Coinbase Global (NASDAQ:COIN) Stock Price Down 1.4% on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s share price dropped 1.4% on Wednesday after an insider sold shares in the company. The company traded as low as $255.50 and last traded at $260.69. Approximately 2,238,370 shares changed hands during trading, a decline of 70% from the average daily volume of 7,366,085 shares. The stock had previously closed at $264.33.

Specifically, Director Frederick Ernest Ehrsam III sold 22,842 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $281.94, for a total value of $6,440,073.48. Following the completion of the transaction, the director now owns 10,417 shares in the company, valued at $2,936,968.98. This trade represents a 68.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $261.07, for a total transaction of $6,526,750.00. Following the completion of the sale, the chief executive officer now owns 526 shares in the company, valued at $137,322.82. This represents a 97.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the completion of the transaction, the insider now directly owns 69,407 shares in the company, valued at $17,816,082.83. The trade was a 12.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Ratings Changes

A number of research analysts have weighed in on COIN shares. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research note on Thursday, October 31st. Bank of America increased their target price on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Monness Crespi & Hardt boosted their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. The Goldman Sachs Group raised their price objective on Coinbase Global from $183.00 to $397.00 and gave the company a “neutral” rating in a research note on Monday, December 2nd. Finally, B. Riley assumed coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Coinbase Global presently has a consensus rating of “Hold” and an average target price of $288.44.

Coinbase Global Stock Down 1.6 %

The business’s 50 day moving average is $284.12 and its 200 day moving average is $229.01. 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 stock has a market cap of $65.09 billion, a price-to-earnings ratio of 44.37 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same period last year, the company earned ($0.01) earnings per share. Coinbase Global’s revenue for the quarter was up 78.8% compared to the same quarter last year. Equities analysts expect that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

Institutional Trading of Coinbase Global

Hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. grew its position in Coinbase Global by 15.6% in the second quarter. Principal Financial Group Inc. now owns 16,805 shares of the cryptocurrency exchange’s stock worth $3,735,000 after acquiring an additional 2,264 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Coinbase Global by 23.7% during the second quarter. Victory Capital Management Inc. now owns 60,761 shares of the cryptocurrency exchange’s stock valued at $13,503,000 after buying an additional 11,627 shares in the last quarter. Candriam S.C.A. lifted its position in shares of Coinbase Global by 9.8% in the second quarter. Candriam S.C.A. now owns 10,506 shares of the cryptocurrency exchange’s stock worth $2,335,000 after buying an additional 938 shares during the last quarter. Los Angeles Capital Management LLC boosted its stake in shares of Coinbase Global by 24.2% during the 2nd quarter. Los Angeles Capital Management LLC now owns 1,376 shares of the cryptocurrency exchange’s stock worth $306,000 after acquiring an additional 268 shares in the last quarter. Finally, Strategic Financial Concepts LLC bought a new position in shares of Coinbase Global in the 2nd quarter valued at approximately $116,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.