Coinbase Global (NASDAQ:COIN) Trading Down 2.9% – Here’s Why

Coinbase Global, Inc. (NASDAQ:COIN) shares fell 2.9% during trading on Tuesday . The stock traded as low as $303.50 and last traded at $306.17. 3,494,706 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 11,225,260 shares. The stock had previously closed at $315.31.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on COIN shares. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a research note on Thursday, October 31st. The Goldman Sachs Group boosted their target price on Coinbase Global from $183.00 to $397.00 and gave the company a “neutral” rating in a research note on Monday, December 2nd. Bank of America raised their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Piper Sandler restated a “neutral” rating and set a $245.00 target price on shares of Coinbase Global in a report on Friday, November 1st. Finally, HC Wainwright reiterated a “buy” rating and issued a $295.00 price target on shares of Coinbase Global in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $276.22.

Coinbase Global Price Performance

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $78.14 billion, a P/E ratio of 53.41 and a beta of 3.57. The company’s fifty day moving average price is $259.81 and its 200 day moving average price is $225.48.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share 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 company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the previous year, the company posted ($0.01) earnings per share. The business’s revenue was up 78.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Insider Transactions at Coinbase Global

In other news, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the sale, the chief executive officer now directly owns 526 shares in the company, valued at approximately $172,528. This trade represents a 99.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Alesia J. Haas sold 5,250 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the completion of the transaction, the chief financial officer now directly owns 169,786 shares of the company’s stock, valued at approximately $33,150,716.50. The trade was a 3.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 270,720 shares of company stock valued at $79,787,248. Company insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Hedge funds have recently modified their holdings of the company. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Coinbase Global in the second quarter valued at approximately $333,000. Assenagon Asset Management S.A. grew its stake in shares of Coinbase Global by 39.1% in the second quarter. Assenagon Asset Management S.A. now owns 2,629 shares of the cryptocurrency exchange’s stock worth $584,000 after purchasing an additional 739 shares during the last quarter. Brookstone Capital Management increased its holdings in Coinbase Global by 7.8% in the second quarter. Brookstone Capital Management now owns 2,321 shares of the cryptocurrency exchange’s stock valued at $516,000 after purchasing an additional 168 shares during the period. Continuum Advisory LLC lifted its stake in shares of Coinbase Global by 3,000.0% in the second quarter. Continuum Advisory LLC now owns 155 shares of the cryptocurrency exchange’s stock worth $34,000 after acquiring an additional 150 shares during the period. Finally, Dakota Wealth Management bought a new stake in shares of Coinbase Global in the 2nd quarter valued at $1,340,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.