Coinbase Global (NASDAQ:COIN) Trading Down 6% – Should You Sell?

Coinbase Global, Inc. (NASDAQ:COIN) shares traded down 6% on Monday . The stock traded as low as $277.20 and last traded at $280.23. 4,075,838 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 8,183,879 shares. The stock had previously closed at $298.00.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Mizuho raised Coinbase Global from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $250.00 to $290.00 in a research report on Wednesday. Barclays increased their target price on Coinbase Global from $204.00 to $355.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 target price on shares of Coinbase Global in a research report on Tuesday, October 29th. Needham & Company LLC increased their target price on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Coinbase Global presently has an average rating of “Moderate Buy” and an average target price of $289.06.

Coinbase Global Stock Up 3.3 %

The stock’s fifty day simple moving average is $288.73 and its 200-day simple moving average is $234.81. The stock has a market cap of $72.85 billion, a P/E ratio of 49.66 and a beta of 3.59. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick 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 analysts’ consensus estimates of $0.41 by ($0.13). The business 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 business’s quarterly revenue was up 78.8% on a year-over-year basis. During the same period last year, the firm posted ($0.01) EPS. On average, research analysts anticipate that Coinbase Global, Inc. will post 4.81 earnings per share for the current year.

Insider Activity

In other Coinbase Global news, insider Paul Grewal sold 7,104 shares of Coinbase Global stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $307.80, for a total value of $2,186,611.20. Following the transaction, the insider now owns 79,407 shares in the company, valued at approximately $24,441,474.60. The trade was a 8.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of Coinbase Global stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $172,528. This trade represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 377,705 shares of company stock valued at $112,792,687. Insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wingate Wealth Advisors Inc. purchased a new position in Coinbase Global during the 4th quarter worth approximately $27,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Coinbase Global by 365.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after purchasing an additional 106 shares during the last quarter. RPg Family Wealth Advisory LLC acquired a new stake in shares of Coinbase Global in the 3rd quarter valued at $25,000. ORG Wealth Partners LLC acquired a new stake in shares of Coinbase Global in the 3rd quarter valued at $32,000. Finally, Spirit of America Management Corp NY lifted its stake in shares of Coinbase Global by 66.7% in the 4th quarter. Spirit of America Management Corp NY now owns 250 shares of the cryptocurrency exchange’s stock valued at $62,000 after purchasing an additional 100 shares during the last quarter. 68.84% of the stock is currently 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.