Coinbase Global (NASDAQ:COIN) Shares Gap Down After Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $312.22, but opened at $298.26. Coinbase Global shares last traded at $304.64, with a volume of 2,361,040 shares changing hands.

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

Wall Street Analyst Weigh In

A number of brokerages have commented on COIN. Oppenheimer raised their price target on shares of Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research note on Monday. JMP Securities restated a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a research note on Wednesday, October 9th. Canaccord Genuity Group restated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research note on Thursday, October 31st. 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. Finally, HC Wainwright restated a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a research note on Tuesday, October 29th. 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 company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $255.22.

Coinbase Global Stock Up 6.0 %

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 firm’s 50-day moving average is $219.83 and its two-hundred day moving average is $216.55. The stock has a market cap of $77.85 billion, a P/E ratio of 53.07 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share 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 company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the firm earned ($0.01) EPS. The business’s revenue for the quarter was up 78.8% on a year-over-year basis. On average, equities research analysts anticipate that Coinbase Global, Inc. will post 4.27 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Banco Santander S.A. raised its position in Coinbase Global by 12.7% in the 3rd quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock worth $26,531,000 after purchasing an additional 16,737 shares during the last quarter. Global Retirement Partners LLC raised its position in shares of Coinbase Global by 135.1% during the 3rd quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock valued at $477,000 after acquiring an additional 1,540 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong bought a new stake in shares of Coinbase Global during the 3rd quarter valued at $29,756,000. Lindbrook Capital LLC raised its position in shares of Coinbase Global by 30.2% during the 3rd 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 last quarter. Finally, Sanctuary Advisors LLC bought a new stake in shares of Coinbase Global during the 2nd quarter valued at $2,908,000. 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.