Coinbase Global (NASDAQ:COIN) Trading Down 2.9% – Here’s What Happened

Shares of Coinbase Global, Inc. (NASDAQ:COIN) were down 2.9% on Tuesday . The stock traded as low as $303.50 and last traded at $306.17. Approximately 3,494,706 shares traded hands during trading, a decline of 69% from the average daily volume of 11,225,260 shares. The stock had previously closed at $315.31.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group raised their target price on shares of Coinbase Global from $183.00 to $397.00 and gave the stock a “neutral” rating in a research report on Monday, December 2nd. B. Riley initiated coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. Canaccord Genuity Group restated a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a report on Thursday, October 31st. Oppenheimer lifted their target price on Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a report on Monday, November 25th. Finally, Piper Sandler restated a “neutral” rating and set a $245.00 price target on shares of Coinbase Global in a research note on Friday, November 1st. 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $284.28.

Coinbase Global Trading Down 2.1 %

The firm’s 50 day simple moving average is $264.94 and its two-hundred day simple moving average is $226.46. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a market cap of $68.58 billion, a P/E ratio of 46.74 and a beta of 3.57.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s revenue was up 78.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.01) EPS. As a group, equities research analysts predict that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Jennifer N. Jones sold 1,837 shares of Coinbase Global stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $295.02, for a total transaction of $541,951.74. Following the sale, the chief accounting officer now owns 1,160 shares of the company’s stock, valued at approximately $342,223.20. The trade was a 61.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction that occurred 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 directly owns 526 shares of the company’s stock, valued at $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 270,720 shares of company stock worth $79,787,248 in the last three months. 23.43% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC grew its holdings in Coinbase Global by 10.1% during 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 period. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Coinbase Global by 2.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock worth $570,341,000 after purchasing an additional 71,398 shares in the last quarter. Clear Street Derivatives LLC bought a new stake in shares of Coinbase Global in the 3rd quarter worth approximately $409,919,000. Cowen AND Company LLC boosted its holdings in Coinbase Global by 1.5% during the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock worth $330,895,000 after buying an additional 22,071 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in Coinbase Global by 185.9% in the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after buying an additional 691,288 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.

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.