Coinbase Global (NASDAQ:COIN) Shares Down 2.5% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) shares dropped 2.5% on Wednesday following insider selling activity. The company traded as low as $289.04 and last traded at $286.89. Approximately 2,251,778 shares traded hands during trading, a decline of 71% from the average daily volume of 7,778,332 shares. The stock had previously closed at $294.19.

Specifically, Director Frederick Ernest Ehrsam III sold 25,194 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $298.95, for a total value of $7,531,746.30. Following the completion of the sale, the director now directly owns 10,417 shares in the company, valued at $3,114,162.15. This represents a 70.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Frederick Ernest Ehrsam III sold 5,262 shares of Coinbase Global stock in a transaction on Friday, January 17th. The shares were sold at an average price of $300.09, for a total value of $1,579,073.58. Following the transaction, the director now owns 10,417 shares in the company, valued at $3,126,037.53. This trade represents a 33.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CFO Alesia J. Haas sold 20,000 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $300.00, for a total value of $6,000,000.00. Following the transaction, the chief financial officer now owns 124,470 shares of the company’s stock, valued at $37,341,000. This trade represents a 13.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

COIN has been the topic of a number of recent analyst reports. JMP Securities restated a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research note on Wednesday, October 9th. Piper Sandler increased their target price on Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. Barclays boosted their price target on Coinbase Global from $204.00 to $355.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. Bank of America increased their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, Mizuho upped their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $282.83.

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $74.60 billion, a P/E ratio of 50.85 and a beta of 3.59. The business has a 50-day moving average of $290.70 and a 200-day moving average of $233.19.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.01) earnings per share. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 4.81 EPS for the current year.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently modified their holdings of COIN. Empowered Funds LLC boosted its position in Coinbase Global by 0.8% during the third quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock valued at $924,000 after purchasing an additional 43 shares in the last quarter. Capital Advisors Wealth Management LLC boosted its holdings in shares of Coinbase Global by 3.2% in the 4th quarter. Capital Advisors Wealth Management LLC now owns 1,470 shares of the cryptocurrency exchange’s stock valued at $365,000 after buying an additional 45 shares in the last quarter. Creative Financial Designs Inc. ADV grew its position in shares of Coinbase Global by 9.4% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock worth $106,000 after buying an additional 51 shares during the last quarter. Pallas Capital Advisors LLC grew its position in shares of Coinbase Global by 2.0% in the 4th quarter. Pallas Capital Advisors LLC now owns 2,625 shares of the cryptocurrency exchange’s stock worth $652,000 after buying an additional 51 shares during the last quarter. Finally, Flagship Harbor Advisors LLC raised its stake in shares of Coinbase Global by 2.8% during the 4th quarter. Flagship Harbor Advisors LLC now owns 2,029 shares of the cryptocurrency exchange’s stock worth $504,000 after acquiring an additional 56 shares in 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.