Coinbase Global (NASDAQ:COIN) Shares Down 0.8% – Here’s Why

Coinbase Global, Inc. (NASDAQ:COIN) shares dropped 0.8% on Tuesday . The company traded as low as $251.66 and last traded at $253.48. Approximately 1,672,442 shares were traded during trading, a decline of 85% from the average daily volume of 11,102,240 shares. The stock had previously closed at $255.56.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on COIN shares. Bank of America boosted their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Keefe, Bruyette & Woods raised their price objective on Coinbase Global from $165.00 to $275.00 and gave the company a “market perform” rating in a research note on Friday, December 20th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a research report on Thursday, October 31st. B. Riley began coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target for the company. Finally, HC Wainwright reissued a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $286.22.

Coinbase Global Trading Down 2.8 %

The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The company’s 50 day moving average price is $278.56 and its 200 day moving average price is $227.88. The company has a market cap of $62.16 billion, a price-to-earnings ratio of 42.37 and a beta of 3.57.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the business earned ($0.01) earnings per share. Coinbase Global’s quarterly revenue was up 78.8% on a year-over-year basis. Research analysts anticipate that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Insider Transactions at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the transaction, the insider now owns 74,956 shares in the company, valued at approximately $15,739,260.88. The trade was a 11.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 11,421 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $273.23, for a total transaction of $3,120,559.83. Following the completion of the sale, the director now owns 10,417 shares of the company’s stock, valued at approximately $2,846,236.91. The trade was a 52.30 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 270,641 shares of company stock worth $80,937,273. Company insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently bought and sold shares of the business. RPg Family Wealth Advisory LLC acquired a new position in Coinbase Global in the third quarter worth about $25,000. ORG Wealth Partners LLC acquired a new position in shares of Coinbase Global in the 3rd quarter worth approximately $32,000. Abich Financial Wealth Management LLC boosted its stake in Coinbase Global by 548.5% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock valued at $48,000 after buying an additional 181 shares in the last quarter. Brown Brothers Harriman & Co. boosted its stake in Coinbase Global by 408.0% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after buying an additional 204 shares in the last quarter. Finally, Quest Partners LLC grew its position in Coinbase Global by 233.7% in the second quarter. Quest Partners LLC now owns 297 shares of the cryptocurrency exchange’s stock valued at $66,000 after acquiring an additional 208 shares during the period. 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.