Coinbase Global (NASDAQ:COIN) Stock Price Down 1.7% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) shares dropped 1.7% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $307.41 and last traded at $313.66. Approximately 9,811,332 shares changed hands during mid-day trading, a decline of 9% from the average daily volume of 10,827,417 shares. The stock had previously closed at $319.13.

Specifically, Director Frederick R. Wilson sold 40,000 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $300.00, for a total value of $12,000,000.00. Following the completion of the transaction, the director now directly owns 50,000 shares in the company, valued at $15,000,000. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Frederick R. Wilson sold 10,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the director now owns 90,000 shares of the company’s stock, valued at $22,940,100. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, insider Lawrence J. Brock sold 4,635 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $250.00, for a total transaction of $1,158,750.00. Following the completion of the sale, the insider now directly owns 18,525 shares in the company, valued at approximately $4,631,250. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Analyst Ratings Changes

COIN has been the subject of a number of research reports. Monness Crespi & Hardt started coverage on shares of Coinbase Global in a report on Monday, October 28th. They set a “buy” rating and a $245.00 target price for the company. Bank of America upped their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Mizuho increased 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. Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and increased their target price for the stock from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Finally, Needham & Company LLC increased their target price on shares of Coinbase Global from $260.00 to $290.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $246.28.

Coinbase Global Stock Down 1.9 %

The business’s fifty day moving average price is $190.74 and its 200 day moving average price is $210.23. The company has a market capitalization of $78.41 billion, a P/E ratio of 53.53 and a beta of 3.34. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the business earned ($0.01) earnings per share. The company’s revenue for the quarter was up 78.8% on a year-over-year basis. As a group, equities research analysts predict that Coinbase Global, Inc. will post 4.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

Institutional investors have recently added to or reduced their stakes in the company. Crewe Advisors LLC lifted its holdings in Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after purchasing an additional 104 shares during the last quarter. Lynx Investment Advisory bought a new position in shares of Coinbase Global in the second quarter worth about $29,000. Versant Capital Management Inc raised its stake in shares of Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 57 shares during the last quarter. ORG Wealth Partners LLC bought a new position in shares of Coinbase Global in the third quarter worth about $32,000. Finally, Spirit of America Management Corp NY acquired a new stake in shares of Coinbase Global during the 2nd quarter worth approximately $33,000. 68.84% of the stock is owned by 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.