Coinbase Global (NASDAQ:COIN) Shares Down 2% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) fell 2% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $239.10 and last traded at $239.20. 9,103,950 shares were traded during trading, a decline of 16% from the average session volume of 10,791,346 shares. The stock had previously closed at $244.19.

Specifically, CFO Alesia J. Haas sold 1,742 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $268.00, for a total value of $466,856.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Alesia J. Haas sold 5,633 shares of the stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $266.49, for a total value of $1,501,138.17. Following the transaction, the chief financial officer owned 78,714 shares of the company’s stock, valued at approximately $20,976,493.86. The trade was a 6.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $400.00 price target on shares of Coinbase Global in a research report on Friday, October 31st. Monness Crespi & Hardt upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and set a $375.00 price target on the stock in a research note on Monday, November 10th. Bank of America cut their price target on shares of Coinbase Global from $369.00 to $340.00 in a research report on Wednesday, October 1st. JPMorgan Chase & Co. reduced their price objective on shares of Coinbase Global from $404.00 to $399.00 and set an “overweight” rating for the company in a research note on Friday, October 31st. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $384.00 target price on shares of Coinbase Global in a research report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $383.54.

Coinbase Global Stock Down 2.0%

The stock has a market cap of $64.50 billion, a P/E ratio of 20.69 and a beta of 3.69. The firm has a 50 day simple moving average of $295.99 and a 200-day simple moving average of $318.05. The company has a quick ratio of 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 0.37.

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

Hedge Funds Weigh In On Coinbase Global

Institutional investors and hedge funds have recently modified their holdings of the stock. Evelyn Partners Investment Management Europe Ltd boosted its holdings in shares of Coinbase Global by 92.3% during the 2nd quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock worth $29,000 after buying an additional 36 shares during the period. REAP Financial Group LLC acquired a new stake in Coinbase Global during the third quarter worth approximately $25,000. Palisade Asset Management LLC acquired a new stake in Coinbase Global during the third quarter worth approximately $29,000. Cullen Frost Bankers Inc. bought a new stake in shares of Coinbase Global during the second quarter worth approximately $30,000. Finally, Salomon & Ludwin LLC grew its position in shares of 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 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.