Coinbase Global (NASDAQ:COIN) Trading Down 7.8% on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s share price dropped 7.8% on Thursday following insider selling activity. The stock traded as low as $288.55 and last traded at $294.89. Approximately 11,270,493 shares changed hands during mid-day trading, an increase of 1% from the average daily volume of 11,105,748 shares. The stock had previously closed at $320.01.

Specifically, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at approximately $172,528. The trade was a 99.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Piper Sandler reaffirmed a “neutral” rating and issued a $245.00 price objective on shares of Coinbase Global in a research note on Friday, November 1st. Monness Crespi & Hardt assumed coverage on shares of Coinbase Global in a research report on Monday, October 28th. They set a “buy” rating and a $245.00 price target on the stock. Mizuho increased their price objective on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. JMP Securities restated a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a report on Wednesday, October 9th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Coinbase Global presently has a consensus rating of “Hold” and a consensus price target of $251.00.

Coinbase Global Trading Down 7.6 %

The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The business has a 50 day simple moving average of $211.36 and a 200-day simple moving average of $214.61. The stock has a market capitalization of $74.05 billion, a P/E ratio of 50.48 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same period in the prior year, the company earned ($0.01) earnings per share. On average, analysts predict that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Institutional Trading of Coinbase Global

Several large investors have recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new position in Coinbase Global in the third quarter worth approximately $3,866,000. TD Private Client Wealth LLC acquired a new stake in Coinbase Global in the third quarter valued at approximately $77,000. Sunbelt Securities Inc. grew its position in Coinbase Global by 25.9% in the third quarter. Sunbelt Securities Inc. now owns 696 shares of the cryptocurrency exchange’s stock worth $124,000 after acquiring an additional 143 shares in the last quarter. Coldstream Capital Management Inc. increased its stake in shares of Coinbase Global by 17.0% during the 3rd quarter. Coldstream Capital Management Inc. now owns 2,772 shares of the cryptocurrency exchange’s stock worth $517,000 after purchasing an additional 402 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Coinbase Global by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after purchasing an additional 314,388 shares in the last quarter. 68.84% of the stock is 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.