Coinbase Global (NASDAQ:COIN) Shares Down 6.4%

Coinbase Global, Inc. (NASDAQ:COIN) shares fell 6.4% on Monday . The stock traded as low as $178.32 and last traded at $179.00. 4,296,844 shares traded hands during trading, a decline of 59% from the average session volume of 10,386,048 shares. The stock had previously closed at $191.23.

Wall Street Analysts Forecast Growth

COIN has been the subject of several recent research reports. The Goldman Sachs Group decreased their target price on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Barclays raised shares of Coinbase Global from an “underweight” rating to an “equal weight” rating and lowered their target price for the stock from $206.00 to $169.00 in a research report on Friday, September 6th. Bank of America reduced their price target on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. JMP Securities reissued a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a report on Friday, August 2nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $260.00 target price on shares of Coinbase Global in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $246.06.

Coinbase Global Stock Performance

The firm’s 50 day moving average price is $191.76 and its 200-day moving average price is $218.82. The firm has a market cap of $44.06 billion, a price-to-earnings ratio of 35.83 and a beta of 3.36. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the firm posted ($0.42) EPS. The business’s revenue for the quarter was up 104.8% compared to the same quarter last year. On average, analysts anticipate that Coinbase Global, Inc. will post 3.96 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $162.24, for a total transaction of $243,360.00. Following the sale, the chief operating officer now owns 187,601 shares of the company’s stock, valued at approximately $30,436,386.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $162.24, for a total value of $243,360.00. Following the completion of the sale, the chief operating officer now directly owns 187,601 shares in the company, valued at $30,436,386.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total value of $4,013,434.75. Following the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $91,487.18. The disclosure for this sale can be found here. Insiders sold a total of 91,612 shares of company stock valued at $18,625,489 in the last quarter. Corporate insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Creekmur Asset Management LLC acquired a new position in shares of Coinbase Global in the 4th quarter valued at $27,000. Crewe Advisors LLC lifted its stake in Coinbase Global by 547.4% in the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after buying an additional 104 shares during the period. Lynx Investment Advisory bought a new position in Coinbase Global during the second quarter worth about $29,000. Concord Wealth Partners grew its position in shares of Coinbase Global by 322.2% during the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 87 shares during the period. Finally, Geneos Wealth Management Inc. increased its stake 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 valued at $30,000 after acquiring an additional 100 shares during the last quarter. 68.84% of the stock is 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.