Coinbase Global (NASDAQ:COIN) Shares Gap Down on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) shares gapped down before the market opened on Tuesday after an insider sold shares in the company. The stock had previously closed at $312.22, but opened at $298.26. Coinbase Global shares last traded at $304.64, with a volume of 2,361,040 shares traded.

Specifically, CAO Jennifer N. Jones sold 1,837 shares of the firm’s 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 completion of the transaction, the chief accounting officer now owns 1,160 shares in the company, valued at $342,223.20. This trade represents a 61.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction dated 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 owns 526 shares in the company, 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.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on COIN shares. Oppenheimer lifted 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. JMP Securities reaffirmed a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research note on Wednesday, October 9th. Compass Point lowered their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. Finally, Bank of America increased their price objective on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Hold” and a consensus price target of $255.22.

Coinbase Global Stock Up 6.0 %

The stock has a fifty day moving average of $219.83 and a two-hundred day moving average of $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. The stock has a market cap of $77.85 billion, a price-to-earnings ratio of 53.07 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last released 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 firm 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 business’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.01) earnings per share. As a group, analysts predict that Coinbase Global, Inc. will post 4.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Coinbase Global

Institutional investors have recently bought and sold shares of the business. Janus Henderson Group PLC increased its holdings in Coinbase Global by 66.4% in the 1st quarter. Janus Henderson Group PLC now owns 17,127 shares of the cryptocurrency exchange’s stock valued at $4,539,000 after purchasing an additional 6,835 shares in the last quarter. Hancock Whitney Corp purchased a new stake in shares of Coinbase Global during the 1st quarter valued at about $1,129,000. LBP AM SA purchased a new stake in shares of Coinbase Global during the 1st quarter valued at about $417,000. Swedbank AB acquired a new position in Coinbase Global during the 1st quarter worth approximately $5,047,000. Finally, Cetera Investment Advisers boosted its holdings in Coinbase Global by 303.5% in the 1st quarter. Cetera Investment Advisers now owns 25,935 shares of the cryptocurrency exchange’s stock worth $6,876,000 after acquiring an additional 19,508 shares during the period. 68.84% of the stock is currently owned by hedge funds and other 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.