Coinbase Global (NASDAQ:COIN) Trading Down 0.4% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) was down 0.4% during trading on Wednesday following insider selling activity. The company traded as low as $313.35 and last traded at $323.14. Approximately 9,509,354 shares changed hands during mid-day trading, a decline of 14% from the average daily volume of 11,045,611 shares. The stock had previously closed at $324.57.

Specifically, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $172,528. This represents a 99.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

Several brokerages have commented on COIN. Barclays boosted their price target on shares of Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. JMP Securities reissued a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research note on Wednesday, October 9th. Piper Sandler restated a “neutral” rating and issued a $245.00 price target on shares of Coinbase Global in a research report on Friday, November 1st. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price target on shares of Coinbase Global in a report on Tuesday, October 29th. Finally, Bank of America raised their price objective on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. One 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $251.00.

Coinbase Global Stock Down 7.6 %

The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The business’s fifty day moving average price is $211.36 and its two-hundred day moving average price is $214.61. The firm has a market cap of $74.05 billion, a P/E ratio of 50.48 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last released its quarterly 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 company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the company posted ($0.01) EPS. The business’s revenue was up 78.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Institutional Investors Weigh In On Coinbase Global

Hedge funds have recently bought and sold shares of the company. RPg Family Wealth Advisory LLC bought a new stake in shares of Coinbase Global in the third quarter valued at approximately $25,000. Crewe Advisors LLC boosted its holdings in Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after purchasing an additional 104 shares during the period. Lynx Investment Advisory acquired a new stake in Coinbase Global in the 2nd quarter worth $29,000. Versant Capital Management Inc grew 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 worth $30,000 after purchasing an additional 57 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new position in shares of Coinbase Global during the 3rd quarter worth about $32,000. 68.84% of the stock is currently owned by 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.