Coinbase Global (NASDAQ:COIN) Trading Down 0.3% After Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) dropped 0.3% on Wednesday after an insider sold shares in the company. The stock traded as low as $209.47 and last traded at $219.00. Approximately 3,325,443 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 10,358,240 shares. The stock had previously closed at $219.66.

Specifically, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $209.98, for a total value of $2,099,800.00. Following the transaction, the insider now owns 74,956 shares in the company, valued at $15,739,260.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Analysts Set New Price Targets

COIN has been the subject of a number of analyst reports. Bank of America reduced their price target on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Barclays increased their price target on Coinbase Global from $169.00 to $175.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. B. Riley started coverage on Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price for the company. JMP Securities reissued a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a report on Wednesday, October 9th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a report on Tuesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $242.94.

Coinbase Global Stock Down 0.6 %

The firm has a fifty day simple moving average of $181.83 and a 200-day simple moving average of $209.20. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $53.63 billion, a P/E ratio of 43.71 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The company’s revenue was up 104.8% compared to the same quarter last year. During the same period last year, the company earned ($0.42) EPS. On average, equities research analysts expect that Coinbase Global, Inc. will post 3.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Coinbase Global

A number of large investors have recently bought and sold shares of COIN. Crewe Advisors LLC raised its position in shares of Coinbase Global by 547.4% during the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after acquiring an additional 104 shares during the last quarter. Lynx Investment Advisory acquired a new position in shares of Coinbase Global in the 2nd quarter worth approximately $29,000. Geneos Wealth Management Inc. boosted its position in shares of Coinbase Global by 833.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 100 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Coinbase Global by 75.0% during the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 57 shares during the period. Finally, ORG Wealth Partners LLC acquired a new position in shares of Coinbase Global during the third quarter worth approximately $32,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.