Coinbase Global (NASDAQ:COIN) Stock Price Down 1.9% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) shares dropped 1.9% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $228.63 and last traded at $229.00. Approximately 1,571,739 shares changed hands during trading, a decline of 87% from the average daily volume of 11,770,566 shares. The stock had previously closed at $233.37.

Specifically, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $221.47, for a total transaction of $2,214,700.00. Following the sale, the insider now directly owns 66,122 shares in the company, valued at $14,644,039.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 114,216 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $202.30, for a total transaction of $23,105,896.80. Following the completion of the transaction, the director now owns 4,662 shares of the company’s stock, valued at $943,122.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $221.47, for a total value of $2,214,700.00. Following the completion of the sale, the insider now owns 66,122 shares in the company, valued at $14,644,039.34. The disclosure for this sale can be found here. Insiders have sold a total of 330,516 shares of company stock worth $73,051,856 in the last quarter. Company insiders own 23.43% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $260.00 target price on shares of Coinbase Global in a research note on Wednesday, June 5th. JMP Securities reiterated a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research note on Friday, May 3rd. Bank of America raised Coinbase Global from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $110.00 to $217.00 in a research note on Friday, May 17th. Barclays increased their price objective on shares of Coinbase Global from $179.00 to $204.00 and gave the stock an “underweight” rating in a report on Monday, May 6th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $215.50.

Coinbase Global Stock Down 1.1 %

The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a 50 day moving average price of $227.68 and a 200 day moving average price of $203.47. The company has a market cap of $55.24 billion, a P/E ratio of 44.90 and a beta of 3.40.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.61. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. Research analysts expect that Coinbase Global, Inc. will post 5.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Coinbase Global by 18.4% in the first quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock worth $4,482,190,000 after buying an additional 2,624,989 shares during the period. Norges Bank acquired a new stake in Coinbase Global during the 4th quarter valued at $202,936,000. a16z Perennial Management L.P. purchased a new stake in shares of Coinbase Global in the fourth quarter valued at $147,646,000. Morgan Stanley lifted its holdings in shares of Coinbase Global by 18.5% in the third quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock valued at $246,250,000 after purchasing an additional 511,397 shares in the last quarter. Finally, Hamilton Lane Advisors LLC acquired a new stake in shares of Coinbase Global in the fourth quarter worth $88,015,000. Hedge funds and other 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.