Coinbase Global (NASDAQ:COIN) Stock Price Down 1.4% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) shares were down 1.4% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $255.50 and last traded at $260.69. Approximately 2,238,370 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 7,366,085 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 dated Monday, January 6th. The stock was sold at an average price of $281.94, for a total value of $6,440,073.48. Following the completion of the sale, the director now directly owns 10,417 shares of the company’s stock, valued at $2,936,968.98. This represents a 68.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred 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 in the company, valued at approximately $137,322.82. This trade represents a 97.94 % decrease in their position. The disclosure for this sale can be found here. In other news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total value of $2,566,900.00. Following the transaction, the insider now directly owns 69,407 shares of the company’s stock, valued at $17,816,082.83. The trade was a 12.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Analyst Ratings Changes

Several research analysts have issued reports on COIN shares. Needham & Company LLC raised their price objective on shares of Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Piper Sandler increased their price objective on Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday. B. Riley initiated coverage on Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. Keefe, Bruyette & Woods increased 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. Finally, Canaccord Genuity Group restated a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $288.44.

Coinbase Global Trading Down 1.6 %

The firm has a market cap of $65.09 billion, a PE ratio of 44.37 and a beta of 3.59. 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 has a 50-day moving average price of $285.74 and a two-hundred day moving average price of $229.23.

Coinbase Global (NASDAQ:COIN) last posted 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 business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter last year, the business posted ($0.01) earnings per share. The business’s revenue was up 78.8% compared to the same quarter last year. Analysts forecast that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of COIN. Geode Capital Management LLC raised its holdings 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. Sumitomo Mitsui Trust Group Inc. raised its position in Coinbase Global by 2.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after purchasing an additional 71,398 shares during the period. Clear Street Derivatives LLC acquired a new position in Coinbase Global during the 3rd quarter worth approximately $409,919,000. Renaissance Technologies LLC grew its holdings in Coinbase Global by 185.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after purchasing an additional 691,288 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Coinbase Global by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock worth $163,752,000 after acquiring an additional 52,856 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.