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

Coinbase Global, Inc. (NASDAQ:COIN) shares gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $245.10, but opened at $238.25. Coinbase Global shares last traded at $237.38, with a volume of 1,057,285 shares changing hands.

Specifically, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $246.16, for a total transaction of $369,240.00. Following the sale, the chief operating officer now owns 207,471 shares in the company, valued at $51,071,061.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $246.16, for a total transaction of $369,240.00. Following the sale, the chief operating officer now owns 207,471 shares in the company, valued at $51,071,061.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 114,216 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $202.30, for a total transaction of $23,105,896.80. Following the sale, the director now owns 4,662 shares in the company, valued at approximately $943,122.60. The disclosure for this sale can be found here. Insiders sold a total of 378,158 shares of company stock valued at $86,182,160 over the last ninety days. Insiders own 23.43% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on COIN. Barclays upped their price objective on shares of Coinbase Global from $179.00 to $204.00 and gave the company an “underweight” rating in a research note on Monday, May 6th. Raymond James upgraded shares of Coinbase Global from an “underperform” rating to a “market perform” rating in a research note on Tuesday, March 12th. Sanford C. Bernstein upped their price objective on shares of Coinbase Global from $80.00 to $200.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. JMP Securities reissued a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research report on Friday, May 3rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $260.00 target price on shares of Coinbase Global in a research report on Wednesday, June 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $215.50.

Coinbase Global Trading Down 3.7 %

The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.52. The business’s fifty day simple moving average is $228.76 and its two-hundred day simple moving average is $197.52. The stock has a market capitalization of $57.94 billion, a P/E ratio of 47.10 and a beta of 3.44.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.61. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.26 billion. As a group, analysts forecast that Coinbase Global, Inc. will post 5.01 earnings per share for the current year.

Institutional Trading of Coinbase Global

Hedge funds have recently bought and sold shares of the stock. Geneos Wealth Management Inc. boosted its holdings in 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 purchasing an additional 100 shares during the period. Concord Wealth Partners raised its stake in shares of Coinbase Global by 322.2% in the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after buying an additional 87 shares in the last quarter. Mather Group LLC. acquired a new position in shares of Coinbase Global in the 1st quarter valued at $32,000. Barrett & Company Inc. acquired a new position in shares of Coinbase Global in the 4th quarter valued at $26,000. Finally, Creekmur Asset Management LLC acquired a new position in shares of Coinbase Global in the 4th quarter valued at $27,000. 68.84% of the stock is owned by institutional investors.

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.