Coinbase Global (NASDAQ:COIN) Stock Price Down 3.3% – Should You Sell?

Coinbase Global, Inc. (NASDAQ:COIN) dropped 3.3% during mid-day trading on Tuesday . The stock traded as low as $298.20 and last traded at $301.96. Approximately 3,772,040 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 11,152,759 shares. The stock had previously closed at $312.22.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on COIN. B. Riley began coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. Mizuho lifted 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. Bank of America upped their price target on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Barclays lifted their price objective on Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Finally, Piper Sandler restated a “neutral” rating and set a $245.00 target price on shares of Coinbase Global in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $255.22.

Coinbase Global Trading Down 5.0 %

The stock has a fifty day simple moving average of $217.21 and a 200 day simple moving average of $215.90. The firm has a market capitalization of $74.23 billion, a P/E ratio of 51.53 and a beta of 3.34. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.01) earnings per share. As a group, research analysts forecast that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other news, CFO Alesia J. Haas sold 5,250 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the completion of the transaction, the chief financial officer now directly owns 169,786 shares in the company, valued at approximately $33,150,716.50. This represents a 3.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 177,129 shares of company stock worth $46,522,970. Insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several hedge funds have recently made changes to their positions in the business. Clear Street Derivatives LLC bought a new stake in Coinbase Global in the third quarter worth $409,919,000. Renaissance Technologies LLC boosted its stake in shares of Coinbase Global by 185.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after purchasing an additional 691,288 shares during the period. American Century Companies Inc. raised its position in Coinbase Global by 1,136.7% in the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after purchasing an additional 435,886 shares during the period. APEIRON CAPITAL Ltd bought a new stake in Coinbase Global in the first quarter worth about $108,434,000. Finally, Geode Capital Management LLC boosted its position in shares of Coinbase Global by 10.1% during the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after buying an additional 314,388 shares during the period. 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.