Coinbase Global (NASDAQ:COIN) Trading Down 1.4% on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s share price fell 1.4% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $255.50 and last traded at $260.69. 2,238,370 shares were traded during trading, a decline of 70% from the average session volume of 7,366,085 shares. The stock had previously closed at $264.33.

Specifically, Director Frederick Ernest Ehrsam III sold 22,842 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $281.94, for a total transaction of $6,440,073.48. Following the completion of the transaction, the director now owns 10,417 shares of the company’s stock, valued at approximately $2,936,968.98. The trade was a 68.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $261.07, for a total value of $6,526,750.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $137,322.82. This represents a 97.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was 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 directly owns 69,407 shares of the company’s stock, valued at approximately $17,816,082.83. This represents a 12.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on COIN shares. Keefe, Bruyette & Woods lifted their target price on Coinbase Global from $165.00 to $275.00 and gave the stock a “market perform” rating in a research report on Friday, December 20th. Monness Crespi & Hardt increased their price target on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Mizuho increased their target price on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a report on Thursday, October 31st. Oppenheimer raised their target price on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. Finally, The Goldman Sachs Group upped their price target on Coinbase Global from $183.00 to $397.00 and gave the company a “neutral” rating in a research report on Monday, December 2nd. 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $288.44.

Coinbase Global Trading Down 1.6 %

The business’s 50 day simple moving average is $284.12 and its 200-day simple moving average is $229.01. The stock has a market capitalization of $65.09 billion, a P/E ratio of 44.37 and a beta of 3.59. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

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

Institutional Investors Weigh In On Coinbase Global

Several hedge funds have recently bought and sold shares of the company. Clear Street Derivatives LLC bought a new position in shares of Coinbase Global during the 3rd quarter valued at about $409,919,000. Renaissance Technologies LLC raised its position in Coinbase Global by 185.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after buying an additional 691,288 shares during the last quarter. American Century Companies Inc. boosted its position in Coinbase Global by 1,136.7% during the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after acquiring an additional 435,886 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Coinbase Global by 10.1% during the 3rd 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. Finally, Azora Capital LP lifted its position in shares of Coinbase Global by 214.1% in the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock worth $57,525,000 after purchasing an additional 220,078 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.