Coinbase Global (NASDAQ:COIN) Stock Price Down 1.1% on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s share price dropped 1.1% on Thursday after an insider sold shares in the company. The stock traded as low as $222.22 and last traded at $224.94. Approximately 3,241,672 shares traded hands during trading, a decline of 58% from the average daily volume of 7,787,521 shares. The stock had previously closed at $227.51.

Specifically, Director Frederick Ernest Ehrsam III sold 114,216 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $202.30, for a total transaction of $23,105,896.80. Following the sale, 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 Securities & Exchange Commission, which is available at this link. In other Coinbase Global news, CFO Alesia J. Haas sold 4,200 shares of the firm’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $247.54, for a total value of $1,039,668.00. Following the transaction, the chief financial officer now directly owns 192,622 shares of the company’s stock, valued at $47,681,649.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III sold 114,216 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was 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 directly owns 4,662 shares in the company, valued at $943,122.60. The disclosure for this sale can be found here. Insiders have sold 330,516 shares of company stock valued at $73,051,856 over the last ninety days. Insiders own 23.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. The Goldman Sachs Group dropped their target price on Coinbase Global from $295.00 to $255.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Canaccord Genuity Group raised their target price on Coinbase Global from $240.00 to $280.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. JPMorgan Chase & Co. lifted their price objective on Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, March 15th. Keefe, Bruyette & Woods lifted their price objective on Coinbase Global from $230.00 to $240.00 and gave the company a “market perform” rating in a research report on Friday, May 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 price objective on shares of Coinbase Global in a research report 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 company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $215.50.

Coinbase Global Trading Down 1.1 %

The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.52. The stock has a 50 day simple moving average of $227.71 and a 200-day simple moving average of $203.62. The firm has a market cap of $55.24 billion, a P/E ratio of 44.90 and a beta of 3.40.

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

Institutional Trading of Coinbase Global

Large investors have recently added to or reduced their stakes in the company. Barrett & Company Inc. bought a new stake in Coinbase Global in the 4th quarter worth approximately $26,000. Creekmur Asset Management LLC purchased a new position in shares of Coinbase Global in the 4th quarter worth approximately $27,000. Concord Wealth Partners boosted its holdings 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 worth $30,000 after purchasing an additional 87 shares during the period. Geneos Wealth Management Inc. boosted its holdings in shares of Coinbase Global by 833.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 100 shares during the period. Finally, Mather Group LLC. purchased a new position in shares of Coinbase Global in the 1st quarter worth approximately $32,000. 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.