Coinbase Global (NASDAQ:COIN) Stock Price Down 3.3% After Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) dropped 3.3% on Tuesday following insider selling activity. The stock traded as low as $298.20 and last traded at $301.96. Approximately 3,772,040 shares traded hands during trading, a decline of 66% from the average daily volume of 11,152,759 shares. The stock had previously closed at $312.22.

Specifically, CAO Jennifer N. Jones sold 1,837 shares of Coinbase Global stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $295.02, for a total value of $541,951.74. Following the transaction, the chief accounting officer now owns 1,160 shares in the company, valued at approximately $342,223.20. This trade represents a 61.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $172,528. This represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on COIN shares. Piper Sandler reiterated a “neutral” rating and set a $245.00 target price on shares of Coinbase Global in a report on Friday, November 1st. HC Wainwright reissued a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research report on Tuesday, October 29th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research report on Thursday, October 31st. Barclays boosted their price target on Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Finally, Oppenheimer boosted their target price on shares of Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research report on Monday. One 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 MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $255.22.

Coinbase Global Trading Up 6.0 %

The stock has a market cap of $77.85 billion, a P/E ratio of 53.07 and a beta of 3.34. The firm’s 50 day simple moving average is $219.83 and its two-hundred day simple moving average is $216.55. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last posted 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 business had revenue of $1.21 billion during 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%. The company’s quarterly revenue was up 78.8% on a year-over-year basis. During the same period last year, the firm posted ($0.01) earnings per share. 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 made changes to their positions in the stock. Clear Street Derivatives LLC acquired a new position in Coinbase Global during the 3rd quarter valued at approximately $409,919,000. Renaissance Technologies LLC lifted its stake in Coinbase Global by 185.9% in the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after buying an additional 691,288 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Coinbase Global by 1,136.7% during the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after acquiring an additional 435,886 shares during the period. Geode Capital Management LLC grew its position 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 worth $609,789,000 after acquiring an additional 314,388 shares during the last quarter. Finally, Azora Capital LP increased its holdings 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 worth $57,525,000 after acquiring an additional 220,078 shares during the period. 68.84% of the stock is owned by institutional investors.

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.