Coinbase Global (NASDAQ:COIN) Shares Down 3.5% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s share price fell 3.5% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $243.70 and last traded at $243.7820. 8,217,298 shares traded hands during trading, a decline of 24% from the average session volume of 10,797,455 shares. The stock had previously closed at $252.61.

Specifically, CFO Alesia J. Haas sold 1,742 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $268.00, for a total transaction of $466,856.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alesia J. Haas sold 5,633 shares of Coinbase Global stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $266.49, for a total value of $1,501,138.17. Following the completion of the transaction, the chief financial officer owned 78,714 shares in the company, valued at $20,976,493.86. This trade represents a 6.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Monness Crespi & Hardt upgraded Coinbase Global from a “neutral” rating to a “buy” rating and set a $375.00 price target for the company in a research note on Monday, November 10th. Needham & Company LLC reissued a “buy” rating and issued a $400.00 price objective on shares of Coinbase Global in a research note on Friday, October 31st. Cantor Fitzgerald cut their price objective on shares of Coinbase Global from $500.00 to $459.00 and set an “overweight” rating for the company in a research report on Friday, October 31st. Rothschild & Co Redburn reduced their target price on shares of Coinbase Global from $417.00 to $404.00 and set a “buy” rating for the company in a research note on Friday, November 28th. Finally, Rothschild Redb raised shares of Coinbase Global from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Coinbase Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $388.18.

Coinbase Global Stock Down 3.5%

The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.40 and a current ratio of 2.40. The company has a market capitalization of $65.73 billion, a PE ratio of 21.09 and a beta of 3.69. The firm’s 50-day simple moving average is $298.95 and its 200 day simple moving average is $318.60.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.40. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The business had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter last year, the firm posted $0.28 EPS. The business’s revenue was up 55.1% compared to the same quarter last year. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. REAP Financial Group LLC purchased a new stake in shares of Coinbase Global during the 3rd quarter worth approximately $25,000. Evelyn Partners Investment Management Europe Ltd raised its holdings in Coinbase Global by 92.3% during the second quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock worth $29,000 after purchasing an additional 36 shares during the last quarter. Palisade Asset Management LLC acquired a new position in Coinbase Global during the third quarter worth $29,000. Cullen Frost Bankers Inc. purchased a new stake in Coinbase Global during the second quarter worth $30,000. Finally, Salomon & Ludwin LLC grew its holdings in Coinbase Global by 4,400.0% in the third quarter. Salomon & Ludwin LLC now owns 90 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 88 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.