Coinbase Global (NASDAQ:COIN) Trading Down 0.6% After Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) were down 0.6% on Tuesday following insider selling activity. The company traded as low as $231.11 and last traded at $232.75. Approximately 1,636,791 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 11,295,895 shares. The stock had previously closed at $234.20.

Specifically, COO Emilie Choi sold 1,500 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $195.90, for a total transaction of $293,850.00. Following the completion of the sale, the chief operating officer now directly owns 204,436 shares in the company, valued at approximately $40,049,012.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Lawrence J. Brock sold 16,456 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $223.34, for a total transaction of $3,675,283.04. Following the transaction, the insider now directly owns 16,140 shares of the company’s stock, valued at $3,604,707.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $195.90, for a total transaction of $293,850.00. Following the completion of the sale, the chief operating officer now owns 204,436 shares of the company’s stock, valued at $40,049,012.40. The disclosure for this sale can be found here. Insiders sold 280,176 shares of company stock valued at $60,913,978 over the last quarter. Insiders own 23.43% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on COIN shares. Barclays cut their price objective on shares of Coinbase Global from $204.00 to $196.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 10th. Mizuho raised their price objective on Coinbase Global from $84.00 to $145.00 and gave the company an “underperform” rating in a research note on Friday, April 12th. Keefe, Bruyette & Woods boosted their price objective on Coinbase Global from $230.00 to $240.00 and gave the company a “market perform” rating in a report on Friday, May 3rd. JMP Securities reiterated a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a report on Friday, May 3rd. Finally, Sanford C. Bernstein lifted their price target on shares of Coinbase Global from $80.00 to $200.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $237.50.

Coinbase Global Price Performance

The company has a debt-to-equity ratio of 0.52, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market cap of $56.79 billion, a PE ratio of 46.46 and a beta of 3.40. The business’s fifty day moving average is $235.48 and its 200-day moving average is $212.96.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.61. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. On average, research analysts predict that Coinbase Global, Inc. will post 4.95 earnings per share for the current fiscal year.

Institutional Trading of Coinbase Global

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Coinbase Global by 18.4% during the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after purchasing an additional 2,624,989 shares in the last quarter. Norges Bank bought a new position in Coinbase Global in the 4th quarter worth about $202,936,000. a16z Perennial Management L.P. purchased a new stake in shares of Coinbase Global in the 4th quarter valued at about $147,646,000. Hamilton Lane Advisors LLC bought a new stake in shares of Coinbase Global during the 4th quarter valued at about $88,015,000. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Coinbase Global by 1,186.6% during the first quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock worth $139,854,000 after purchasing an additional 486,512 shares in the last quarter. Institutional investors own 68.84% of the company’s stock.

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.