Coinbase Global (NASDAQ:COIN) Trading Down 3.7% on Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) dropped 3.7% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $234.60 and last traded at $235.95. Approximately 6,198,915 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 8,588,018 shares. The stock had previously closed at $245.10.

Specifically, Director Frederick Ernest Ehrsam III sold 114,216 shares of Coinbase Global stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $202.30, for a total value of $23,105,896.80. Following the transaction, the director now directly owns 4,662 shares of the company’s stock, valued at $943,122.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Coinbase Global news, insider Paul Grewal sold 10,257 shares of Coinbase Global stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $275.60, for a total transaction of $2,826,829.20. Following the transaction, the insider now owns 66,122 shares of the company’s stock, valued at approximately $18,223,223.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 114,216 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $202.30, for a total value of $23,105,896.80. Following the completion of the transaction, the director now owns 4,662 shares in the company, valued at approximately $943,122.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 378,158 shares of company stock valued at $86,182,160. 23.43% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on COIN shares. Raymond James upgraded shares of Coinbase Global from an “underperform” rating to a “market perform” rating in a research report on Tuesday, March 12th. Oppenheimer lifted their price objective on Coinbase Global from $276.00 to $282.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Barclays upped their target price on Coinbase Global from $179.00 to $204.00 and gave the stock an “underweight” rating in a research report on Monday, May 6th. Mizuho raised their price target on Coinbase Global from $84.00 to $145.00 and gave the stock an “underperform” rating in a research note on Friday, April 12th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $260.00 price target on shares of Coinbase Global in a research note on Wednesday, June 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $215.50.

Coinbase Global Stock Down 0.4 %

The firm has a 50-day moving average price of $228.46 and a two-hundred day moving average price of $197.79. The company has a market capitalization of $57.72 billion, a P/E ratio of 46.91 and a beta of 3.44. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.61. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. Equities research analysts anticipate that Coinbase Global, Inc. will post 5.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Barrett & Company Inc. bought a new stake in shares of Coinbase Global during the fourth quarter valued at approximately $26,000. Creekmur Asset Management LLC bought a new stake in Coinbase Global in the 4th quarter valued at $27,000. Concord Wealth Partners raised its stake in shares of Coinbase Global by 322.2% in the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after buying an additional 87 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Coinbase Global by 833.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 100 shares during the period. Finally, Mather Group LLC. acquired a new stake in shares of Coinbase Global during the 1st quarter valued at about $32,000. 68.84% of the stock is currently 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.