Coinbase Global (NASDAQ:COIN) Trading Down 0.2% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) shares traded down 0.2% during trading on Thursday following insider selling activity. The company traded as low as $272.28 and last traded at $274.58. 2,194,323 shares were traded during trading, a decline of 72% from the average session volume of 7,832,831 shares. The stock had previously closed at $275.14.

Specifically, Director Frederick Ernest Ehrsam III sold 15,228 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $280.51, for a total transaction of $4,271,606.28. Following the transaction, the director now directly owns 10,417 shares in the company, valued at $2,922,072.67. This trade represents a 59.38 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $270.99, for a total value of $6,774,750.00. Following the completion of the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $142,540.74. This represents a 97.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on COIN shares. Piper Sandler lifted their price objective on Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. Monness Crespi & Hardt lifted their price objective on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. HC Wainwright reiterated a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research report on Tuesday, October 29th. B. Riley started coverage on Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective on the stock. Finally, Needham & Company LLC lifted their price objective on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Nine investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Coinbase Global currently has an average rating of “Moderate Buy” and an average target price of $289.06.

Coinbase Global Stock Down 1.7 %

The stock has a 50 day simple moving average of $285.66 and a 200-day simple moving average of $236.83. The firm has a market cap of $67.69 billion, a PE ratio of 46.14 and a beta of 3.61. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Truist Financial Corp raised its stake in shares of Coinbase Global by 12.1% in the second quarter. Truist Financial Corp now owns 5,988 shares of the cryptocurrency exchange’s stock worth $1,331,000 after purchasing an additional 646 shares during the last quarter. Park Avenue Securities LLC raised its stake in shares of Coinbase Global by 53.5% in the third quarter. Park Avenue Securities LLC now owns 1,913 shares of the cryptocurrency exchange’s stock worth $341,000 after purchasing an additional 667 shares during the last quarter. Miracle Mile Advisors LLC raised its stake in shares of Coinbase Global by 18.1% in the third quarter. Miracle Mile Advisors LLC now owns 1,381 shares of the cryptocurrency exchange’s stock worth $246,000 after purchasing an additional 212 shares during the last quarter. CWM LLC raised its stake in shares of Coinbase Global by 4.4% in the third quarter. CWM LLC now owns 6,039 shares of the cryptocurrency exchange’s stock worth $1,076,000 after purchasing an additional 253 shares during the last quarter. Finally, LifePro Asset Management purchased a new position in shares of Coinbase Global in the third quarter worth $2,493,000. Hedge funds and other institutional investors 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.