Coinbase Global (NASDAQ:COIN) Trading Down 1.9% – Time to Sell?

Coinbase Global, Inc. (NASDAQ:COIN) shares fell 1.9% during trading on Wednesday . The stock traded as low as $204.82 and last traded at $206.76. 2,425,248 shares changed hands during trading, a decline of 77% from the average session volume of 10,356,761 shares. The stock had previously closed at $210.72.

Wall Street Analysts Forecast Growth

COIN has been the topic of several research analyst reports. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $260.00 price objective on shares of Coinbase Global in a research note on Monday, August 5th. Bank of America cut their price target on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Compass Point decreased their price objective on Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Finally, Barclays raised their target price on shares of Coinbase Global from $169.00 to $175.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Coinbase Global has an average rating of “Hold” and an average target price of $242.82.

Coinbase Global Trading Down 2.0 %

The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $50.35 billion, a PE ratio of 42.48 and a beta of 3.35. The business’s 50-day moving average is $181.15 and its two-hundred day moving average is $210.59.

Coinbase Global (NASDAQ:COIN) last issued its 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). The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The firm’s revenue was up 104.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.42) EPS. As a group, equities research analysts anticipate that Coinbase Global, Inc. will post 3.92 earnings per share for the current year.

Insider Activity

In other news, insider Paul Grewal sold 16,962 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the transaction, the insider now directly owns 75,556 shares of the company’s stock, valued at $15,637,069.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $233.00, for a total transaction of $349,500.00. Following the sale, the chief operating officer now directly owns 194,971 shares in the company, valued at approximately $45,428,243. 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 can be accessed through this link. Also, insider Paul Grewal sold 16,962 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $206.96, for a total value of $3,510,455.52. Following the completion of the sale, the insider now directly owns 75,556 shares in the company, valued at $15,637,069.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 71,187 shares of company stock valued at $13,158,294 in the last three months. 23.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Hedge funds have recently added to or reduced their stakes in the business. Crewe Advisors LLC increased its stake in shares of Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after purchasing an additional 104 shares in the last quarter. Lynx Investment Advisory acquired a new stake in shares of Coinbase Global during the second quarter valued at $29,000. Concord Wealth Partners increased its position in Coinbase Global by 322.2% during the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 87 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in Coinbase Global by 833.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 100 shares during the last quarter. Finally, Versant Capital Management Inc lifted its holdings in Coinbase Global by 75.0% in the 2nd 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. 68.84% of the stock is currently owned by hedge funds and other 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.