Coinbase Global (NASDAQ:COIN) Shares Down 5.9% on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) fell 5.9% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $265.38 and last traded at $270.81. 3,892,204 shares were traded during mid-day trading, a decline of 40% from the average session volume of 6,499,259 shares. The stock had previously closed at $287.76.

Specifically, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total value of $2,566,900.00. Following the transaction, the insider now directly owns 69,407 shares of the company’s stock, valued at $17,816,082.83. This trade represents a 12.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Analysts Set New Price Targets

Several research firms have weighed in on COIN. HC Wainwright reiterated a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a research report on Tuesday, October 29th. JMP Securities reissued a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a research report on Wednesday, October 9th. The Goldman Sachs Group lifted their target price on Coinbase Global from $183.00 to $397.00 and gave the company a “neutral” rating in a research note on Monday, December 2nd. B. Riley started coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target for the company. Finally, Piper Sandler boosted their price objective on shares of Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and an average target price of $288.44.

Coinbase Global Stock Down 5.8 %

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 firm’s fifty day moving average is $282.26 and its 200 day moving average is $228.53. The stock has a market cap of $67.83 billion, a P/E ratio of 46.23 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last posted 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). The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. Coinbase Global’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.01) EPS. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Institutional Investors Weigh In On Coinbase Global

Hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. raised its holdings in Coinbase Global by 15.6% in the 2nd quarter. Principal Financial Group Inc. now owns 16,805 shares of the cryptocurrency exchange’s stock valued at $3,735,000 after acquiring an additional 2,264 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Coinbase Global by 23.7% during the second quarter. Victory Capital Management Inc. now owns 60,761 shares of the cryptocurrency exchange’s stock worth $13,503,000 after purchasing an additional 11,627 shares during the period. Candriam S.C.A. boosted its holdings in Coinbase Global by 9.8% during the second quarter. Candriam S.C.A. now owns 10,506 shares of the cryptocurrency exchange’s stock valued at $2,335,000 after purchasing an additional 938 shares in the last quarter. Los Angeles Capital Management LLC grew its stake in shares of Coinbase Global by 24.2% in the 2nd quarter. Los Angeles Capital Management LLC now owns 1,376 shares of the cryptocurrency exchange’s stock valued at $306,000 after purchasing an additional 268 shares during the period. Finally, Strategic Financial Concepts LLC acquired a new position in shares of Coinbase Global in the 2nd quarter worth approximately $116,000. 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.