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

Coinbase Global, Inc. (NASDAQ:COIN) gapped down prior to trading on Monday after an insider sold shares in the company. The stock had previously closed at $191.23, but opened at $184.19. Coinbase Global shares last traded at $181.40, with a volume of 2,411,058 shares traded.

Specifically, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the completion of the sale, the insider now owns 74,956 shares in the company, valued at approximately $12,750,015.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

COIN has been the topic of a number of analyst reports. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and increased their price target for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. The Goldman Sachs Group decreased their target price on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Compass Point decreased their price objective on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a report on Friday, August 2nd. Finally, JMP Securities reissued a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $246.06.

Coinbase Global Trading Down 7.4 %

The stock has a market cap of $40.52 billion, a price-to-earnings ratio of 32.94 and a beta of 3.36. The business has a 50-day simple moving average of $188.17 and a two-hundred day simple moving average of $217.89. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the company posted ($0.42) EPS. The business’s revenue for the quarter was up 104.8% compared to the same quarter last year. As a group, research analysts forecast that Coinbase Global, Inc. will post 3.96 EPS for the current year.

Institutional Trading of Coinbase Global

A number of hedge funds and other institutional investors have recently modified their holdings of COIN. Creekmur Asset Management LLC bought a new position in Coinbase Global in the fourth quarter valued at approximately $27,000. Crewe Advisors LLC grew its stake in shares of Coinbase Global by 547.4% in the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after buying an additional 104 shares in the last quarter. Lynx Investment Advisory bought a new stake in Coinbase Global during the second quarter worth $29,000. Concord Wealth Partners lifted its stake in Coinbase Global by 322.2% in the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 87 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its position in shares of Coinbase Global by 833.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 100 shares during the period. 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.