Coinbase Global (NASDAQ:COIN) Shares Down 2.2% Following Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded down 2.2% on Thursday following insider selling activity. The company traded as low as $271.39 and last traded at $273.54. 1,625,203 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 11,164,870 shares. The stock had previously closed at $279.62.

Specifically, Director Frederick Ernest Ehrsam III sold 11,421 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $273.23, for a total transaction of $3,120,559.83. Following the sale, the director now directly owns 10,417 shares of the company’s stock, valued at $2,846,236.91. This trade represents a 52.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

Several analysts recently issued reports on COIN shares. Monness Crespi & Hardt increased their target price on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Keefe, Bruyette & Woods increased their price objective on shares of Coinbase Global from $165.00 to $275.00 and gave the company a “market perform” rating in a report on Friday, December 20th. B. Riley started coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price on the stock. Barclays raised their target price on shares of Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. Finally, Bank of America increased their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $286.22.

Coinbase Global Trading Down 3.2 %

The company’s 50 day moving average price is $275.98 and its two-hundred day moving average price is $227.96. The firm has a market cap of $66.52 billion, a PE ratio of 45.34 and a beta of 3.57. 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 issued 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 firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate 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 quarter in the previous year, the company posted ($0.01) earnings per share. As a group, sell-side analysts forecast that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Institutional Investors Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. boosted its holdings in Coinbase Global by 219.2% during the 3rd quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock valued at $9,558,000 after acquiring an additional 36,843 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Coinbase Global during the third quarter valued at $94,000. Virtu Financial LLC bought a new position in shares of Coinbase Global in the third quarter worth about $3,866,000. TD Private Client Wealth LLC purchased a new position in Coinbase Global in the 3rd quarter worth about $77,000. Finally, Sunbelt Securities Inc. lifted its holdings in Coinbase Global by 25.9% during the 3rd quarter. Sunbelt Securities Inc. now owns 696 shares of the cryptocurrency exchange’s stock valued at $124,000 after buying an additional 143 shares in the last quarter. 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.