Coinbase Global (NASDAQ:COIN) Stock Price Down 0.8% – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN) fell 0.8% during mid-day trading on Tuesday . The company traded as low as $251.66 and last traded at $253.48. 1,672,442 shares were traded during mid-day trading, a decline of 85% from the average session volume of 11,102,240 shares. The stock had previously closed at $255.56.

Analysts Set New Price Targets

COIN has been the subject of several recent research reports. JMP Securities restated a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a report on Wednesday, October 9th. B. Riley initiated coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target for the company. Oppenheimer lifted their price objective on shares of Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a report on Monday, November 25th. Keefe, Bruyette & Woods boosted their price objective on shares of Coinbase Global from $165.00 to $275.00 and gave the stock a “market perform” rating in a research note on Friday, December 20th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $286.22.

Coinbase Global Stock Down 1.6 %

The firm has a market capitalization of $62.98 billion, a price-to-earnings ratio of 42.93 and a beta of 3.57. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The business has a fifty day moving average price of $276.82 and a two-hundred day moving average price of $227.71.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s quarterly revenue was up 78.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.01) earnings per share. On average, equities analysts expect that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

Insider Buying and Selling

In other news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $181.36, for a total value of $272,040.00. Following the completion of the sale, the chief operating officer now directly owns 176,601 shares in the company, valued at $32,028,357.36. The trade was a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Frederick Ernest Ehrsam III sold 11,421 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $273.23, for a total value of $3,120,559.83. Following the transaction, the director now owns 10,417 shares in the company, valued at $2,846,236.91. This trade represents a 52.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 270,641 shares of company stock valued at $80,937,273 over the last ninety days. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of large investors have recently added to or reduced their stakes in the stock. RPg Family Wealth Advisory LLC acquired a new position in shares of Coinbase Global during the third quarter valued at approximately $25,000. ORG Wealth Partners LLC acquired a new position in Coinbase Global in the 3rd quarter valued at $32,000. Abich Financial Wealth Management LLC lifted its holdings in Coinbase Global by 548.5% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock valued at $48,000 after purchasing an additional 181 shares in the last quarter. Hantz Financial Services Inc. acquired a new stake in Coinbase Global during the 2nd quarter worth $54,000. Finally, Brown Brothers Harriman & Co. grew its holdings in shares of Coinbase Global by 408.0% during the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after buying an additional 204 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.