Coinbase Global (NASDAQ:COIN) Shares Gap Down – Should You Sell?

Coinbase Global, Inc. (NASDAQ:COIN)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $312.22, but opened at $298.26. Coinbase Global shares last traded at $304.64, with a volume of 2,361,040 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on COIN. Oppenheimer upped their target price on shares of Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research report on Monday. Mizuho lifted their target price on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a report on Thursday, October 31st. B. Riley initiated coverage on Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. JMP Securities reaffirmed a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a research note on Wednesday, October 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $255.22.

Coinbase Global Stock Performance

The company has a market cap of $77.01 billion, a P/E ratio of 51.53 and a beta of 3.34. The firm has a 50 day moving average of $217.21 and a 200-day moving average of $215.90. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the previous year, the company earned ($0.01) earnings per share. The firm’s revenue was up 78.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Coinbase Global, Inc. will post 4.27 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $188.94, for a total transaction of $283,410.00. Following the transaction, the chief operating officer now owns 197,101 shares in the company, valued at $37,240,262.94. This represents a 0.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of Coinbase Global stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 177,129 shares of company stock valued at $46,522,970. Corporate insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. APEIRON CAPITAL Ltd acquired a new position in shares of Coinbase Global in the first quarter valued at about $108,434,000. BOKF NA increased its stake in shares of Coinbase Global by 9,906.9% in the first quarter. BOKF NA now owns 2,902 shares of the cryptocurrency exchange’s stock worth $732,000 after acquiring an additional 2,873 shares during the period. Public Employees Retirement Association of Colorado raised its holdings in shares of Coinbase Global by 5.4% during the first quarter. Public Employees Retirement Association of Colorado now owns 18,599 shares of the cryptocurrency exchange’s stock worth $4,931,000 after purchasing an additional 955 shares during the last quarter. Bayesian Capital Management LP purchased a new stake in Coinbase Global in the first quarter valued at $663,000. Finally, Janus Henderson Group PLC grew its holdings in Coinbase Global by 66.4% during the first quarter. Janus Henderson Group PLC now owns 17,127 shares of the cryptocurrency exchange’s stock worth $4,539,000 after acquiring an additional 6,835 shares during the period. Hedge funds and other 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.