Coinbase Global (NASDAQ:COIN) Trading Down 7.6% – Should You Sell?

Coinbase Global, Inc. (NASDAQ:COIN) shares fell 7.6% on Thursday . The company traded as low as $193.73 and last traded at $195.65. 4,767,377 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 10,362,708 shares. The stock had previously closed at $211.74.

Analyst Ratings Changes

A number of brokerages have weighed in on COIN. Needham & Company LLC upped their price objective on shares of Coinbase Global from $260.00 to $290.00 and gave the stock a “buy” rating in a report on Thursday. Barclays upped their target price on shares of Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research note on Thursday. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a research note on Thursday. Bank of America upped their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Piper Sandler reiterated a “neutral” rating and issued a $245.00 target price on shares of Coinbase Global in a research note on Friday. One 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $246.28.

Coinbase Global Trading Up 2.0 %

The firm has a market capitalization of $45.44 billion, a PE ratio of 31.21 and a beta of 3.35. 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 stock’s fifty day simple moving average is $180.98 and its 200 day simple moving average is $208.73.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). Coinbase Global had a net margin of 29.76% and a return on equity of 15.38%. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the company posted ($0.42) earnings per share. The firm’s quarterly revenue was up 104.8% on a year-over-year basis. On average, sell-side analysts predict that Coinbase Global, Inc. will post 4.11 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 16,962 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the sale, the insider now directly owns 75,556 shares of the company’s stock, valued at approximately $15,637,069.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Gokul Rajaram sold 400 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total value of $81,776.00. Following the completion of the sale, the director now directly owns 7,771 shares of the company’s stock, valued at $1,588,703.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Grewal sold 16,962 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the sale, the insider now directly owns 75,556 shares of the company’s stock, valued at approximately $15,637,069.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 79,687 shares of company stock valued at $14,908,594. Insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC grew its stake 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 acquiring an additional 1,540 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Coinbase Global during the second quarter valued at $2,908,000. Intech Investment Management LLC grew its stake in Coinbase Global by 454.3% during the first quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock valued at $10,752,000 after acquiring an additional 33,240 shares in the last quarter. QRG Capital Management Inc. lifted its position in Coinbase Global by 130.5% during the second quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock valued at $2,156,000 after purchasing an additional 5,493 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in Coinbase Global by 122.2% during the third quarter. Blue Trust Inc. now owns 7,503 shares of the cryptocurrency exchange’s stock valued at $1,337,000 after purchasing an additional 4,127 shares during the last quarter. 68.84% of the stock is 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.