Coinbase Global (NASDAQ:COIN) Trading Down 6.8% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) dropped 6.8% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $165.03 and last traded at $166.10. Approximately 4,644,888 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 10,395,050 shares. The stock had previously closed at $178.17.

Specifically, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the transaction, the insider now owns 74,956 shares in the company, valued at $12,750,015.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. HC Wainwright cut their target price on Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. The Goldman Sachs Group reduced their price target on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. Compass Point cut their price objective on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Bank of America reduced their price target on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $260.00 price target on shares of Coinbase Global in a research note on Monday, August 5th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $246.06.

Coinbase Global Stock Down 6.8 %

The company has a market capitalization of $40.79 billion, a price-to-earnings ratio of 33.15 and a beta of 3.36. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The firm’s 50 day simple moving average is $190.02 and its 200-day simple moving average is $218.43.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of COIN. Salem Investment Counselors Inc. boosted its position in shares of Coinbase Global by 162.9% during the 1st quarter. Salem Investment Counselors Inc. now owns 184 shares of the cryptocurrency exchange’s stock worth $49,000 after purchasing an additional 114 shares in the last quarter. Intech Investment Management LLC increased its holdings in Coinbase Global by 454.3% in the first quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock valued at $10,752,000 after buying an additional 33,240 shares in the last quarter. Paragon Capital Management Ltd lifted its position in shares of Coinbase Global by 58.6% during the 1st quarter. Paragon Capital Management Ltd now owns 231,660 shares of the cryptocurrency exchange’s stock valued at $61,418,000 after acquiring an additional 85,573 shares during the period. QRG Capital Management Inc. boosted its stake in shares of Coinbase Global by 130.5% during the 2nd quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock worth $2,156,000 after acquiring an additional 5,493 shares in the last quarter. Finally, Edgestream Partners L.P. increased its stake in Coinbase Global by 93.5% in the 1st quarter. Edgestream Partners L.P. now owns 14,793 shares of the cryptocurrency exchange’s stock valued at $3,922,000 after purchasing an additional 7,148 shares in the last quarter. Institutional investors and hedge funds 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.