Coinbase Global (NASDAQ:COIN) Trading Down 1.1% Following Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) dropped 1.1% on Tuesday after an insider sold shares in the company. The stock traded as low as $306.50 and last traded at $320.82. Approximately 11,599,204 shares changed hands during mid-day trading, an increase of 8% from the average daily volume of 10,776,157 shares. The stock had previously closed at $324.24.

Specifically, Director Frederick R. Wilson sold 40,000 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $300.00, for a total transaction of $12,000,000.00. Following the completion of the sale, the director now owns 50,000 shares in the company, valued at approximately $15,000,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Frederick R. Wilson sold 10,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $254.89, for a total transaction of $2,548,900.00. Following the completion of the transaction, the director now directly owns 90,000 shares in the company, valued at $22,940,100. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Coinbase Global news, insider Lawrence J. Brock sold 4,635 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $250.00, for a total transaction of $1,158,750.00. Following the sale, the insider now directly owns 18,525 shares of the company’s stock, valued at $4,631,250. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analyst Ratings Changes

A number of analysts have recently weighed in on COIN shares. Mizuho increased their price objective on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. JMP Securities restated a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a report on Wednesday, October 9th. 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, October 31st. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global has an average rating of “Hold” and a consensus target price of $246.28.

Coinbase Global Trading Down 10.8 %

The company has a fifty day simple moving average of $190.74 and a two-hundred day simple moving average of $210.23. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a market cap of $71.28 billion, a PE ratio of 49.50 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company’s revenue was up 78.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.01) earnings per share. Analysts anticipate that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Coinbase Global by 18.4% during the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock worth $4,482,190,000 after acquiring an additional 2,624,989 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Coinbase Global by 2.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after purchasing an additional 71,398 shares during the period. Cowen AND Company LLC boosted its position in shares of Coinbase Global by 1.5% in the 2nd quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after purchasing an additional 22,071 shares during the period. Renaissance Technologies LLC boosted its position in shares of 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 purchasing an additional 691,288 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Coinbase Global by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock valued at $163,752,000 after purchasing an additional 52,856 shares during the period. 68.84% of the stock is 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.