Coinbase Global (NASDAQ:COIN) Shares Down 1.2% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) dropped 1.2% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $222.22 and last traded at $224.87. Approximately 1,665,435 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 11,712,344 shares. The stock had previously closed at $227.51.

Specifically, CAO Jennifer N. Jones sold 15,580 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $239.28, for a total transaction of $3,727,982.40. Following the completion of the transaction, the chief accounting officer now owns 2,212 shares of the company’s stock, valued at approximately $529,287.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Frederick Ernest Ehrsam III sold 16,380 shares of the business’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $256.19, for a total transaction of $4,196,392.20. Following the transaction, the director now owns 4,662 shares in the company, valued at $1,194,357.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Jennifer N. Jones sold 15,580 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $239.28, for a total transaction of $3,727,982.40. Following the completion of the transaction, the chief accounting officer now directly owns 2,212 shares of the company’s stock, valued at $529,287.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 330,516 shares of company stock valued at $73,051,856. Insiders own 23.43% of the company’s stock.

Analyst Upgrades and Downgrades

COIN has been the subject of several research reports. Raymond James raised Coinbase Global from an “underperform” rating to a “market perform” rating in a research report on Tuesday, March 12th. Canaccord Genuity Group raised their price objective on Coinbase Global from $240.00 to $280.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. Needham & Company LLC restated a “buy” rating and set a $260.00 target price on shares of Coinbase Global in a report on Wednesday, June 5th. HC Wainwright reiterated a “buy” rating and issued a $315.00 price target on shares of Coinbase Global in a research note on Tuesday, June 18th. Finally, Sanford C. Bernstein raised their target price on shares of Coinbase Global from $80.00 to $200.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Coinbase Global presently has a consensus rating of “Hold” and a consensus target price of $215.50.

Coinbase Global Price Performance

The firm has a fifty day moving average of $227.71 and a 200 day moving average of $203.62. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $55.24 billion, a P/E ratio of 44.90 and a beta of 3.40.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.61. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.26 billion. On average, equities research analysts anticipate that Coinbase Global, Inc. will post 5.01 EPS for the current year.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently modified their holdings of the company. Barrett & Company Inc. bought a new position in Coinbase Global in the fourth quarter valued at about $26,000. Creekmur Asset Management LLC bought a new position in shares of Coinbase Global in the 4th quarter worth approximately $27,000. Concord Wealth Partners boosted its holdings in shares of Coinbase Global by 322.2% in the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 87 shares during the last quarter. Geneos Wealth Management Inc. grew its position in Coinbase Global by 833.3% during the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after buying an additional 100 shares during the period. Finally, Mather Group LLC. purchased a new stake in Coinbase Global during the first quarter valued at approximately $32,000. 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.