Coinbase Global (NASDAQ:COIN) Shares Down 1.4% Following Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded down 1.4% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $255.50 and last traded at $260.69. 2,238,370 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 7,366,085 shares. The stock had previously closed at $264.33.

Specifically, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $261.07, for a total transaction of $6,526,750.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $137,322.82. This trade represents a 97.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the sale, the insider now directly owns 69,407 shares in the company, valued at $17,816,082.83. This represents a 12.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on COIN. Bank of America boosted their target price on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Keefe, Bruyette & Woods boosted their price objective on Coinbase Global from $165.00 to $275.00 and gave the stock a “market perform” rating in a research note on Friday, December 20th. Piper Sandler raised their target price on Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research report on Thursday, October 31st. Finally, B. Riley initiated coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective for the company. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $288.44.

Coinbase Global Stock Down 1.4 %

The business’s 50-day moving average is $283.16 and its two-hundred day moving average is $228.80. The firm has a market capitalization of $65.26 billion, a price-to-earnings ratio of 44.49 and a beta of 3.59. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last posted its 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). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter last year, the business posted ($0.01) earnings per share. The company’s revenue for the quarter was up 78.8% on a year-over-year basis. On average, equities analysts anticipate that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC lifted its holdings in shares of Coinbase Global by 0.8% during the 3rd quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock valued at $924,000 after purchasing an additional 43 shares in the last quarter. Creative Financial Designs Inc. ADV lifted its stake in Coinbase Global by 9.4% in the third quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock valued at $106,000 after buying an additional 51 shares in the last quarter. Benjamin Edwards Inc. boosted its holdings in shares of Coinbase Global by 3.1% in the second quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock valued at $446,000 after buying an additional 61 shares during the period. Brooklyn Investment Group increased its position in shares of 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 acquiring an additional 66 shares in the last quarter. Finally, Prospera Financial Services Inc increased its position in shares of Coinbase Global by 3.6% during the third quarter. Prospera Financial Services Inc now owns 1,979 shares of the cryptocurrency exchange’s stock worth $353,000 after acquiring an additional 68 shares in 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.