Coinbase Global (NASDAQ:COIN) Shares Gap Down After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s share price gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $220.21, but opened at $215.40. Coinbase Global shares last traded at $209.90, with a volume of 2,273,096 shares.

Specifically, Director Gokul Rajaram sold 400 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total value of $81,776.00. Following the transaction, the director now owns 7,771 shares of the company’s stock, valued at approximately $1,588,703.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alesia J. Haas sold 5,250 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total value of $1,025,062.50. Following the completion of the transaction, the chief financial officer now owns 169,786 shares of the company’s stock, valued at $33,150,716.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In related news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $181.36, for a total value of $272,040.00. Following the transaction, the chief operating officer now directly owns 176,601 shares of the company’s stock, valued at approximately $32,028,357.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on COIN shares. Needham & Company LLC restated a “buy” rating and set a $260.00 price objective on shares of Coinbase Global in a report on Monday, August 5th. Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and raised their price target for the stock from $260.00 to $345.00 in a research note on Tuesday, July 23rd. HC Wainwright dropped their price objective on Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Bank of America lowered their target price on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, Barclays increased their price target on Coinbase Global from $169.00 to $175.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and an average target price of $246.44.

Coinbase Global Stock Down 1.4 %

The company has a market cap of $51.75 billion, a PE ratio of 42.06 and a beta of 3.35. The stock has a 50-day moving average of $180.60 and a 200-day moving average of $210.90. 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 for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the business earned ($0.42) EPS. The business’s revenue was up 104.8% on a year-over-year basis. Sell-side analysts predict that Coinbase Global, Inc. will post 3.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Coinbase Global

Hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp raised its position in shares of Coinbase Global by 0.4% during the 2nd quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock valued at $2,777,000 after buying an additional 55 shares in the last quarter. Versant Capital Management Inc raised its position in Coinbase Global by 75.0% during the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 57 shares in the last quarter. Larson Financial Group LLC boosted its holdings in shares of Coinbase Global by 12.1% in the 2nd quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock worth $118,000 after purchasing an additional 57 shares in the last quarter. Benjamin Edwards Inc. boosted its holdings in shares of Coinbase Global by 3.1% in the 2nd quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock worth $446,000 after purchasing an additional 61 shares in the last quarter. Finally, Capital Advisors Wealth Management LLC increased its position in shares of Coinbase Global by 4.6% during the 2nd quarter. Capital Advisors Wealth Management LLC now owns 1,413 shares of the cryptocurrency exchange’s stock valued at $314,000 after purchasing an additional 62 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.

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.