Coinbase Global (NASDAQ:COIN) Stock Price Down 0.8% Following Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) shares dropped 0.8% during trading on Friday after an insider sold shares in the company. The stock traded as low as $221.00 and last traded at $222.16. Approximately 1,883,516 shares traded hands during trading, a decline of 84% from the average daily volume of 11,810,193 shares. The stock had previously closed at $224.00.

Specifically, Director Frederick Ernest Ehrsam III sold 114,216 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 4,662 shares of the company’s stock, valued at $943,122.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Frederick Ernest Ehrsam III sold 114,216 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $202.30, for a total transaction of $23,105,896.80. Following the completion of the transaction, the director now directly owns 4,662 shares of the company’s stock, valued at $943,122.60. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Alesia J. Haas sold 4,200 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $247.54, for a total value of $1,039,668.00. Following the transaction, the chief financial officer now owns 192,622 shares of the company’s stock, valued at approximately $47,681,649.88. The disclosure for this sale can be found here. Insiders have sold a total of 360,021 shares of company stock worth $80,655,822 over the last quarter. Insiders own 23.43% of the company’s stock.

Wall Street Analyst Weigh In

COIN has been the topic of a number of research reports. The Goldman Sachs Group reduced their target price on shares of Coinbase Global from $295.00 to $255.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Barclays raised their price objective on Coinbase Global from $179.00 to $204.00 and gave the company an “underweight” rating in a research note on Monday, May 6th. Piper Sandler boosted their target price on Coinbase Global from $225.00 to $245.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. Keefe, Bruyette & Woods lifted their price objective on shares of Coinbase Global from $230.00 to $240.00 and gave the stock a “market perform” rating in a research note on Friday, May 3rd. Finally, Mizuho boosted their price objective on shares of Coinbase Global from $84.00 to $145.00 and gave the company an “underperform” rating in a research report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and a consensus price target of $215.50.

Coinbase Global Trading Down 0.8 %

The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $54.57 billion, a PE ratio of 44.36 and a beta of 3.44. The stock’s 50 day moving average is $227.70 and its two-hundred day moving average is $201.41.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data 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 return on equity of 9.42% and a net margin of 33.98%. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.26 billion. As a group, sell-side analysts predict that Coinbase Global, Inc. will post 5.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Coinbase Global

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Coinbase Global by 18.4% during the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after purchasing an additional 2,624,989 shares during the last quarter. Norges Bank acquired a new stake in Coinbase Global in the fourth quarter worth about $202,936,000. a16z Perennial Management L.P. purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $147,646,000. Morgan Stanley increased its holdings in shares of Coinbase Global by 18.5% during the third quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock valued at $246,250,000 after acquiring an additional 511,397 shares in the last quarter. Finally, Hamilton Lane Advisors LLC purchased a new position in shares of Coinbase Global in the 4th quarter valued at approximately $88,015,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.