Coinbase Global (NASDAQ:COIN) Trading Down 1.7% on Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) fell 1.7% during trading on Wednesday following insider selling activity. The company traded as low as $307.41 and last traded at $313.66. Approximately 9,811,332 shares changed hands during mid-day trading, a decline of 9% from the average daily volume of 10,827,417 shares. The stock had previously closed at $319.13.

Specifically, Director Frederick R. Wilson sold 40,000 shares of Coinbase Global stock in a transaction on Monday, November 11th. The stock was sold at an average price of $300.00, for a total value of $12,000,000.00. Following the sale, the director now owns 50,000 shares in the company, valued at $15,000,000. The trade was a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frederick R. Wilson sold 10,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $254.89, for a total transaction of $2,548,900.00. Following the transaction, the director now directly owns 90,000 shares of the company’s stock, valued at approximately $22,940,100. This trade represents a 10.00 % decrease in their position. The disclosure for this sale can be found here. In other Coinbase Global news, insider Lawrence J. Brock sold 4,635 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $250.00, for a total value of $1,158,750.00. Following the sale, the insider now owns 18,525 shares of the company’s stock, valued at $4,631,250. The trade was a 20.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on COIN shares. Needham & Company LLC raised their price target on Coinbase Global from $260.00 to $290.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. HC Wainwright restated a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a report on Tuesday, October 29th. Monness Crespi & Hardt initiated coverage on shares of Coinbase Global in a research note on Monday, October 28th. They set a “buy” rating and a $245.00 price target on the stock. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a research note on Thursday, October 31st. Finally, Compass Point dropped their price objective on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. One investment 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. Based on data from MarketBeat, Coinbase Global presently has an average rating of “Hold” and a consensus price target of $246.28.

Coinbase Global Trading Down 2.1 %

The stock has a market cap of $69.81 billion, a price-to-earnings ratio of 47.58 and a beta of 3.34. The business’s 50 day moving average is $193.17 and its 200 day moving average is $210.75. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the prior year, the company posted ($0.01) earnings per share. The company’s revenue was up 78.8% compared to the same quarter last year. As a group, equities analysts expect that Coinbase Global, Inc. will post 4.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds have recently added to or reduced their stakes in COIN. Empowered Funds LLC boosted its holdings in shares of Coinbase Global by 0.8% in the 3rd quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock valued at $924,000 after buying an additional 43 shares in the last quarter. Creative Financial Designs Inc. ADV grew its position in Coinbase Global by 9.4% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock worth $106,000 after purchasing an additional 51 shares during the last quarter. Fifth Third Bancorp increased its stake in Coinbase Global by 0.4% in the second quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock valued at $2,777,000 after purchasing an additional 55 shares during the period. Versant Capital Management Inc increased its position in Coinbase Global by 75.0% in the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 57 shares during the period. Finally, Larson Financial Group LLC raised its stake in shares of Coinbase Global by 12.1% during the second quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock worth $118,000 after purchasing an additional 57 shares during the last quarter. 68.84% of the stock is currently 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.