Coinbase Global (NASDAQ:COIN) Shares Down 1.2% After Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded down 1.2% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $234.20 and last traded at $239.84. 3,469,163 shares were traded during mid-day trading, a decline of 70% from the average session volume of 11,441,976 shares. The stock had previously closed at $242.85.

Specifically, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $195.90, for a total value of $293,850.00. Following the transaction, the chief operating officer now owns 204,436 shares of the company’s stock, valued at $40,049,012.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $195.90, for a total transaction of $293,850.00. Following the transaction, the chief operating officer now directly owns 204,436 shares in the company, valued at $40,049,012.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Jennifer N. Jones sold 450 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $225.70, for a total transaction of $101,565.00. Following the completion of the sale, the chief accounting officer now owns 1,686 shares of the company’s stock, valued at approximately $380,530.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 308,436 shares of company stock worth $67,029,600. 23.43% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Mizuho increased their price objective on Coinbase Global from $84.00 to $145.00 and gave the stock an “underperform” rating in a research report on Friday, April 12th. Oppenheimer boosted their price objective on shares of Coinbase Global from $276.00 to $282.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Keefe, Bruyette & Woods lifted their price target on shares of Coinbase Global from $230.00 to $240.00 and gave the company a “market perform” rating in a research report on Friday, May 3rd. The Goldman Sachs Group lowered their price target on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $315.00 price objective on shares of Coinbase Global in a report on Tuesday, June 18th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Coinbase Global presently has an average rating of “Hold” and a consensus price target of $220.65.

Coinbase Global Price Performance

The company has a market capitalization of $58.99 billion, a price-to-earnings ratio of 47.87 and a beta of 3.40. The company has a fifty day simple moving average of $227.94 and a two-hundred day simple moving average of $206.63. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current 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 the consensus estimate of $1.04 by $0.61. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.26 billion. As a group, research analysts anticipate that Coinbase Global, Inc. will post 5 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of COIN. Vanguard Group Inc. increased its position 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 purchasing an additional 2,624,989 shares during the last quarter. Norges Bank purchased a new position in shares of Coinbase Global in the 4th quarter worth $202,936,000. a16z Perennial Management L.P. acquired a new position in Coinbase Global in the fourth quarter valued at $147,646,000. Hamilton Lane Advisors LLC purchased a new stake in Coinbase Global during the fourth quarter valued at about $88,015,000. Finally, Canada Pension Plan Investment Board increased its stake 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 acquiring an additional 486,512 shares during the last quarter. 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.