Coinbase Global (NASDAQ:COIN) Shares Down 2.2% – What’s Next?

Coinbase Global, Inc. (NASDAQ:COIN) shares fell 2.2% during mid-day trading on Tuesday . The stock traded as low as $188.31 and last traded at $192.02. 8,210,034 shares were traded during trading, a decline of 20% from the average session volume of 10,326,585 shares. The stock had previously closed at $196.35.

Analyst Ratings Changes

Several analysts have recently issued reports on COIN shares. Barclays increased their price objective on Coinbase Global from $169.00 to $175.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. The Goldman Sachs Group lowered their price target on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. HC Wainwright reduced their price objective on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and set a $260.00 target price on shares of Coinbase Global in a research note on Monday, August 5th. Finally, Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and raised their price target for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $246.44.

Coinbase Global Price Performance

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $50.15 billion, a price-to-earnings ratio of 40.76 and a beta of 3.35. The company has a fifty day moving average price of $179.44 and a two-hundred day moving average price of $211.95.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The firm’s revenue for the quarter was up 104.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.42) EPS. On average, equities research analysts expect that Coinbase Global, Inc. will post 3.92 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Alesia J. Haas sold 5,250 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the completion of the sale, the chief financial officer now owns 169,786 shares in the company, valued at $33,150,716.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO Alesia J. Haas sold 5,250 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the transaction, the chief financial officer now directly owns 169,786 shares in the company, valued at $33,150,716.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $235.75, for a total transaction of $2,357,500.00. Following the completion of the sale, the insider now owns 71,195 shares of the company’s stock, valued at approximately $16,784,221.25. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 80,787 shares of company stock valued at $15,434,018 over the last quarter. 23.43% of the stock is currently owned by insiders.

Institutional Trading of Coinbase Global

A number of institutional investors have recently modified their holdings of COIN. Vanguard Group Inc. boosted its holdings in Coinbase Global by 18.4% during the first quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock worth $4,482,190,000 after buying an additional 2,624,989 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Coinbase Global by 185.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after acquiring an additional 691,288 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in Coinbase Global by 1,186.6% during the first quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock worth $139,854,000 after purchasing an additional 486,512 shares during the last quarter. American Century Companies Inc. boosted its position in Coinbase Global by 1,136.7% during the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after purchasing an additional 435,886 shares in the last quarter. Finally, APEIRON CAPITAL Ltd acquired a new stake in Coinbase Global in the first quarter valued at $108,434,000. 68.84% of the stock is currently 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.