Coinbase Global (NASDAQ:COIN) Shares Down 4.4% – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN) shares were down 4.4% on Monday . The stock traded as low as $264.40 and last traded at $266.56. Approximately 2,258,548 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 11,208,888 shares. The stock had previously closed at $278.71.

Analyst Upgrades and Downgrades

COIN has been the topic of a number of recent research reports. HC Wainwright restated a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a research note on Tuesday, October 29th. Mizuho boosted their price objective on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. Monness Crespi & Hardt raised their target price on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research note on Thursday. Needham & Company LLC upped their price target on Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, The Goldman Sachs Group upped their target price on shares of Coinbase Global from $183.00 to $397.00 and gave the stock a “neutral” rating in a report on Monday, December 2nd. One research 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’s stock. According to data from MarketBeat.com, Coinbase Global has an average rating of “Hold” and a consensus price target of $286.22.

Coinbase Global Stock Performance

The company’s fifty day moving average is $269.18 and its 200 day moving average is $226.83. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a market cap of $67.01 billion, a P/E ratio of 45.68 and a beta of 3.57.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The firm’s quarterly revenue was up 78.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.01) EPS. As a group, equities analysts predict that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, CAO Jennifer N. Jones sold 1,837 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $295.02, for a total transaction of $541,951.74. Following the transaction, the chief accounting officer now directly owns 1,160 shares of the company’s stock, valued at approximately $342,223.20. The trade was a 61.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gokul Rajaram sold 400 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total value of $81,776.00. Following the completion of the sale, the director now directly owns 7,771 shares of the company’s stock, valued at $1,588,703.24. The trade was a 4.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 270,720 shares of company stock worth $79,787,248. 23.43% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in COIN. Clear Street Derivatives LLC bought a new stake in shares of Coinbase Global during the 3rd quarter valued at about $409,919,000. Renaissance Technologies LLC grew its holdings in shares of Coinbase Global by 185.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after acquiring an additional 691,288 shares during the period. American Century Companies Inc. raised its position in shares of Coinbase Global by 1,136.7% in the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after acquiring an additional 435,886 shares in the last quarter. Geode Capital Management LLC lifted its stake 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 purchasing an additional 314,388 shares during the period. Finally, Azora Capital LP boosted its position in shares of Coinbase Global by 214.1% during the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock valued at $57,525,000 after purchasing an additional 220,078 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

About Coinbase Global

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.