Coinbase Global (NASDAQ:COIN) Shares Down 2.8% Following Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) fell 2.8% during trading on Friday after an insider sold shares in the company. The stock traded as low as $263.21 and last traded at $266.80. 2,094,286 shares changed hands during trading, a decline of 81% from the average session volume of 11,139,242 shares. The stock had previously closed at $274.41.

Specifically, Director Frederick Ernest Ehrsam III sold 11,421 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $273.23, for a total transaction of $3,120,559.83. Following the sale, the director now owns 10,417 shares of the company’s stock, valued at approximately $2,846,236.91. The trade was a 52.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

COIN has been the topic of a number of recent research reports. Oppenheimer lifted their price target on Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a research note on Monday, November 25th. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a report on Thursday, October 31st. Mizuho raised their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. Needham & Company LLC boosted their price objective on shares of Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $245.00 target price on shares of Coinbase Global in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Coinbase Global currently has a consensus rating of “Hold” and a consensus target price of $286.22.

Coinbase Global Stock Down 2.6 %

The company has a market cap of $66.94 billion, a price-to-earnings ratio of 45.63 and a beta of 3.57. The stock’s 50-day moving average is $275.07 and its 200-day moving average is $227.85. 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 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). The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. Coinbase Global’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.01) EPS. On average, analysts anticipate that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Clear Street Derivatives LLC bought a new stake in shares of Coinbase Global during the third quarter valued at approximately $409,919,000. Renaissance Technologies LLC raised its holdings in Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after buying an additional 691,288 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Coinbase Global by 1,136.7% in the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after buying an additional 435,886 shares in the last quarter. Geode Capital Management LLC grew 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 buying an additional 314,388 shares during the last quarter. Finally, Azora Capital LP increased its position in shares of Coinbase Global by 214.1% during the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock worth $57,525,000 after acquiring an additional 220,078 shares in the last quarter. 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.