Coinbase Global (NASDAQ:COIN) Trading Down 1.6% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s share price traded down 1.6% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $252.99 and last traded at $260.01. 5,931,759 shares changed hands during trading, a decline of 27% from the average session volume of 8,131,406 shares. The stock had previously closed at $264.33.

Specifically, Director Frederick Ernest Ehrsam III sold 22,842 shares of Coinbase Global stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $281.94, for a total value of $6,440,073.48. Following the completion of the transaction, the director now directly owns 10,417 shares of the company’s stock, valued at approximately $2,936,968.98. The trade was a 68.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $261.07, for a total transaction of $6,526,750.00. Following the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $137,322.82. The trade was a 97.94 % decrease in their position. The disclosure for this sale can be found here. In related news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total value of $2,566,900.00. Following the completion of the transaction, the insider now directly owns 69,407 shares in the company, valued at $17,816,082.83. The trade was a 12.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

COIN has been the subject of a number of research analyst reports. B. Riley began coverage on Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price for the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a report on Thursday, October 31st. The Goldman Sachs Group boosted their target price on Coinbase Global from $183.00 to $397.00 and gave the stock a “neutral” rating in a research report on Monday, December 2nd. Mizuho raised their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. Finally, Needham & Company LLC boosted their price objective on shares of Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Coinbase Global currently has an average rating of “Hold” and a consensus price target of $288.44.

Coinbase Global Trading Down 1.6 %

The company has a market capitalization of $65.09 billion, a P/E ratio of 44.37 and a beta of 3.59. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a fifty day moving average of $285.74 and a 200 day moving average of $229.23.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). The company 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 firm’s quarterly revenue was up 78.8% compared to the same quarter last year. During the same period last year, the business earned ($0.01) EPS. As a group, equities research analysts anticipate that Coinbase Global, Inc. will post 4.44 EPS for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently added to or reduced their stakes in the company. RPg Family Wealth Advisory LLC bought a new stake in shares of Coinbase Global during the 3rd quarter valued at $25,000. ORG Wealth Partners LLC purchased a new stake in Coinbase Global in the 3rd quarter worth $32,000. Brown Brothers Harriman & Co. raised its holdings in Coinbase Global by 408.0% during the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after acquiring an additional 204 shares during the period. Abich Financial Wealth Management LLC lifted its position in shares of Coinbase Global by 548.5% in the second quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock valued at $48,000 after acquiring an additional 181 shares in the last quarter. Finally, V Square Quantitative Management LLC bought a new position in shares of Coinbase Global in the third quarter worth about $55,000. 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.