Coinbase Global (NASDAQ:COIN) Stock Price Down 6.8% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) shares traded down 6.8% on Tuesday after an insider sold shares in the company. The stock traded as low as $165.03 and last traded at $166.10. 4,644,888 shares were traded during mid-day trading, a decline of 55% from the average session volume of 10,395,050 shares. The stock had previously closed at $178.17.

Specifically, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $170.10, for a total value of $1,701,000.00. Following the completion of the sale, the insider now directly owns 74,956 shares in the company, valued at $12,750,015.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and set a $260.00 price objective on shares of Coinbase Global in a research note on Monday, August 5th. Bank of America dropped their target price on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Compass Point dropped their price objective on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $260.00 to $345.00 in a report on Tuesday, July 23rd. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $246.06.

Coinbase Global Stock Down 6.8 %

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The company’s 50 day moving average price is $190.02 and its 200 day moving average price is $218.43. The firm has a market capitalization of $40.79 billion, a price-to-earnings ratio of 33.15 and a beta of 3.36.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The firm had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the firm posted ($0.42) EPS. The firm’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 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN boosted its holdings in shares of Coinbase Global by 25.1% in the 4th quarter. Wells Fargo & Company MN now owns 45,785 shares of the cryptocurrency exchange’s stock valued at $7,963,000 after acquiring an additional 9,194 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Coinbase Global by 18.4% in the fourth quarter. Franklin Resources Inc. now owns 7,447 shares of the cryptocurrency exchange’s stock valued at $1,295,000 after buying an additional 1,156 shares during the last quarter. Hsbc Holdings PLC lifted its stake in shares of Coinbase Global by 540.4% in the fourth quarter. Hsbc Holdings PLC now owns 44,977 shares of the cryptocurrency exchange’s stock worth $7,829,000 after buying an additional 37,954 shares in the last quarter. TD Asset Management Inc boosted its position in Coinbase Global by 304.4% during the fourth quarter. TD Asset Management Inc now owns 86,218 shares of the cryptocurrency exchange’s stock worth $14,995,000 after acquiring an additional 64,897 shares during the last quarter. Finally, Alberta Investment Management Corp grew its stake in Coinbase Global by 34.3% during the 4th quarter. Alberta Investment Management Corp now owns 4,700 shares of the cryptocurrency exchange’s stock valued at $817,000 after acquiring an additional 1,200 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.