Coinbase Global (NASDAQ:COIN) Stock Price Down 0.8% – Should You Sell?

Coinbase Global, Inc. (NASDAQ:COIN) traded down 0.8% during trading on Monday . The stock traded as low as $259.70 and last traded at $264.42. 5,330,849 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 10,154,119 shares. The stock had previously closed at $266.46.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Mizuho dropped their price objective on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Keefe, Bruyette & Woods increased their target price on Coinbase Global from $183.00 to $205.00 and gave the stock a “market perform” rating in a report on Friday, May 9th. Rosenblatt Securities restated a “buy” rating and set a $260.00 price objective on shares of Coinbase Global in a research report on Monday, May 12th. The Goldman Sachs Group upped their price objective on Coinbase Global from $189.00 to $209.00 and gave the stock a “neutral” rating in a research report on Monday, May 12th. Finally, JPMorgan Chase & Co. dropped their target price on Coinbase Global from $276.00 to $215.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Ten investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $266.40.

Coinbase Global Stock Down 0.9%

The stock has a fifty day moving average price of $191.65 and a two-hundred day moving average price of $244.75. The company has a market cap of $67.02 billion, a P/E ratio of 27.79 and a beta of 3.62. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The business’s revenue was up 24.2% compared to the same quarter last year. During the same quarter last year, the business posted $2.53 earnings per share. On average, research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 15,000 shares of the stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $168.53, for a total transaction of $2,527,950.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at $88,646.78. This represents a 96.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Frederick Ernest Ehrsam III sold 15,517 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $260.98, for a total value of $4,049,626.66. Following the sale, the director now owns 10,417 shares of the company’s stock, valued at $2,718,628.66. This represents a 59.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 168,764 shares of company stock worth $35,671,592 over the last ninety days. 17.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in COIN. McElhenny Sheffield Capital Management LLC purchased a new stake in shares of Coinbase Global in the 4th quarter worth about $252,000. Savant Capital LLC purchased a new stake in shares of Coinbase Global in the 4th quarter worth about $591,000. Principal Financial Group Inc. grew its position in shares of Coinbase Global by 219.2% in the 3rd quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock worth $9,558,000 after buying an additional 36,843 shares during the period. Oxinas Partners Wealth Management LLC purchased a new stake in shares of Coinbase Global in the 4th quarter worth about $265,000. Finally, Robeco Institutional Asset Management B.V. grew its position in shares of Coinbase Global by 33.4% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 103,619 shares of the cryptocurrency exchange’s stock worth $25,729,000 after buying an additional 25,972 shares during the period. 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.