Coinbase Global (NASDAQ:COIN) Trading Down 8% – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN)’s share price was down 8% during mid-day trading on Monday . The stock traded as low as $274.00 and last traded at $274.31. Approximately 19,208,533 shares were traded during mid-day trading, an increase of 153% from the average daily volume of 7,607,109 shares. The stock had previously closed at $298.11.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on COIN shares. Bank of America lifted their price target on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Mizuho raised Coinbase Global from a “neutral” rating to an “outperform” rating and upped their price target for the company from $250.00 to $290.00 in a report on Wednesday, January 29th. Monness Crespi & Hardt raised their price objective on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. JMP Securities boosted their price objective on Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a report on Friday. Finally, HC Wainwright boosted their price target on shares of Coinbase Global from $255.00 to $330.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Nine investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $301.17.

Coinbase Global Trading Down 8.0 %

The firm has a market capitalization of $68.67 billion, a price-to-earnings ratio of 46.81 and a beta of 3.61. The company has a fifty day moving average price of $280.97 and a 200-day moving average price of $238.36. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, topping the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. On average, equities research analysts predict that Coinbase Global, Inc. will post 4.81 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 7,614 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $325.14, for a total transaction of $2,475,615.96. Following the transaction, the director now owns 10,417 shares in the company, valued at $3,386,983.38. This trade represents a 42.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Jennifer N. Jones sold 1,837 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $295.02, for a total transaction of $541,951.74. Following the completion of the sale, the chief accounting officer now owns 1,160 shares of the company’s stock, valued at $342,223.20. The trade was a 61.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 328,529 shares of company stock worth $95,595,712 over the last three months. Corporate insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Institutional investors have recently made changes to their positions in the business. SOA Wealth Advisors LLC. lifted its stake in Coinbase Global by 17.7% in the fourth quarter. SOA Wealth Advisors LLC. now owns 266 shares of the cryptocurrency exchange’s stock valued at $66,000 after acquiring an additional 40 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Coinbase Global by 4.3% in the 4th quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange’s stock valued at $239,000 after purchasing an additional 40 shares during the last quarter. Empowered Funds LLC grew its holdings in Coinbase Global by 0.8% during the third quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock worth $924,000 after purchasing an additional 43 shares during the period. Yousif Capital Management LLC increased its position in Coinbase Global by 1.7% during the fourth quarter. Yousif Capital Management LLC now owns 2,559 shares of the cryptocurrency exchange’s stock worth $635,000 after buying an additional 44 shares during the last quarter. Finally, Capital Advisors Wealth Management LLC raised its stake in Coinbase Global by 3.2% in the fourth quarter. Capital Advisors Wealth Management LLC now owns 1,470 shares of the cryptocurrency exchange’s stock valued at $365,000 after buying an additional 45 shares during the period. 68.84% of the stock is currently owned by 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.