Coinbase Global (NASDAQ:COIN) Insider Paul Grewal Sells 1,960 Shares of Stock

Coinbase Global, Inc. (NASDAQ:COIN) insider Paul Grewal sold 1,960 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total value of $346,684.80. Following the completion of the transaction, the insider directly owned 84,753 shares in the company, valued at approximately $14,991,110.64. This represents a 2.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $189.03 on Friday. The stock has a 50-day simple moving average of $188.59 and a two-hundred day simple moving average of $212.18. Coinbase Global, Inc. has a 52-week low of $139.36 and a 52-week high of $444.64. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.34 and a current ratio of 2.14. The firm has a market capitalization of $49.80 billion, a PE ratio of 71.06, a P/E/G ratio of 6.43 and a beta of 3.38.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($1.55). Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the prior year, the firm posted $0.24 EPS. The business’s revenue for the quarter was down 30.5% on a year-over-year basis. Analysts forecast that Coinbase Global, Inc. will post 1.74 EPS for the current year.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors have recently bought and sold shares of COIN. REAP Financial Group LLC purchased a new stake in Coinbase Global in the 3rd quarter worth $25,000. MV Capital Management Inc. purchased a new stake in Coinbase Global in the 4th quarter worth $27,000. Palisade Asset Management LLC bought a new position in shares of Coinbase Global during the 3rd quarter valued at about $29,000. Osbon Capital Management LLC bought a new position in shares of Coinbase Global during the 4th quarter valued at about $30,000. Finally, Glen Eagle Advisors LLC boosted its holdings in shares of Coinbase Global by 101.1% during the 1st quarter. Glen Eagle Advisors LLC now owns 175 shares of the cryptocurrency exchange’s stock valued at $31,000 after purchasing an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Oppenheimer cut their price target on Coinbase Global from $227.00 to $224.00 in a report on Friday, May 8th. Sanford C. Bernstein cut their price target on Coinbase Global from $440.00 to $330.00 and set an “outperform” rating for the company in a report on Monday, March 30th. Citizens Jmp cut their price target on Coinbase Global from $400.00 to $355.00 and set a “market outperform” rating for the company in a report on Friday, April 10th. Rosenblatt Securities reissued a “buy” rating and set a $240.00 price target on shares of Coinbase Global in a report on Wednesday, May 6th. Finally, President Capital increased their price target on Coinbase Global from $236.00 to $264.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Nineteen equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $252.10.

Key Coinbase Global News

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: The CFTC’s actions on perpetual futures and 24/7 trading create a clearer path for Coinbase to expand into a large, regulated derivatives market that could lift fee revenue and deepen customer engagement. Reuters article on Coinbase and Kalshi bringing regulated perpetual crypto futures to U.S. investors
• Positive Sentiment: Coinbase also said it is giving eligible U.S. institutional clients access to global crypto options and perpetual futures through its regulated futures commission merchant, expanding its derivatives offering and strengthening its institutional platform. Cointelegraph article on Coinbase bringing global crypto derivatives markets to U.S. institutional clients
• Positive Sentiment: Analysts and industry coverage are framing the regulatory shift as a bigger opening for Coinbase in a multi-trillion-dollar derivatives market that has largely been offshore until now. MarketWatch article on crypto perpetual contracts coming to the U.S.

About Coinbase Global

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.