Coinbase Global (NASDAQ:COIN) Trading Down 0.8% – Should You Sell?

Coinbase Global, Inc. (NASDAQ:COIN)’s share price was down 0.8% during mid-day trading on Wednesday . The stock traded as low as $165.78 and last traded at $166.32. Approximately 1,512,653 shares changed hands during trading, a decline of 85% from the average daily volume of 10,298,923 shares. The stock had previously closed at $167.69.

Wall Street Analyst Weigh In

Several analysts have recently commented on COIN shares. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a research note on Friday, August 2nd. Barclays boosted their target price on shares of Coinbase Global from $169.00 to $175.00 and gave the stock an “equal weight” rating in a research report on Monday. Bank of America lowered their target price on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and set a $260.00 price target on shares of Coinbase Global in a research report on Monday, August 5th. Finally, The Goldman Sachs Group cut their price target on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $246.44.

Coinbase Global Price Performance

The stock’s 50-day moving average is $181.31 and its 200-day moving average is $215.01. The firm has a market cap of $41.20 billion, a P/E ratio of 33.20 and a beta of 3.35. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results 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). Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the firm earned ($0.42) EPS. The firm’s quarterly revenue was up 104.8% on a year-over-year basis. As a group, equities analysts anticipate that Coinbase Global, Inc. will post 3.96 EPS for the current fiscal year.

Insider Activity

In other news, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $220.31, for a total value of $5,083,653.25. Following the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $115,883.06. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $229.70, for a total value of $344,550.00. Following the completion of the transaction, the chief operating officer now directly owns 196,471 shares of the company’s stock, valued at $45,129,388.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $220.31, for a total value of $5,083,653.25. Following the completion of the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $115,883.06. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 103,112 shares of company stock worth $20,596,024. Corporate insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Salem Investment Counselors Inc. raised its holdings in Coinbase Global by 162.9% during the 1st quarter. Salem Investment Counselors Inc. now owns 184 shares of the cryptocurrency exchange’s stock worth $49,000 after purchasing an additional 114 shares during the last quarter. Intech Investment Management LLC raised its holdings in Coinbase Global by 454.3% during the 1st quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock worth $10,752,000 after purchasing an additional 33,240 shares during the last quarter. Paragon Capital Management Ltd raised its holdings in Coinbase Global by 58.6% during the 1st quarter. Paragon Capital Management Ltd now owns 231,660 shares of the cryptocurrency exchange’s stock worth $61,418,000 after purchasing an additional 85,573 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in Coinbase Global during the 2nd quarter worth about $2,908,000. Finally, QRG Capital Management Inc. raised its holdings in Coinbase Global by 130.5% during the 2nd quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock worth $2,156,000 after purchasing an additional 5,493 shares during the last quarter. 68.84% of the stock is owned by 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.