Coinbase Global (NASDAQ:COIN) Shares Gap Down After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) shares gapped down prior to trading on Tuesday following insider selling activity. The stock had previously closed at $312.22, but opened at $298.26. Coinbase Global shares last traded at $304.64, with a volume of 2,361,040 shares changing hands.

Specifically, CAO Jennifer N. Jones sold 1,837 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $295.02, for a total transaction of $541,951.74. Following the completion of the sale, the chief accounting officer now directly owns 1,160 shares in the company, valued at $342,223.20. This trade represents a 61.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction dated 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 approximately $172,528. This trade represents a 99.11 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

COIN has been the topic of several analyst reports. 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. B. Riley began coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target for the company. Bank of America upped their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Piper Sandler reissued a “neutral” rating and set a $245.00 price objective on shares of Coinbase Global in a report on Friday, November 1st. Finally, Compass Point cut their target price on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $255.22.

Coinbase Global Price Performance

The firm has a market capitalization of $77.85 billion, a P/E ratio of 53.07 and a beta of 3.34. The business has a fifty day moving average of $219.83 and a 200-day moving average of $216.55. 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 posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) 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 the consensus estimate of $1.26 billion. During the same quarter last year, the business earned ($0.01) earnings per share. The company’s revenue was up 78.8% on a year-over-year basis. On average, sell-side analysts forecast that Coinbase Global, Inc. will post 4.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds have recently modified their holdings of COIN. Janus Henderson Group PLC boosted its position in shares of Coinbase Global by 66.4% in the 1st quarter. Janus Henderson Group PLC now owns 17,127 shares of the cryptocurrency exchange’s stock valued at $4,539,000 after purchasing an additional 6,835 shares during the period. Hancock Whitney Corp purchased a new stake in shares of Coinbase Global in the 1st quarter valued at approximately $1,129,000. LBP AM SA acquired a new position in Coinbase Global in the 1st quarter worth approximately $417,000. Swedbank AB acquired a new position in Coinbase Global in the 1st quarter worth approximately $5,047,000. Finally, Cetera Investment Advisers raised its stake in Coinbase Global by 303.5% during the 1st quarter. Cetera Investment Advisers now owns 25,935 shares of the cryptocurrency exchange’s stock valued at $6,876,000 after purchasing an additional 19,508 shares during the period. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.