Coinbase Global (NASDAQ:COIN) Stock Price Down 1% – Time to Sell?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) dropped 1% during mid-day trading on Tuesday . The company traded as low as $273.62 and last traded at $292.60. Approximately 5,593,800 shares changed hands during trading, a decline of 26% from the average daily volume of 7,559,510 shares. The stock had previously closed at $295.48.

Wall Street Analysts Forecast Growth

Several research firms have commented on COIN. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research note on Thursday, October 31st. Bank of America lifted their target price on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. B. Riley started coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price on the stock. The Goldman Sachs Group decreased their price target on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Finally, Piper Sandler boosted their target price on Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $282.83.

Coinbase Global Stock Up 0.1 %

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 company has a market capitalization of $74.11 billion, a P/E ratio of 50.51 and a beta of 3.59. The firm has a 50-day moving average price of $290.36 and a two-hundred day moving average price of $232.75.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share 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 business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the previous year, the firm earned ($0.01) EPS. The business’s revenue was up 78.8% compared to the same quarter last year. Equities research analysts anticipate that Coinbase Global, Inc. will post 4.81 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 25,194 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $298.95, for a total transaction of $7,531,746.30. Following the completion of the sale, the director now directly owns 10,417 shares of the company’s stock, valued at $3,114,162.15. This trade represents a 70.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $172,528. This represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 377,489 shares of company stock worth $111,724,097 over the last ninety days. Corporate insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

A number of hedge funds have recently added to or reduced their stakes in the stock. RPg Family Wealth Advisory LLC acquired a new position in shares of Coinbase Global during the third quarter worth approximately $25,000. ORG Wealth Partners LLC bought a new position in Coinbase Global in the 3rd quarter worth approximately $32,000. MassMutual Private Wealth & Trust FSB raised its position in Coinbase Global by 365.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after purchasing an additional 106 shares during the last quarter. Brown Brothers Harriman & Co. lifted its holdings in Coinbase Global by 408.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after buying an additional 204 shares in the last quarter. Finally, Abich Financial Wealth Management LLC boosted its position in Coinbase Global by 548.5% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock valued at $48,000 after buying an additional 181 shares during the last quarter. Institutional investors own 68.84% of the company’s stock.

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.