Coinbase Global (NASDAQ:COIN) Stock Price Down 6.3% – Should You Sell?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded down 6.3% during mid-day trading on Monday . The stock traded as low as $247.60 and last traded at $249.05. 3,157,020 shares changed hands during trading, a decline of 72% from the average session volume of 11,120,527 shares. The stock had previously closed at $265.71.

Analyst Ratings Changes

COIN has been the topic of several research analyst reports. Oppenheimer raised their price objective on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research note on Monday, November 25th. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a research report on Thursday, October 31st. B. Riley assumed coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. Piper Sandler reissued a “neutral” rating and issued a $245.00 target price on shares of Coinbase Global in a report on Friday, November 1st. Finally, Barclays lifted their target price 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 equities 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, Coinbase Global has an average rating of “Hold” and a consensus price target of $286.22.

Coinbase Global Trading Down 2.8 %

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 business has a 50 day simple moving average of $275.98 and a 200-day simple moving average of $227.65. The stock has a market capitalization of $64.64 billion, a P/E ratio of 44.06 and a beta of 3.57.

Coinbase Global (NASDAQ:COIN) last announced 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 net margin of 29.76% and a return on equity of 14.81%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the business earned ($0.01) EPS. The company’s quarterly revenue was up 78.8% compared to the same quarter last year. On average, analysts predict that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Insider Activity at Coinbase Global

In other news, CFO Alesia J. Haas sold 5,250 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total value of $1,025,062.50. Following the completion of the sale, the chief financial officer now directly owns 169,786 shares of the company’s stock, valued at $33,150,716.50. This represents a 3.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $181.36, for a total transaction of $272,040.00. Following the transaction, the chief operating officer now directly owns 176,601 shares in the company, valued at $32,028,357.36. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 270,641 shares of company stock worth $80,937,273. 23.43% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. RPg Family Wealth Advisory LLC acquired a new stake in Coinbase Global in the 3rd quarter worth approximately $25,000. ORG Wealth Partners LLC acquired a new stake in shares of Coinbase Global in the third quarter worth $32,000. Brown Brothers Harriman & Co. lifted its stake in shares of Coinbase Global by 408.0% in the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after buying an additional 204 shares during the last quarter. Abich Financial Wealth Management LLC boosted its holdings in shares of Coinbase Global by 548.5% during the 2nd 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 during the period. Finally, Hantz Financial Services Inc. acquired a new position in Coinbase Global in the 2nd quarter valued at $54,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.