Coinbase Global (NASDAQ:COIN) Trading Down 0.8% Following Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) dropped 0.8% on Thursday following insider selling activity. The company traded as low as $161.69 and last traded at $163.18. Approximately 1,365,203 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 10,389,928 shares. The stock had previously closed at $164.47.

Specifically, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $179.69, for a total value of $269,535.00. Following the completion of the transaction, the chief operating officer now directly owns 186,101 shares in the company, valued at $33,440,488.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now owns 74,956 shares of the company’s stock, valued at $12,750,015.60. The disclosure for this sale can be found here.

Analyst Ratings Changes

COIN has been the subject of several research reports. The Goldman Sachs Group cut their target price on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Compass Point cut their price target on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Needham & Company LLC restated a “buy” rating and set a $260.00 price target on shares of Coinbase Global in a research report on Monday, August 5th. Canaccord Genuity Group restated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research report on Friday, August 2nd. Finally, HC Wainwright cut their price target on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $246.06.

Coinbase Global Trading Down 0.8 %

The company has a market capitalization of $40.07 billion, a PE ratio of 32.57 and a beta of 3.36. The stock’s fifty day moving average price is $186.56 and its two-hundred day moving average price is $217.52. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51.

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

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors have recently bought and sold shares of the stock. Wells Fargo & Company MN increased its stake in shares of Coinbase Global by 25.1% during the fourth quarter. Wells Fargo & Company MN now owns 45,785 shares of the cryptocurrency exchange’s stock valued at $7,963,000 after purchasing an additional 9,194 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Coinbase Global by 18.4% during the fourth quarter. Franklin Resources Inc. now owns 7,447 shares of the cryptocurrency exchange’s stock valued at $1,295,000 after purchasing an additional 1,156 shares in the last quarter. KBC Group NV increased its stake in shares of Coinbase Global by 26.2% during the fourth quarter. KBC Group NV now owns 21,811 shares of the cryptocurrency exchange’s stock valued at $3,793,000 after purchasing an additional 4,524 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Coinbase Global by 672.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 23,986 shares of the cryptocurrency exchange’s stock valued at $4,172,000 after purchasing an additional 20,881 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado increased its stake in shares of Coinbase Global by 308.9% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 17,644 shares of the cryptocurrency exchange’s stock valued at $3,069,000 after purchasing an additional 13,329 shares in the last quarter. 68.84% of the stock is owned by 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.