Coinbase Global (NASDAQ:COIN) Shares Down 4.8% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) fell 4.8% during trading on Thursday after an insider sold shares in the company. The company traded as low as $78.90 and last traded at $79.84. 5,731,714 shares traded hands during trading, a decline of 65% from the average session volume of 16,552,402 shares. The stock had previously closed at $83.83.

Specifically, CAO Jennifer N. Jones sold 74,375 shares of Coinbase Global stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $70.00, for a total transaction of $5,206,250.00. Following the sale, the chief accounting officer now directly owns 34,752 shares in the company, valued at approximately $2,432,640. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Brian Armstrong sold 29,730 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $59.90, for a total value of $1,780,827.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jennifer N. Jones sold 74,375 shares of the business’s stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $70.00, for a total value of $5,206,250.00. Following the completion of the sale, the chief accounting officer now owns 34,752 shares of the company’s stock, valued at $2,432,640. The disclosure for this sale can be found here. Insiders have sold 335,788 shares of company stock worth $27,245,880 in the last three months. 33.16% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Wedbush boosted their price target on Coinbase Global from $75.00 to $110.00 and gave the company an “outperformer” rating in a report on Thursday, July 13th. Compass Point boosted their price target on Coinbase Global from $100.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, July 19th. JPMorgan Chase & Co. boosted their price target on Coinbase Global from $59.00 to $61.00 and gave the company a “neutral” rating in a report on Wednesday, August 2nd. Bank of America boosted their price objective on Coinbase Global from $49.00 to $58.00 and gave the company an “underperform” rating in a research report on Tuesday, July 25th. Finally, Wells Fargo & Company boosted their price objective on Coinbase Global from $40.00 to $43.00 in a research report on Friday, May 5th. Seven research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $77.38.

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market cap of $18.88 billion, a price-to-earnings ratio of -14.09 and a beta of 2.72. The company has a fifty day moving average price of $84.94 and a two-hundred day moving average price of $69.26.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, August 3rd. The cryptocurrency exchange reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($0.78) by $0.36. The business had revenue of $707.91 million during the quarter, compared to analyst estimates of $627.60 million. Coinbase Global had a negative return on equity of 20.68% and a negative net margin of 47.33%. The company’s revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($4.95) earnings per share. As a group, equities research analysts expect that Coinbase Global, Inc. will post -1.45 EPS for the current year.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently modified their holdings of COIN. Ancora Advisors LLC raised its position in shares of Coinbase Global by 144.0% during the fourth quarter. Ancora Advisors LLC now owns 737 shares of the cryptocurrency exchange’s stock worth $26,000 after purchasing an additional 435 shares during the period. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of Coinbase Global during the first quarter worth $27,000. Tyler Stone Wealth Management acquired a new stake in shares of Coinbase Global during the second quarter worth $31,000. Bessemer Group Inc. raised its position in Coinbase Global by 100.0% during the fourth quarter. Bessemer Group Inc. now owns 1,000 shares of the cryptocurrency exchange’s stock valued at $36,000 after buying an additional 500 shares during the period. Finally, ICA Group Wealth Management LLC acquired a new position in Coinbase Global during the fourth quarter valued at $36,000. 45.96% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. It offers the primary financial account in the cryptoeconomy for consumers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.