Coinbase Global (NASDAQ:COIN) Trading Down 2.8% – Should You Sell?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) fell 2.8% during mid-day trading on Wednesday . The company traded as low as $246.37 and last traded at $248.30. 5,397,103 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 11,117,471 shares. The stock had previously closed at $255.56.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. 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 research report on Thursday, October 31st. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a report on Thursday, October 31st. Piper Sandler reiterated a “neutral” rating and set a $245.00 target price on shares of Coinbase Global in a research report on Friday, November 1st. B. Riley began coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target on the stock. Finally, Monness Crespi & Hardt raised their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $286.22.

Coinbase Global Stock Performance

The firm has a market cap of $64.39 billion, a P/E ratio of 43.89 and a beta of 3.57. The business’s fifty day simple moving average is $279.52 and its 200-day simple moving average is $228.08. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) 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 business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the previous year, the business earned ($0.01) earnings per share. The firm’s revenue for the quarter was up 78.8% compared to the same quarter last year. As a group, sell-side analysts expect that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

Insider Activity at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 11,421 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $273.23, for a total transaction of $3,120,559.83. Following the transaction, the director now owns 10,417 shares in the company, valued at approximately $2,846,236.91. This represents a 52.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Emilie Choi sold 1,500 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $181.36, for a total value of $272,040.00. Following the completion of the transaction, the chief operating officer now directly owns 176,601 shares of the company’s stock, valued at $32,028,357.36. This represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 270,641 shares of company stock worth $80,937,273 over the last quarter. 23.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COIN. Clear Street Derivatives LLC purchased a new position in shares of Coinbase Global during the third quarter valued at approximately $409,919,000. Renaissance Technologies LLC raised its stake in Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after buying an additional 691,288 shares during the last quarter. American Century Companies Inc. boosted its holdings in Coinbase Global by 1,136.7% in the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after acquiring an additional 435,886 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after acquiring an additional 314,388 shares during the last quarter. Finally, Azora Capital LP increased its holdings in shares of Coinbase Global by 214.1% during the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock valued at $57,525,000 after acquiring an additional 220,078 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

About Coinbase Global

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.