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

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price fell 5.9% on Tuesday following insider selling activity. The company traded as low as $265.38 and last traded at $270.81. 3,892,204 shares traded hands during 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 the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the completion of the sale, the insider now directly owns 69,407 shares in the company, valued at $17,816,082.83. This represents a 12.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Analyst Ratings Changes

A number of research firms recently issued reports on COIN. Bank of America increased their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Oppenheimer increased their price target on Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a report on Monday, November 25th. Needham & Company LLC upped their target price on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Barclays raised their target price on Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. Finally, Piper Sandler upped their price target on Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $288.44.

Coinbase Global Trading Down 5.8 %

The business’s 50 day moving average is $282.26 and its two-hundred day moving average is $228.53. The firm has a market capitalization of $67.83 billion, a P/E ratio of 46.23 and a beta of 3.59. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. 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 company posted ($0.01) earnings per share. The company’s revenue was up 78.8% on a year-over-year basis. Analysts expect that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Institutional Trading of Coinbase Global

Several institutional investors have recently modified their holdings of COIN. Principal Financial Group Inc. lifted 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 during the last quarter. Victory Capital Management Inc. boosted its holdings 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 buying an additional 11,627 shares in the last quarter. Candriam S.C.A. grew its position in Coinbase Global by 9.8% in the second quarter. Candriam S.C.A. now owns 10,506 shares of the cryptocurrency exchange’s stock worth $2,335,000 after buying an additional 938 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of Coinbase Global by 24.2% in the second quarter. Los Angeles Capital Management LLC now owns 1,376 shares of the cryptocurrency exchange’s stock valued at $306,000 after buying an additional 268 shares in the last quarter. Finally, Strategic Financial Concepts LLC acquired a new stake in shares of Coinbase Global during the 2nd quarter valued at $116,000. Institutional investors and hedge funds 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.