Coinbase Global (NASDAQ:COIN) Trading Down 6.4% on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s share price traded down 6.4% on Monday following insider selling activity. The company traded as low as $178.32 and last traded at $179.00. 4,296,844 shares were traded during mid-day trading, a decline of 59% from the average session volume of 10,386,048 shares. The stock had previously closed at $191.23.

Specifically, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the sale, the insider now owns 74,956 shares of the company’s stock, valued at approximately $12,750,015.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

COIN has been the subject of several research reports. Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and increased their target price for the company from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research report on Friday, August 2nd. The Goldman Sachs Group decreased their price target on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. HC Wainwright cut their price target on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, JMP Securities restated a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $246.06.

Coinbase Global Trading Down 2.0 %

The business has a fifty day moving average of $188.17 and a 200-day moving average of $217.89. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $39.72 billion, a P/E ratio of 32.94 and a beta of 3.36.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The firm’s quarterly revenue was up 104.8% on a year-over-year basis. During the same period last year, the business posted ($0.42) earnings per share. Analysts anticipate that Coinbase Global, Inc. will post 3.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

Several large investors have recently added to or reduced their stakes in COIN. Vanguard Group Inc. raised 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 valued at $4,482,190,000 after purchasing an additional 2,624,989 shares during the last quarter. Renaissance Technologies LLC increased its stake in Coinbase Global by 185.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after buying an additional 691,288 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Coinbase Global by 1,186.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock worth $139,854,000 after buying an additional 486,512 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Coinbase Global by 1,136.7% in the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after buying an additional 435,886 shares during the last quarter. Finally, APEIRON CAPITAL Ltd bought a new position in shares of Coinbase Global in the first quarter valued at approximately $108,434,000. Institutional investors own 68.84% of the company’s stock.

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.