Coinbase Global (NASDAQ:COIN) Shares Down 0.4% – Here’s Why

Shares of Coinbase Global, Inc. (NASDAQ:COIN) fell 0.4% during trading on Wednesday . The stock traded as low as $313.35 and last traded at $323.14. 9,509,354 shares traded hands during trading, a decline of 14% from the average session volume of 11,045,611 shares. The stock had previously closed at $324.57.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on COIN shares. Compass Point lowered 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. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research note on Thursday, October 31st. Piper Sandler restated a “neutral” rating and set a $245.00 target price on shares of Coinbase Global in a report on Friday, November 1st. Needham & Company LLC lifted their price target on Coinbase Global from $290.00 to $375.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Monness Crespi & Hardt began coverage on Coinbase Global in a research note on Monday, October 28th. They set a “buy” rating and a $245.00 price objective for the company. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $251.00.

Coinbase Global Price Performance

The firm has a 50-day simple moving average of $205.45 and a 200 day simple moving average of $213.30. The firm has a market cap of $78.33 billion, a PE ratio of 55.14 and a beta of 3.34. 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 posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 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 the consensus estimate of $1.26 billion. During the same period in the previous year, the firm earned ($0.01) EPS. The company’s revenue was up 78.8% on a year-over-year basis. As a group, equities analysts expect that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Insider Activity at Coinbase Global

In other news, insider Lawrence J. Brock sold 4,635 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $250.00, for a total value of $1,158,750.00. Following the transaction, the insider now owns 18,525 shares in the company, valued at approximately $4,631,250. This represents a 20.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Paul Grewal sold 16,962 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the sale, the insider now directly owns 75,556 shares of the company’s stock, valued at $15,637,069.76. This trade represents a 18.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 135,822 shares of company stock valued at $30,921,194 in the last 90 days. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC boosted its holdings in Coinbase Global by 135.1% in the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after purchasing an additional 1,540 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong bought a new stake in shares of Coinbase Global in the third quarter worth $29,756,000. Lindbrook Capital LLC lifted its holdings in Coinbase Global by 30.2% in the third quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock valued at $5,347,000 after acquiring an additional 6,963 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of Coinbase Global during the 2nd quarter valued at about $2,908,000. Finally, QRG Capital Management Inc. increased its position in shares of Coinbase Global by 237.5% during the 3rd quarter. QRG Capital Management Inc. now owns 32,743 shares of the cryptocurrency exchange’s stock valued at $5,834,000 after purchasing an additional 23,040 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.