Coinbase Global (NASDAQ:COIN) Stock Price Down 1.6% on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s share price traded down 1.6% on Thursday following insider selling activity. The stock traded as low as $252.99 and last traded at $260.01. 5,931,759 shares traded hands during trading, a decline of 27% from the average session volume of 8,131,406 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 dated Monday, January 6th. The stock was sold at an average price of $281.94, for a total transaction of $6,440,073.48. Following the transaction, the director now directly owns 10,417 shares of the company’s stock, valued at approximately $2,936,968.98. This trade represents a 68.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $261.07, for a total value of $6,526,750.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $137,322.82. This represents a 97.94 % decrease in their position. The disclosure for this sale can be found here. In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the transaction, the insider now directly owns 69,407 shares of the company’s stock, valued at approximately $17,816,082.83. This trade represents a 12.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

Several equities analysts recently commented on COIN shares. Barclays increased their target price on shares of Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. 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. Monness Crespi & Hardt increased their target price on Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Piper Sandler raised their price target on Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, B. Riley began coverage on Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $288.44.

Coinbase Global Stock Performance

The firm has a market capitalization of $65.09 billion, a P/E ratio of 44.37 and a beta of 3.59. The company has a 50-day simple moving average of $285.74 and a two-hundred day simple moving average of $229.23. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Geode Capital Management LLC boosted its stake in Coinbase Global by 10.1% during the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after acquiring an additional 314,388 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Coinbase Global by 2.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock worth $570,341,000 after buying an additional 71,398 shares during the last quarter. Clear Street Derivatives LLC purchased a new stake in shares of Coinbase Global in the 3rd quarter worth approximately $409,919,000. Renaissance Technologies LLC raised its stake in Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after buying an additional 691,288 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Coinbase Global by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock worth $163,752,000 after acquiring an additional 52,856 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Company Profile

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.