Coinbase Global (NASDAQ:COIN) Trading Down 5.5% on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) dropped 5.5% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $242.07 and last traded at $241.8550. Approximately 1,484,402 shares were traded during trading, a decline of 86% from the average daily volume of 10,922,035 shares. The stock had previously closed at $255.97.

Specifically, Director Frederick Ernest Ehrsam III sold 2,750 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $260.33, for a total transaction of $715,907.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Jennifer N. Jones sold 869 shares of the stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $259.93, for a total value of $225,879.17. Following the completion of the transaction, the chief accounting officer directly owned 1,787 shares in the company, valued at approximately $464,494.91. This trade represents a 32.72% decrease in their position. The SEC filing for this sale provides additional information. In related news, CEO Brian Armstrong sold 40,000 shares of Coinbase Global stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $271.87, for a total transaction of $10,874,800.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Bank of America lowered their price objective on Coinbase Global from $369.00 to $340.00 in a research report on Wednesday, October 1st. Compass Point cut their target price on shares of Coinbase Global from $277.00 to $266.00 in a report on Friday, October 31st. China Renaissance lifted their price target on Coinbase Global from $444.60 to $479.30 in a research note on Monday, November 3rd. Williams Trading set a $405.00 price target on Coinbase Global in a research report on Thursday, July 31st. Finally, B. Riley upped their target price on Coinbase Global from $185.00 to $243.00 and gave the stock a “neutral” rating in a research note on Monday, November 3rd. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $398.08.

Coinbase Global Stock Down 5.6%

The company has a quick ratio of 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $65.14 billion, a PE ratio of 20.90 and a beta of 3.67. The business has a 50-day moving average price of $325.61 and a 200-day moving average price of $317.48.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.40. The company had revenue of $1.87 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Coinbase Global had a return on equity of 15.70% and a net margin of 41.99%.The firm’s quarterly revenue was up 55.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.28 EPS. Equities research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Institutional Trading of Coinbase Global

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bessemer Group Inc. increased its stake in shares of Coinbase Global by 672.2% during the second quarter. Bessemer Group Inc. now owns 1,166 shares of the cryptocurrency exchange’s stock worth $408,000 after acquiring an additional 1,015 shares during the period. SP Asset Management LLC purchased a new stake in shares of Coinbase Global in the second quarter valued at about $360,000. Kera Capital Partners Inc. raised its position in shares of Coinbase Global by 3.0% during the 2nd quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange’s stock worth $12,954,000 after purchasing an additional 1,085 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Coinbase Global by 102.6% during the second quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange’s stock valued at $3,738,000 after acquiring an additional 5,402 shares during the last quarter. Finally, New York Life Investment Management LLC lifted its stake in shares of Coinbase Global by 890.8% during the second quarter. New York Life Investment Management LLC now owns 31,479 shares of the cryptocurrency exchange’s stock valued at $11,033,000 after buying an additional 28,302 shares during the period. 68.84% of the stock is owned by institutional investors and hedge funds.

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.