Coinbase Global (NASDAQ:COIN) Stock Price Down 0.3% Following Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) shares fell 0.3% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $209.47 and last traded at $219.00. 3,325,443 shares traded hands during trading, a decline of 68% from the average session volume of 10,358,240 shares. The stock had previously closed at $219.66.

Specifically, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the completion of the sale, the insider now owns 74,956 shares in the company, valued at $15,739,260.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on COIN shares. Monness Crespi & Hardt initiated coverage on Coinbase Global in a report on Monday. They issued a “buy” rating and a $245.00 price objective on the stock. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a research report on Thursday. Needham & Company LLC raised their price target on Coinbase Global from $260.00 to $290.00 and gave the stock a “buy” rating in a research report on Thursday. B. Riley began coverage on Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price for the company. Finally, Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $260.00 to $345.00 in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $246.28.

Coinbase Global Price Performance

The stock has a fifty day simple moving average of $181.56 and a 200-day simple moving average of $209.01. The company has a market capitalization of $44.54 billion, a PE ratio of 32.18 and a beta of 3.35. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing the consensus estimate 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 analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the firm earned ($0.42) EPS. Coinbase Global’s revenue for the quarter was up 104.8% compared to the same quarter last year. Equities analysts anticipate that Coinbase Global, Inc. will post 3.92 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of COIN. Geneos Wealth Management Inc. raised its stake in shares of Coinbase Global by 833.3% during the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 100 shares during the last quarter. Crewe Advisors LLC raised its position in Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after buying an additional 104 shares during the last quarter. Lynx Investment Advisory acquired a new stake in shares of Coinbase Global in the 2nd quarter worth $29,000. Versant Capital Management Inc boosted its holdings in shares of Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 57 shares in the last quarter. Finally, Spirit of America Management Corp NY acquired a new position in shares of Coinbase Global during the second quarter worth about $33,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.