Coinbase Global (NASDAQ:COIN) Stock Price Down 1.6% Following Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price fell 1.6% during trading on Thursday after an insider sold shares in the company. The company traded as low as $252.99 and last traded at $260.01. 5,931,759 shares were traded during trading, a decline of 27% from the average session volume of 8,131,406 shares. The stock had previously closed at $264.33.

Specifically, Director Frederick Ernest Ehrsam III sold 22,842 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $281.94, for a total transaction of $6,440,073.48. Following the completion of the sale, the director now directly owns 10,417 shares in the company, valued at $2,936,968.98. This represents a 68.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $261.07, for a total value of $6,526,750.00. Following 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 disclosure for this sale can be found here. In related news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total value of $2,566,900.00. Following the sale, the insider now directly owns 69,407 shares of the company’s stock, valued at $17,816,082.83. This trade represents a 12.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. B. Riley started coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target on the stock. Bank of America increased their price target on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Oppenheimer boosted their price objective on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. Needham & Company LLC increased their target price on Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, Keefe, Bruyette & Woods boosted their price target on Coinbase Global from $165.00 to $275.00 and gave the stock a “market perform” rating in a report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and a consensus target price of $288.44.

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $65.09 billion, a P/E ratio of 44.37 and a beta of 3.59. The business’s 50-day moving average price is $284.12 and its 200-day moving average price is $229.01.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s quarterly revenue was up 78.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.01) EPS. As a group, sell-side analysts expect that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

Hedge funds have recently modified their holdings of the company. RPg Family Wealth Advisory LLC bought a new stake in Coinbase Global during the third quarter valued at about $25,000. ORG Wealth Partners LLC bought a new position in Coinbase Global in the 3rd quarter worth approximately $32,000. Brown Brothers Harriman & Co. boosted its stake in Coinbase Global by 408.0% during the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after buying an additional 204 shares during the last quarter. Abich Financial Wealth Management LLC increased its position in Coinbase Global by 548.5% in the second quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock worth $48,000 after purchasing an additional 181 shares during the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in shares of Coinbase Global during the third quarter valued at approximately $55,000. 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.