Coinbase Global (NASDAQ:COIN) Trading Down 1.1% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price dropped 1.1% on Tuesday following insider selling activity. The stock traded as low as $306.50 and last traded at $320.82. Approximately 11,599,204 shares changed hands during mid-day trading, an increase of 8% from the average daily volume of 10,776,157 shares. The stock had previously closed at $324.24.

Specifically, Director Frederick R. Wilson sold 40,000 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $300.00, for a total transaction of $12,000,000.00. Following the transaction, the director now owns 50,000 shares in the company, valued at $15,000,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederick R. Wilson sold 10,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $254.89, for a total transaction of $2,548,900.00. Following the sale, the director now owns 90,000 shares of the company’s stock, valued at $22,940,100. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In other news, insider Lawrence J. Brock sold 4,635 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $250.00, for a total value of $1,158,750.00. Following the completion of the transaction, the insider now directly owns 18,525 shares in the company, valued at approximately $4,631,250. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on COIN. Mizuho boosted their price target on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. Monness Crespi & Hardt started coverage on Coinbase Global in a research note on Monday, October 28th. They set a “buy” rating and a $245.00 price objective on the stock. Compass Point dropped their price objective on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $246.28.

Coinbase Global Stock Performance

The stock has a 50-day moving average of $187.74 and a 200 day moving average of $209.65. The stock has a market capitalization of $79.89 billion, a price-to-earnings ratio of 54.03 and a beta of 3.34. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period last year, the business earned ($0.01) EPS. The business’s revenue was up 78.8% on a year-over-year basis. On average, analysts expect that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Institutional Trading of Coinbase Global

A number of institutional investors and hedge funds have recently bought and sold shares of COIN. Crewe Advisors LLC raised its stake in shares of Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after purchasing an additional 104 shares during the period. Lynx Investment Advisory purchased a new stake in Coinbase Global in the second quarter worth $29,000. Versant Capital Management Inc lifted its position in 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 buying an additional 57 shares during the period. ORG Wealth Partners LLC bought a new position in shares of Coinbase Global during the third quarter valued at $32,000. Finally, Spirit of America Management Corp NY purchased a new stake in shares of Coinbase Global during the second quarter valued at $33,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.