Coinbase Global (NASDAQ:COIN) Shares Down 3.3% Following Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) dropped 3.3% on Tuesday after an insider sold shares in the company. The company traded as low as $298.20 and last traded at $301.96. Approximately 3,772,040 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 11,152,759 shares. The stock had previously closed at $312.22.

Specifically, CAO Jennifer N. Jones sold 1,837 shares of Coinbase Global stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $295.02, for a total value of $541,951.74. Following the transaction, the chief accounting officer now owns 1,160 shares in the company, valued at $342,223.20. The trade was a 61.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $172,528. The trade was a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several research analysts recently commented on COIN shares. Mizuho boosted their price objective on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a report on Thursday, October 31st. Monness Crespi & Hardt started coverage on Coinbase Global in a research note on Monday, October 28th. They set a “buy” rating and a $245.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research report on Tuesday, October 29th. Finally, Compass Point cut their price target on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $255.22.

Coinbase Global Stock Performance

The business’s 50-day simple moving average is $219.83 and its two-hundred day simple moving average is $216.55. 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 firm has a market cap of $77.85 billion, a price-to-earnings ratio of 53.07 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last issued its quarterly 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 for the quarter, compared to analysts’ expectations 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 for the quarter was up 78.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.01) EPS. As a group, sell-side analysts expect that Coinbase Global, Inc. will post 4.27 earnings per share for the current fiscal year.

Institutional Trading of Coinbase Global

Several institutional investors have recently modified their holdings of the stock. Crewe Advisors LLC lifted its stake 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 buying an additional 104 shares in the last quarter. Lynx Investment Advisory purchased a new position in shares of Coinbase Global in the second quarter valued at approximately $29,000. Versant Capital Management Inc boosted its stake in shares of Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 57 shares during the last quarter. RPg Family Wealth Advisory LLC purchased a new stake in shares of Coinbase Global during the third quarter worth approximately $25,000. Finally, Spirit of America Management Corp NY purchased a new stake in shares of Coinbase Global during the second quarter worth approximately $33,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.