Coinbase Global (NASDAQ:COIN) Trading Down 8% – Here’s Why

Coinbase Global, Inc. (NASDAQ:COIN) was down 8% during mid-day trading on Monday . The stock traded as low as $274.00 and last traded at $274.31. Approximately 19,208,533 shares were traded during mid-day trading, an increase of 153% from the average daily volume of 7,607,109 shares. The stock had previously closed at $298.11.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods raised their price target on shares of Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a research report on Tuesday. Needham & Company LLC reissued a “buy” rating and set a $330.00 target price on shares of Coinbase Global in a research report on Thursday, February 13th. Piper Sandler upped their target price on Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Mizuho upgraded Coinbase Global from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $250.00 to $290.00 in a report on Wednesday, January 29th. Finally, Oppenheimer cut their price objective on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Nine analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Coinbase Global currently has an average rating of “Moderate Buy” and an average price target of $303.94.

Coinbase Global Trading Down 2.3 %

The firm has a 50-day simple moving average of $279.49 and a 200-day simple moving average of $239.21. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The stock has a market cap of $64.76 billion, a PE ratio of 27.23 and a beta of 3.61.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. Equities analysts forecast that Coinbase Global, Inc. will post 4.56 earnings per share for the current year.

Insider Activity

In related news, insider Paul Grewal sold 7,104 shares of Coinbase Global stock in a transaction on Monday, November 25th. The stock was sold at an average price of $307.80, for a total transaction of $2,186,611.20. Following the completion of the sale, the insider now owns 79,407 shares of the company’s stock, valued at approximately $24,441,474.60. This trade represents a 8.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 7,614 shares of the business’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $295.10, for a total value of $2,246,891.40. Following the transaction, the director now owns 10,417 shares of the company’s stock, valued at approximately $3,074,056.70. The trade was a 42.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 336,143 shares of company stock worth $97,842,603. 23.43% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Hedge funds have recently bought and sold shares of the stock. Banco Santander S.A. lifted its holdings in shares of Coinbase Global by 12.7% during the 3rd quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock worth $26,531,000 after acquiring an additional 16,737 shares during the last quarter. Global Retirement Partners LLC raised its position in Coinbase Global by 135.1% during the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock valued at $477,000 after purchasing an additional 1,540 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong bought a new stake in Coinbase Global during the third quarter worth about $29,756,000. Lindbrook Capital LLC boosted its holdings in shares of Coinbase Global by 30.2% in the 3rd quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock worth $5,347,000 after purchasing an additional 6,963 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Coinbase Global by 168.2% during the 3rd quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock valued at $4,648,000 after purchasing an additional 16,363 shares during the last quarter. 68.84% of the stock is currently 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.