Coinbase Global (NASDAQ:COIN) Stock Price Down 5.9% on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s share price dropped 5.9% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $265.38 and last traded at $270.81. Approximately 3,892,204 shares traded hands during trading, a decline of 40% from the average daily volume of 6,499,259 shares. The stock had previously closed at $287.76.

Specifically, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $261.07, for a total transaction of $6,526,750.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $137,322.82. This represents a 97.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total value of $2,566,900.00. Following the completion of the sale, the insider now owns 69,407 shares in the company, valued at approximately $17,816,082.83. This trade represents a 12.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

COIN has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods raised their target price on Coinbase Global from $165.00 to $275.00 and gave the company a “market perform” rating in a report on Friday, December 20th. Oppenheimer upped their target price on shares of Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. Piper Sandler boosted their price target on Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday. Bank of America raised their price objective on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, JMP Securities reiterated a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $288.44.

Coinbase Global Stock Performance

The company has a market cap of $66.18 billion, a PE ratio of 45.11 and a beta of 3.59. The stock’s 50 day simple moving average is $283.16 and its two-hundred day simple moving average is $228.80. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. Coinbase Global’s revenue was up 78.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.01) EPS. As a group, research analysts anticipate that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of COIN. Geode Capital Management LLC increased its position in shares of Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after acquiring an additional 314,388 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in Coinbase Global by 2.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after purchasing an additional 71,398 shares in the last quarter. Clear Street Derivatives LLC purchased a new position in Coinbase Global in the third quarter valued at about $409,919,000. Renaissance Technologies LLC lifted its stake in shares of Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after purchasing an additional 691,288 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Coinbase Global by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock worth $163,752,000 after buying an additional 52,856 shares during the period. Hedge funds and other 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.