Coinbase Global (NASDAQ:COIN) Shares Down 0.8% Following Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s share price was down 0.8% during mid-day trading on Friday following insider selling activity. The company traded as low as $221.00 and last traded at $222.16. Approximately 1,883,516 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 11,810,193 shares. The stock had previously closed at $224.00.

Specifically, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $219.45, for a total transaction of $2,194,500.00. Following the completion of the transaction, the insider now owns 71,195 shares of the company’s stock, valued at $15,623,742.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $246.16, for a total value of $369,240.00. Following the sale, the chief operating officer now owns 207,471 shares in the company, valued at $51,071,061.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $219.45, for a total transaction of $2,194,500.00. Following the completion of the sale, the insider now owns 71,195 shares in the company, valued at approximately $15,623,742.75. The disclosure for this sale can be found here. Insiders sold a total of 360,021 shares of company stock valued at $80,655,822 over the last three months. Corporate insiders own 23.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. HC Wainwright restated a “buy” rating and issued a $315.00 target price on shares of Coinbase Global in a report on Tuesday, June 18th. Barclays lifted their price target on shares of Coinbase Global from $179.00 to $204.00 and gave the stock an “underweight” rating in a research note on Monday, May 6th. Raymond James upgraded shares of Coinbase Global from an “underperform” rating to a “market perform” rating in a research report on Tuesday, March 12th. Bank of America upgraded shares of Coinbase Global from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $110.00 to $217.00 in a research report on Friday, May 17th. Finally, JMP Securities restated a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a research report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Coinbase Global currently has an average rating of “Hold” and an average price target of $215.50.

Coinbase Global Stock Performance

The firm has a market capitalization of $54.41 billion, a PE ratio of 44.34 and a beta of 3.44. The business has a 50-day simple moving average of $227.48 and a 200-day simple moving average of $200.82. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.02 and a quick ratio of 1.02.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.61. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. Equities research analysts expect that Coinbase Global, Inc. will post 5.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of COIN. Barrett & Company Inc. bought a new position in Coinbase Global in the fourth quarter worth approximately $26,000. Creekmur Asset Management LLC bought a new position in Coinbase Global in the fourth quarter worth approximately $27,000. Concord Wealth Partners grew its stake in Coinbase Global by 322.2% in the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 87 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in Coinbase Global by 833.3% in the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 100 shares in the last quarter. Finally, Mather Group LLC. bought a new position in Coinbase Global in the first quarter worth approximately $32,000. Institutional investors own 68.84% of the company’s stock.

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.