Coinbase Global (NASDAQ:COIN) Trading Down 1.4% Following Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) traded down 1.4% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $255.50 and last traded at $260.69. 2,238,370 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 7,366,085 shares. The stock had previously closed at $264.33.

Specifically, CEO Brian Armstrong sold 25,000 shares of the business’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 owns 526 shares of the company’s stock, valued at approximately $137,322.82. The trade was a 97.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 10,000 shares of the firm’s 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 in the company, valued at approximately $17,816,082.83. The trade was a 12.59 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on COIN. B. Riley initiated 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. Barclays raised their target price on 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 increased their price objective on Coinbase Global from $183.00 to $397.00 and gave the company a “neutral” rating in a report on Monday, December 2nd. Monness Crespi & Hardt raised their price objective on Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Mizuho upped their target price on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $288.44.

Coinbase Global Trading Down 1.4 %

The business has a 50-day moving average of $283.16 and a two-hundred day moving average of $228.80. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $65.26 billion, a price-to-earnings ratio of 44.49 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data 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). 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 quarter in the prior year, the firm posted ($0.01) earnings per share. The business’s revenue for the quarter was up 78.8% on a year-over-year basis. Research analysts predict that Coinbase Global, Inc. will post 4.44 EPS for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Silverleafe Capital Partners LLC acquired a new position in Coinbase Global in the fourth quarter worth about $358,000. Nordea Investment Management AB grew its stake in shares of Coinbase Global by 5.9% in the 4th quarter. Nordea Investment Management AB now owns 14,934 shares of the cryptocurrency exchange’s stock valued at $3,772,000 after purchasing an additional 836 shares during the period. Everence Capital Management Inc. acquired a new position in shares of Coinbase Global in the 4th quarter worth approximately $1,207,000. GAMMA Investing LLC lifted its position in shares of Coinbase Global by 25.9% during the 4th quarter. GAMMA Investing LLC now owns 1,039 shares of the cryptocurrency exchange’s stock worth $258,000 after buying an additional 214 shares during the period. Finally, Versant Capital Management Inc boosted its stake in Coinbase Global by 106.9% in the 4th quarter. Versant Capital Management Inc now owns 298 shares of the cryptocurrency exchange’s stock valued at $74,000 after buying an additional 154 shares in the last quarter. 68.84% of the stock is 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.