a 99.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Monness Crespi & Hardt initiated coverage on Coinbase Global in a research note on Monday, October 28th. They set a “buy” rating and a $245.00 price target for the company. HC Wainwright reissued a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a report on Tuesday, October 29th. Bank of America lifted their price objective on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Barclays lifted their price objective on Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $245.00 price target on shares of Coinbase Global in a research note on Friday, November 1st. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $251.00.

Coinbase Global Stock Performance

The firm has a market capitalization of $74.46 billion, a price-to-earnings ratio of 50.32 and a beta of 3.34. The company has a fifty day moving average of $208.71 and a two-hundred day moving average of $214.04. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period in the prior year, the firm earned ($0.01) earnings per share. Coinbase Global’s revenue was up 78.8% on a year-over-year basis. As a group, equities research analysts predict that Coinbase Global, Inc. will post 4.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently modified their holdings of COIN. Geode Capital Management LLC grew its position in shares of Coinbase Global by 10.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after buying an additional 314,388 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Coinbase Global by 2.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after acquiring an additional 71,398 shares in the last quarter. Clear Street Derivatives LLC bought a new position in shares of Coinbase Global in the third quarter valued at approximately $409,919,000. Cowen AND Company LLC grew its holdings in Coinbase Global by 1.5% during the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after purchasing an additional 22,071 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after purchasing an additional 691,288 shares during the period. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.