Coinbase Global (NASDAQ:COIN) Trading Down 2.8% – Time to Sell?

Coinbase Global, Inc. (NASDAQ:COIN) was down 2.8% during mid-day trading on Wednesday . The stock traded as low as $246.37 and last traded at $248.30. Approximately 5,397,103 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 11,117,471 shares. The stock had previously closed at $255.56.

Analyst Upgrades and Downgrades

COIN has been the topic of a number of recent analyst reports. Monness Crespi & Hardt increased their price target on shares of Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Barclays increased their target price on Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. Bank of America boosted their price target on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. JMP Securities reiterated a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a report on Wednesday, October 9th. Finally, Needham & Company LLC upped their target price on shares of Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a research note on Monday, December 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $286.22.

Coinbase Global Trading Up 3.6 %

The stock has a 50 day moving average of $279.52 and a 200-day moving average of $228.08. The company has a market capitalization of $64.39 billion, a P/E ratio of 43.89 and a beta of 3.57. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.01) earnings per share. On average, research analysts predict that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Insiders Place Their Bets

In other news, Director Frederick Ernest Ehrsam III sold 11,421 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $273.23, for a total value of $3,120,559.83. Following the transaction, the director now owns 10,417 shares of the company’s stock, valued at approximately $2,846,236.91. The trade was a 52.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alesia J. Haas sold 5,250 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the transaction, the chief financial officer now owns 169,786 shares of the company’s stock, valued at approximately $33,150,716.50. This represents a 3.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 270,641 shares of company stock worth $80,937,273. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several hedge funds have recently bought and sold shares of COIN. Empowered Funds LLC raised its holdings in shares of Coinbase Global by 0.8% during the 3rd quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock worth $924,000 after acquiring an additional 43 shares in the last quarter. Creative Financial Designs Inc. ADV increased its position in Coinbase Global by 9.4% in the third quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock worth $106,000 after purchasing an additional 51 shares during the last quarter. Larson Financial Group LLC raised its stake in Coinbase Global by 12.1% during the second quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock valued at $118,000 after purchasing an additional 57 shares in the last quarter. Benjamin Edwards Inc. lifted its position in Coinbase Global by 3.1% during the second quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock valued at $446,000 after purchasing an additional 61 shares during the last quarter. Finally, Brooklyn Investment Group grew its stake in shares of Coinbase Global by 3.9% in the 3rd quarter. Brooklyn Investment Group now owns 1,760 shares of the cryptocurrency exchange’s stock worth $314,000 after buying an additional 66 shares in the last quarter. Hedge funds and other 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.