Coinbase Global (NASDAQ:COIN) Shares Gap Down on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s share price gapped down before the market opened on Monday after an insider sold shares in the company. The stock had previously closed at $204.44, but opened at $162.40. Coinbase Global shares last traded at $182.38, with a volume of 5,221,416 shares trading hands.

Specifically, COO Emilie Choi sold 1,500 shares of the 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 completion of the transaction, the chief operating officer now directly owns 204,436 shares in the company, valued at approximately $40,049,012.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Frederick Ernest Ehrsam III sold 114,216 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $202.30, for a total value of $23,105,896.80. Following the completion of the sale, the director now owns 4,662 shares of the company’s stock, valued at approximately $943,122.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $195.90, for a total transaction of $293,850.00. Following the completion of the transaction, the chief operating officer now directly owns 204,436 shares of the company’s stock, valued at $40,049,012.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 242,221 shares of company stock worth $52,617,808. 23.43% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Citigroup raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $260.00 to $345.00 in a research report on Tuesday, July 23rd. HC Wainwright reduced their price target on Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $260.00 price objective on shares of Coinbase Global in a research note on Monday. The Goldman Sachs Group reduced their target price on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th. Finally, Wedbush boosted their target price on Coinbase Global from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Coinbase Global presently has an average rating of “Hold” and a consensus target price of $248.38.

Coinbase Global Price Performance

The firm has a market capitalization of $47.68 billion, a price-to-earnings ratio of 38.76 and a beta of 3.40. The company’s 50 day moving average is $232.54 and its 200 day moving average is $216.27. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). Coinbase Global had a return on equity of 14.72% and a net margin of 31.46%. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the company earned ($0.42) EPS. The business’s revenue for the quarter was up 104.8% on a year-over-year basis. On average, equities research analysts anticipate that Coinbase Global, Inc. will post 4.95 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Coinbase Global by 18.4% during the 1st 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 in the last quarter. Norges Bank acquired a new stake in Coinbase Global during the fourth quarter worth about $202,936,000. a16z Perennial Management L.P. bought a new position in Coinbase Global in the 4th quarter valued at about $147,646,000. Hamilton Lane Advisors LLC acquired a new position in shares of Coinbase Global in the 4th quarter valued at approximately $88,015,000. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Coinbase Global by 1,186.6% during the 1st 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 period. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Company Profile

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.