Coinbase Global (NASDAQ:COIN) Shares Down 2.8% on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) shares were down 2.8% on Friday after an insider sold shares in the company. The stock traded as low as $263.21 and last traded at $266.80. Approximately 2,094,286 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 11,139,242 shares. The stock had previously closed at $274.41.

Specifically, Director Frederick Ernest Ehrsam III sold 11,421 shares of the stock in a transaction on 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 in the company, valued at $2,846,236.91. This represents a 52.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Needham & Company LLC upped their target price on shares of Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a report on Monday, December 9th. Piper Sandler reaffirmed a “neutral” rating and set a $245.00 price objective on shares of Coinbase Global in a research report on Friday, November 1st. Mizuho lifted their target price on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. Monness Crespi & Hardt upped their price target on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, The Goldman Sachs Group increased their price target on Coinbase Global from $183.00 to $397.00 and gave the stock a “neutral” rating in a report on Monday, December 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $286.22.

Coinbase Global Trading Down 3.2 %

The firm has a market cap of $66.52 billion, a PE ratio of 45.34 and a beta of 3.57. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The business has a 50-day moving average price of $275.98 and a two-hundred day moving average price of $227.85.

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

Institutional Investors Weigh In On Coinbase Global

A number of large investors have recently bought and sold shares of the stock. Empowered Funds LLC increased its position in Coinbase Global by 0.8% during the 3rd quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock worth $924,000 after purchasing an additional 43 shares in the last quarter. Creative Financial Designs Inc. ADV grew its holdings in shares of Coinbase Global by 9.4% during the third quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock worth $106,000 after buying an additional 51 shares in the last quarter. Larson Financial Group LLC raised its position in shares of Coinbase Global by 12.1% in the second quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock valued at $118,000 after buying an additional 57 shares during the last quarter. Benjamin Edwards Inc. lifted its stake in shares of Coinbase Global by 3.1% during 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 during the period. Finally, Brooklyn Investment Group lifted its position in Coinbase Global by 3.9% during the third quarter. Brooklyn Investment Group now owns 1,760 shares of the cryptocurrency exchange’s stock worth $314,000 after buying an additional 66 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.