Coinbase Global (NASDAQ:COIN) Shares Down 0.4% Following Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price dropped 0.4% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $313.35 and last traded at $323.14. Approximately 9,509,354 shares traded hands during mid-day trading, a decline of 14% from the average daily volume of 11,045,611 shares. The stock had previously closed at $324.57.

Specifically, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

Several research firms have recently commented on COIN. HC Wainwright restated a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research note on Tuesday, October 29th. B. Riley initiated coverage on Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target for the company. Compass Point decreased their price objective on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Piper Sandler reiterated a “neutral” rating and set a $245.00 price objective on shares of Coinbase Global in a research note on Friday, November 1st. Finally, Mizuho raised their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $251.00.

Coinbase Global Price Performance

The firm has a market cap of $74.05 billion, a P/E ratio of 50.48 and a beta of 3.34. The firm’s fifty day simple moving average is $211.36 and its 200 day simple moving average is $214.61. 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 announced its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the previous year, the company posted ($0.01) earnings per share. Coinbase Global’s quarterly revenue was up 78.8% on a year-over-year basis. As a group, analysts forecast that Coinbase Global, Inc. will post 4.27 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Empowered Funds LLC lifted its position in Coinbase Global by 0.8% during the third quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock valued at $924,000 after purchasing an additional 43 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its holdings in shares of Coinbase Global by 9.4% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock valued at $106,000 after acquiring an additional 51 shares during the last quarter. Fifth Third Bancorp grew its position in Coinbase Global by 0.4% in the second quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock worth $2,777,000 after acquiring an additional 55 shares in the last quarter. Versant Capital Management Inc increased its stake in Coinbase Global by 75.0% during the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 57 shares during the last quarter. Finally, Larson Financial Group LLC raised its position in Coinbase Global by 12.1% during the second quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock valued at $118,000 after purchasing an additional 57 shares during the period. 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.