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

Coinbase Global, Inc. (NASDAQ:COIN)’s share price traded down 2% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $239.10 and last traded at $239.20. 9,103,950 shares were traded during mid-day 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 firm’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $268.00, for a total transaction of $466,856.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Alesia J. Haas sold 5,633 shares of the firm’s stock in a transaction dated 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 sale, 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.

Wall Street Analysts Forecast Growth

COIN has been the topic of several research analyst reports. Rosenblatt Securities raised their price objective on Coinbase Global from $450.00 to $470.00 in a report on Friday, October 31st. HC Wainwright raised shares of Coinbase Global from a “sell” rating to a “buy” rating and lifted their price target for the company from $300.00 to $425.00 in a research note on Thursday, October 30th. B. Riley boosted their price target on shares of Coinbase Global from $185.00 to $243.00 and gave the stock a “neutral” rating in a report on Monday, November 3rd. Erste Group Bank downgraded shares of Coinbase Global from a “buy” rating to a “hold” rating in a report on Thursday, November 20th. Finally, Compass Point set a $230.00 target price on shares of Coinbase Global in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Coinbase Global currently has an average rating of “Moderate Buy” and a consensus target price of $383.54.

Coinbase Global Price Performance

The company has a 50 day moving average of $298.95 and a 200 day moving average of $318.60. 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 stock has a market capitalization of $64.50 billion, a price-to-earnings ratio of 20.69 and a beta of 3.69.

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

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Keel Point LLC raised its position in Coinbase Global by 32.2% in the 3rd quarter. Keel Point LLC now owns 829 shares of the cryptocurrency exchange’s stock valued at $280,000 after purchasing an additional 202 shares during the last quarter. FNY Investment Advisers LLC grew its position in Coinbase Global by 124.6% during the 3rd quarter. FNY Investment Advisers LLC now owns 4,216 shares of the cryptocurrency exchange’s stock worth $1,422,000 after purchasing an additional 2,339 shares during the last quarter. New Mexico Educational Retirement Board increased its stake in Coinbase Global by 5.5% in the third quarter. New Mexico Educational Retirement Board now owns 9,600 shares of the cryptocurrency exchange’s stock valued at $3,240,000 after purchasing an additional 500 shares during the period. IFP Advisors Inc purchased a new stake in shares of Coinbase Global in the third quarter valued at about $2,698,000. Finally, Swiss Life Asset Management Ltd boosted its stake in shares of Coinbase Global by 6.8% during the third quarter. Swiss Life Asset Management Ltd now owns 21,189 shares of the cryptocurrency exchange’s stock worth $7,151,000 after buying an additional 1,341 shares during the period. 68.84% 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 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.