Coinbase Global (NASDAQ:COIN) Stock Price Down 4.4% – Time to Sell?

Coinbase Global, Inc. (NASDAQ:COIN) shares dropped 4.4% during mid-day trading on Monday . The company traded as low as $264.40 and last traded at $266.56. Approximately 2,258,548 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 11,208,888 shares. The stock had previously closed at $278.71.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. JMP Securities reiterated a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a research report on Wednesday, October 9th. Piper Sandler reaffirmed a “neutral” rating and issued a $245.00 price objective on shares of Coinbase Global in a research note on Friday, November 1st. 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 note on Thursday, October 31st. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price target on shares of Coinbase Global in a report on Tuesday, October 29th. Finally, Barclays raised their price objective on Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. One equities 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $286.22.

Coinbase Global Price Performance

The firm has a market capitalization of $70.00 billion, a P/E ratio of 47.72 and a beta of 3.57. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The stock’s fifty day simple moving average is $272.28 and its 200 day simple moving average is $227.16.

Coinbase Global (NASDAQ:COIN) last announced its earnings results 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%. Coinbase Global’s revenue was up 78.8% on a year-over-year basis. During the same quarter last year, the business earned ($0.01) earnings per share. On average, equities research analysts predict that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Insider Activity at Coinbase Global

In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $179.69, for a total transaction of $269,535.00. Following the sale, the chief operating officer now owns 186,101 shares of the company’s stock, valued at approximately $33,440,488.69. The trade was a 0.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Alesia J. Haas sold 5,250 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the completion of the transaction, the chief financial officer now directly owns 169,786 shares of the company’s stock, valued at approximately $33,150,716.50. This represents a 3.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 260,720 shares of company stock valued at $78,086,248 in the last ninety days. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several large investors have recently added to or reduced their stakes in COIN. Geode Capital Management LLC raised its stake in shares of Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after purchasing an additional 314,388 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Coinbase Global by 2.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after acquiring an additional 71,398 shares during the period. Clear Street Derivatives LLC purchased a new stake in shares of Coinbase Global in the 3rd quarter valued at $409,919,000. Cowen AND Company LLC increased its stake in shares of Coinbase Global by 1.5% in the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock worth $330,895,000 after acquiring an additional 22,071 shares during the period. Finally, Renaissance Technologies LLC lifted its position 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 valued at $236,258,000 after purchasing an additional 691,288 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.