Coinbase Global (NASDAQ:COIN) Shares Down 5.9% on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) fell 5.9% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $265.38 and last traded at $270.81. 3,892,204 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 6,499,259 shares. The stock had previously closed at $287.76.

Specifically, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $137,322.82. The trade was a 97.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total value of $2,566,900.00. Following the completion of the sale, the insider now directly owns 69,407 shares of the company’s stock, valued at $17,816,082.83. This trade represents a 12.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Several research firms recently issued reports on COIN. Canaccord Genuity Group restated a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research report on Thursday, October 31st. Oppenheimer increased their price objective on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. The Goldman Sachs Group upped their price target on Coinbase Global from $183.00 to $397.00 and gave the company a “neutral” rating in a research note on Monday, December 2nd. Piper Sandler raised 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. Finally, Bank of America increased their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $288.44.

Coinbase Global Price Performance

The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $66.18 billion, a price-to-earnings ratio of 45.11 and a beta of 3.59. The company’s 50 day moving average is $283.16 and its 200 day moving average is $228.80.

Coinbase Global (NASDAQ:COIN) last announced its 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). The firm had revenue of $1.21 billion during 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% compared to the same quarter last year. During the same period last year, the company earned ($0.01) earnings per share. Research analysts anticipate that Coinbase Global, Inc. will post 4.44 EPS for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors have recently modified their holdings of the business. RPg Family Wealth Advisory LLC acquired a new position in Coinbase Global in the third quarter valued at $25,000. ORG Wealth Partners LLC purchased a new position in shares of Coinbase Global in the 3rd quarter valued at approximately $32,000. Brown Brothers Harriman & Co. grew its stake in shares of Coinbase Global by 408.0% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after purchasing an additional 204 shares during the last quarter. Abich Financial Wealth Management LLC raised its stake in shares of Coinbase Global by 548.5% during the second quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock worth $48,000 after purchasing an additional 181 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Coinbase Global during the third quarter worth $55,000. 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.