Coinbase Global (NASDAQ:COIN) Shares Down 0.8% Following Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price traded down 0.8% during mid-day trading on Friday following insider selling activity. The company traded as low as $221.00 and last traded at $222.16. 1,883,516 shares traded hands during trading, a decline of 84% from the average session volume of 11,810,193 shares. The stock had previously closed at $224.00.

Specifically, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $221.47, for a total value of $2,214,700.00. Following the transaction, the insider now owns 66,122 shares in the company, valued at $14,644,039.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $221.47, for a total transaction of $2,214,700.00. Following the transaction, the insider now owns 66,122 shares in the company, valued at approximately $14,644,039.34. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 16,380 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $243.30, for a total value of $3,985,254.00. Following the transaction, the director now owns 4,662 shares in the company, valued at approximately $1,134,264.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 360,021 shares of company stock worth $80,655,822. Company insiders own 23.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on COIN shares. Mizuho lifted their price objective on Coinbase Global from $84.00 to $145.00 and gave the company an “underperform” rating in a research report on Friday, April 12th. Piper Sandler boosted their price target on Coinbase Global from $225.00 to $245.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. Bank of America raised Coinbase Global from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $110.00 to $217.00 in a research report on Friday, May 17th. Barclays upped their price objective on Coinbase Global from $179.00 to $204.00 and gave the company an “underweight” rating in a research report on Monday, May 6th. Finally, HC Wainwright reiterated a “buy” rating and set a $315.00 target price on shares of Coinbase Global in a research note on Tuesday, June 18th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $215.50.

Coinbase Global Price Performance

The firm’s fifty day simple moving average is $227.70 and its 200 day simple moving average is $201.84. The firm has a market cap of $54.57 billion, a P/E ratio of 44.36 and a beta of 3.44. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 EPS for the quarter, beating the consensus estimate of $1.04 by $0.61. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.26 billion. As a group, analysts forecast that Coinbase Global, Inc. will post 5.01 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Coinbase Global by 18.4% in the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after acquiring an additional 2,624,989 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Coinbase Global by 18.5% in the 3rd quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock valued at $246,250,000 after acquiring an additional 511,397 shares during the last quarter. Norges Bank bought a new position in shares of Coinbase Global in the 4th quarter valued at about $202,936,000. a16z Perennial Management L.P. bought a new stake in Coinbase Global in the fourth quarter worth about $147,646,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Coinbase Global by 6.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 656,689 shares of the cryptocurrency exchange’s stock worth $114,211,000 after purchasing an additional 37,847 shares during the last quarter. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Company Profile

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.