Coinbase Global (NASDAQ:COIN) Stock Price Down 7.8% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) dropped 7.8% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $288.55 and last traded at $294.89. Approximately 11,270,493 shares traded hands during trading, an increase of 1% from the average daily volume of 11,105,748 shares. The stock had previously closed at $320.01.

Specifically, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $172,528. This represents a 99.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analyst Ratings Changes

A number of brokerages have commented on COIN. Monness Crespi & Hardt started coverage on shares of Coinbase Global in a report on Monday, October 28th. They set a “buy” rating and a $245.00 price objective on the stock. B. Riley initiated coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target for the company. Piper Sandler reaffirmed a “neutral” rating and set a $245.00 price objective on shares of Coinbase Global in a report on Friday, November 1st. Mizuho lifted their target price on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. Finally, Barclays upped their price target on Coinbase Global from $175.00 to $204.00 and gave the company an “equal weight” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and an average target price of $251.00.

Coinbase Global Trading Down 7.6 %

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The firm has a 50 day moving average price of $211.36 and a 200 day moving average price of $214.61. The stock has a market capitalization of $74.05 billion, a PE ratio of 50.48 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s revenue was up 78.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.01) earnings per share. Equities analysts expect that Coinbase Global, Inc. will post 4.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds and other institutional investors have recently made changes to their positions in COIN. Crewe Advisors LLC lifted its holdings in Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after purchasing an additional 104 shares in the last quarter. Lynx Investment Advisory purchased a new position in Coinbase Global during the second quarter valued at approximately $29,000. Versant Capital Management Inc lifted its stake in Coinbase Global by 75.0% in the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 57 shares in the last quarter. RPg Family Wealth Advisory LLC bought a new position in Coinbase Global in the 3rd quarter valued at $25,000. Finally, Spirit of America Management Corp NY purchased a new position in shares of Coinbase Global during the 2nd quarter valued at $33,000. 68.84% of the stock is owned by hedge funds and other 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.