Coinbase Global (NASDAQ:COIN) Trading Down 2.1% – Time to Sell?

Coinbase Global, Inc. (NASDAQ:COIN)’s share price was down 2.1% on Monday . The stock traded as low as $288.55 and last traded at $299.40. Approximately 5,999,871 shares were traded during trading, a decline of 45% from the average daily volume of 10,953,326 shares. The stock had previously closed at $305.85.

Analyst Upgrades and Downgrades

Several research firms have recently commented on COIN. JMP Securities restated a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a report on Wednesday, October 9th. Piper Sandler restated a “neutral” rating and set a $245.00 price objective on shares of Coinbase Global in a research note on Friday, November 1st. B. Riley started coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target on the stock. Mizuho lifted their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research report on Thursday, October 31st. Finally, Monness Crespi & Hardt assumed coverage on shares of Coinbase Global in a research note on Monday, October 28th. They set a “buy” rating and a $245.00 price objective for the company. One equities research 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $251.00.

Coinbase Global Trading Up 2.7 %

The company has a market capitalization of $78.67 billion, a P/E ratio of 51.09 and a beta of 3.34. The business has a fifty day moving average price of $198.72 and a 200 day moving average price of $211.90. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

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

Insider Buying and Selling

In other Coinbase Global news, Director Frederick R. Wilson sold 40,000 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $300.00, for a total transaction of $12,000,000.00. Following the completion of the sale, the director now directly owns 50,000 shares in the company, valued at approximately $15,000,000. This trade represents a 44.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Grewal sold 16,962 shares of Coinbase Global stock in a transaction on Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the sale, the insider now directly owns 75,556 shares of the company’s stock, valued at approximately $15,637,069.76. This trade represents a 18.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 135,822 shares of company stock worth $30,921,194. Company insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several institutional investors and hedge funds have recently modified their holdings of the stock. Sunbelt Securities Inc. boosted its holdings in Coinbase Global by 25.9% in the 3rd quarter. Sunbelt Securities Inc. now owns 696 shares of the cryptocurrency exchange’s stock valued at $124,000 after purchasing an additional 143 shares during the period. Coldstream Capital Management Inc. boosted its holdings 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 valued at $517,000 after buying an additional 402 shares in the last quarter. Geode Capital Management LLC grew its holdings in Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after purchasing an additional 314,388 shares during the period. M&T Bank Corp increased its position in Coinbase Global by 18.3% during the 3rd quarter. M&T Bank Corp now owns 7,100 shares of the cryptocurrency exchange’s stock valued at $1,265,000 after buying an additional 1,100 shares in the last quarter. Finally, MML Investors Services LLC increased its holdings in shares of Coinbase Global by 47.3% during the third quarter. MML Investors Services LLC now owns 12,550 shares of the cryptocurrency exchange’s stock valued at $2,236,000 after acquiring an additional 4,032 shares in the last quarter. 68.84% of the stock is 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.