Coinbase Global (NASDAQ:COIN) Trading Down 8% – What’s Next?

Coinbase Global, Inc. (NASDAQ:COIN)’s share price dropped 8% on Monday . The company traded as low as $274.00 and last traded at $274.31. Approximately 19,208,533 shares changed hands during mid-day trading, an increase of 153% from the average daily volume of 7,607,109 shares. The stock had previously closed at $298.11.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on COIN shares. B. Riley started coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. JMP Securities upped their target price on Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a report on Friday, February 14th. Monness Crespi & Hardt lifted their price target on Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Barclays boosted their price target on Coinbase Global from $282.00 to $328.00 and gave the stock an “equal weight” rating in a report on Friday, February 14th. Finally, Canaccord Genuity Group raised their price objective on shares of Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a report on Friday, February 14th. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $303.94.

Coinbase Global Stock Down 2.3 %

The firm has a market cap of $64.76 billion, a price-to-earnings ratio of 27.23 and a beta of 3.61. The firm has a 50 day moving average of $279.49 and a 200 day moving average of $239.21. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. As a group, sell-side analysts predict that Coinbase Global, Inc. will post 4.56 earnings per share for the current year.

Insider Transactions at Coinbase Global

In other news, insider Lawrence J. Brock sold 15,858 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $298.98, for a total transaction of $4,741,224.84. Following the transaction, the insider now directly owns 21,019 shares of the company’s stock, valued at $6,284,260.62. This represents a 43.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Grewal sold 7,104 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $307.80, for a total value of $2,186,611.20. Following the completion of the transaction, the insider now owns 79,407 shares in the company, valued at approximately $24,441,474.60. This represents a 8.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 336,143 shares of company stock valued at $97,842,603 in the last 90 days. 23.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Cache Advisors LLC bought a new stake in shares of Coinbase Global during the fourth quarter worth about $1,587,000. CTC Alternative Strategies Ltd. acquired a new position in Coinbase Global during the 4th quarter valued at about $928,000. Sunbelt Securities Inc. increased its holdings in Coinbase Global by 14.9% during the 4th quarter. Sunbelt Securities Inc. now owns 800 shares of the cryptocurrency exchange’s stock worth $204,000 after purchasing an additional 104 shares in the last quarter. Alpine Global Management LLC purchased a new stake in shares of Coinbase Global in the fourth quarter worth approximately $640,000. Finally, Vise Technologies Inc. lifted its holdings in shares of Coinbase Global by 56.1% in the fourth quarter. Vise Technologies Inc. now owns 3,930 shares of the cryptocurrency exchange’s stock valued at $976,000 after purchasing an additional 1,413 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.