Coinbase Global (NASDAQ:COIN) Trading Down 2.8% After Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) fell 2.8% on Friday after an insider sold shares in the company. The company traded as low as $263.21 and last traded at $266.80. 2,094,286 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 11,139,242 shares. The stock had previously closed at $274.41.

Specifically, Director Frederick Ernest Ehrsam III sold 11,421 shares of Coinbase Global stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $273.23, for a total value of $3,120,559.83. Following the transaction, the director now directly owns 10,417 shares in the company, valued at $2,846,236.91. This trade represents a 52.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Keefe, Bruyette & Woods raised their target price on shares of Coinbase Global from $165.00 to $275.00 and gave the stock a “market perform” rating in a research note on Friday, December 20th. The Goldman Sachs Group raised their price objective on shares of Coinbase Global from $183.00 to $397.00 and gave the company a “neutral” rating in a research report on Monday, December 2nd. Oppenheimer boosted their target price on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research note on Thursday, October 31st. Finally, Barclays lifted their price target on Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. One 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. According to MarketBeat, Coinbase Global presently has a consensus rating of “Hold” and an average target price of $286.22.

Coinbase Global Trading Down 3.2 %

The company has a market cap of $66.52 billion, a price-to-earnings ratio of 45.34 and a beta of 3.57. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The business’s 50-day simple moving average is $275.98 and its 200-day simple moving average is $227.96.

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

Hedge Funds Weigh In On Coinbase Global

Institutional investors have recently made changes to their positions in the stock. RPg Family Wealth Advisory LLC purchased a new stake in Coinbase Global during the 3rd quarter worth about $25,000. ORG Wealth Partners LLC acquired a new stake in shares of Coinbase Global during the 3rd quarter worth about $32,000. Abich Financial Wealth Management LLC grew its holdings in shares of Coinbase Global by 548.5% during the second quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock worth $48,000 after buying an additional 181 shares in the last quarter. Hantz Financial Services Inc. acquired a new position in shares of Coinbase Global in the second quarter valued at approximately $54,000. Finally, Brown Brothers Harriman & Co. lifted its stake in shares of 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 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.