Coinbase Global (NASDAQ:COIN) Trading Down 0.3% Following Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded down 0.3% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $209.47 and last traded at $219.00. 3,325,443 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 10,358,240 shares. The stock had previously closed at $219.66.

Specifically, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $209.98, for a total value of $2,099,800.00. Following the completion of the transaction, the insider now directly owns 74,956 shares in the company, valued at approximately $15,739,260.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. The Goldman Sachs Group cut their target price on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and lifted their target price for the company from $260.00 to $345.00 in a research report on Tuesday, July 23rd. HC Wainwright restated a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a report on Tuesday. Monness Crespi & Hardt started coverage on shares of Coinbase Global in a research note on Monday. They set a “buy” rating and a $245.00 target price on the stock. Finally, B. Riley assumed coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target for the company. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $242.94.

Coinbase Global Trading Down 0.6 %

The business has a 50 day moving average of $181.83 and a 200 day moving average of $209.20. The firm has a market cap of $53.63 billion, a price-to-earnings ratio of 43.71 and a beta of 3.35. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51.

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

Institutional Trading of Coinbase Global

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Coinbase Global by 18.4% during the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after purchasing an additional 2,624,989 shares during the period. Cowen AND Company LLC boosted its stake in Coinbase Global by 1.5% during the 2nd quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after purchasing an additional 22,071 shares during the period. Renaissance Technologies LLC boosted its stake in Coinbase Global by 185.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after purchasing an additional 691,288 shares during the period. Canada Pension Plan Investment Board grew its position in Coinbase Global by 1,186.6% in the 1st 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. Finally, American Century Companies Inc. increased its stake in shares of Coinbase Global by 1,136.7% in the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after purchasing an additional 435,886 shares during the period. 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.