Coinbase Global (NASDAQ:COIN) Trading Down 1.2% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) traded down 1.2% on Wednesday after an insider sold shares in the company. The company traded as low as $222.22 and last traded at $224.87. 1,665,435 shares traded hands during trading, a decline of 86% from the average session volume of 11,712,344 shares. The stock had previously closed at $227.51.

Specifically, CFO Alesia J. Haas sold 4,200 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $247.54, for a total value of $1,039,668.00. Following the sale, the chief financial officer now directly owns 192,622 shares of the company’s stock, valued at $47,681,649.88. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CAO Jennifer N. Jones sold 15,580 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $239.28, for a total value of $3,727,982.40. Following the sale, the chief accounting officer now directly owns 2,212 shares of the company’s stock, valued at $529,287.36. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Alesia J. Haas sold 4,200 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $247.54, for a total value of $1,039,668.00. Following the completion of the sale, the chief financial officer now directly owns 192,622 shares in the company, valued at $47,681,649.88. The disclosure for this sale can be found here. Insiders have sold a total of 353,141 shares of company stock valued at $78,864,413 over the last ninety days. Company insiders own 23.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $260.00 target price on shares of Coinbase Global in a research note on Wednesday, June 5th. JPMorgan Chase & Co. increased their price objective on Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, March 15th. Oppenheimer increased their price objective on Coinbase Global from $276.00 to $282.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Canaccord Genuity Group increased their price objective on Coinbase Global from $240.00 to $280.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. Finally, Mizuho increased their price objective on Coinbase Global from $84.00 to $145.00 and gave the company an “underperform” rating in a research report on Friday, April 12th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $215.50.

Coinbase Global Price Performance

The firm has a 50 day moving average price of $227.67 and a 200 day moving average price of $203.32. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52. The stock has a market cap of $55.09 billion, a P/E ratio of 44.88 and a beta of 3.40.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.61. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. On average, analysts forecast that Coinbase Global, Inc. will post 5.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

Institutional investors and hedge funds have recently modified their holdings of the stock. Transcend Capital Advisors LLC lifted its stake in shares of Coinbase Global by 34.9% during the 2nd quarter. Transcend Capital Advisors LLC now owns 3,713 shares of the cryptocurrency exchange’s stock worth $825,000 after acquiring an additional 960 shares during the last quarter. Chelsea Counsel Co. bought a new position in shares of Coinbase Global in the 1st quarter worth $45,000. DekaBank Deutsche Girozentrale grew its stake in Coinbase Global by 5.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 27,094 shares of the cryptocurrency exchange’s stock worth $7,075,000 after buying an additional 1,349 shares during the last quarter. EULAV Asset Management purchased a new position in Coinbase Global during the 1st quarter worth $13,521,000. Finally, Cetera Advisors LLC grew its stake in Coinbase Global by 49.2% during the 1st quarter. Cetera Advisors LLC now owns 10,911 shares of the cryptocurrency exchange’s stock worth $2,893,000 after buying an additional 3,597 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Company Profile

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.