Coinbase Global (NASDAQ:COIN) Shares Down 2.8% – Time to Sell?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) dropped 2.8% during mid-day trading on Monday . The company traded as low as $269.30 and last traded at $283.05. Approximately 4,933,191 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 8,061,978 shares. The stock had previously closed at $291.33.

Analyst Ratings Changes

Several equities analysts recently commented on COIN shares. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research report on Thursday, October 31st. Needham & Company LLC boosted their target price on shares of Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Monness Crespi & Hardt lifted their price target on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Keefe, Bruyette & Woods decreased their price objective on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a research report on Monday, January 13th. Finally, Mizuho raised Coinbase Global from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $250.00 to $290.00 in a research report on Wednesday, January 29th. Nine equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global presently has a consensus rating of “Moderate Buy” and a consensus price target of $289.06.

Coinbase Global Price Performance

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 company’s fifty day moving average price is $287.18 and its 200 day moving average price is $236.32. The firm has a market capitalization of $68.88 billion, a price-to-earnings ratio of 46.95 and a beta of 3.61.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, Director Frederick R. Wilson sold 10,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $254.89, for a total transaction of $2,548,900.00. Following the transaction, the director now owns 90,000 shares of the company’s stock, valued at approximately $22,940,100. This trade represents a 10.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $172,528. This represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 396,570 shares of company stock worth $118,103,737 over the last ninety days. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several large investors have recently made changes to their positions in the business. Clear Street Derivatives LLC purchased a new position in Coinbase Global in the 3rd quarter worth about $409,919,000. Proficio Capital Partners LLC increased its position in shares of Coinbase Global by 30,664.4% in the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock worth $103,888,000 after acquiring an additional 417,036 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Coinbase Global by 10.1% during the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after acquiring an additional 314,388 shares during the period. Azora Capital LP lifted its position in shares of Coinbase Global by 214.1% in the 3rd quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock valued at $57,525,000 after acquiring an additional 220,078 shares in the last quarter. Finally, Holocene Advisors LP acquired a new position in Coinbase Global in the 3rd quarter worth approximately $38,535,000. 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.