Coinbase Global (NASDAQ:COIN) Trading Down 2.2% Following Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded down 2.2% during trading on Thursday following insider selling activity. The company traded as low as $271.39 and last traded at $273.54. 1,625,203 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 11,164,870 shares. The stock had previously closed at $279.62.

Specifically, Director Frederick Ernest Ehrsam III sold 11,421 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $273.23, for a total transaction of $3,120,559.83. Following the sale, the director now directly owns 10,417 shares in the company, valued at approximately $2,846,236.91. This trade represents a 52.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analysts Set New Price Targets

COIN has been the topic of several recent analyst reports. Oppenheimer increased their price objective on Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a research report on Monday, November 25th. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research report on Thursday, October 31st. Mizuho boosted their price target on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. Keefe, Bruyette & Woods increased their price objective on shares of Coinbase Global from $165.00 to $275.00 and gave the stock a “market perform” rating in a research note on Friday, December 20th. Finally, Needham & Company LLC boosted their target price on shares of Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $286.22.

Coinbase Global Stock Performance

The firm has a market capitalization of $66.52 billion, a PE ratio of 45.34 and a beta of 3.57. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The business’s fifty day simple moving average is $275.98 and its 200-day simple moving average is $227.96.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion for 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%. Coinbase Global’s revenue 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, equities research analysts expect that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Institutional Investors Weigh In On Coinbase Global

Several large investors have recently made changes to their positions in COIN. Allspring Global Investments Holdings LLC boosted its position in shares of Coinbase Global by 18.2% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 8,386 shares of the cryptocurrency exchange’s stock valued at $1,864,000 after acquiring an additional 1,291 shares during the last quarter. HB Wealth Management LLC increased its holdings in shares of Coinbase Global by 35.0% in the 2nd quarter. HB Wealth Management LLC now owns 1,339 shares of the cryptocurrency exchange’s stock worth $298,000 after buying an additional 347 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Coinbase Global by 15.6% during the 2nd quarter. Principal Financial Group Inc. now owns 16,805 shares of the cryptocurrency exchange’s stock valued at $3,735,000 after buying an additional 2,264 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Coinbase Global by 26.2% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,876 shares of the cryptocurrency exchange’s stock valued at $417,000 after acquiring an additional 389 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Coinbase Global by 16.7% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 17,253 shares of the cryptocurrency exchange’s stock worth $3,834,000 after acquiring an additional 2,467 shares in the last quarter. 68.84% of the stock is 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.