Coinbase Global (NASDAQ:COIN) Trading Down 4.2% – Time to Sell?

Coinbase Global, Inc. (NASDAQ:COIN) shares dropped 4.2% on Thursday . The stock traded as low as $179.69 and last traded at $183.60. Approximately 3,009,134 shares were traded during trading, a decline of 68% from the average daily volume of 9,370,935 shares. The stock had previously closed at $191.73.

Wall Street Analyst Weigh In

A number of research firms have issued reports on COIN. Piper Sandler lifted their target price on shares of Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Keefe, Bruyette & Woods lifted their price objective on shares of Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a research note on Tuesday, February 18th. Monness Crespi & Hardt set a $420.00 target price on shares of Coinbase Global in a research report on Tuesday, February 18th. Rosenblatt Securities began coverage on Coinbase Global in a report on Friday, March 7th. They set a “buy” rating and a $305.00 target price on the stock. Finally, Bank of America decreased their price target on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $307.89.

Coinbase Global Stock Down 6.1 %

The firm’s 50-day simple moving average is $258.42 and its 200-day simple moving average is $241.08. The company has a market capitalization of $45.68 billion, a price-to-earnings ratio of 18.94 and a beta of 3.66. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. Sell-side analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity

In related news, Director Frederick Ernest Ehrsam III sold 25,194 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $298.95, for a total value of $7,531,746.30. Following the sale, the director now owns 10,417 shares of the company’s stock, valued at $3,114,162.15. The trade was a 70.75 % 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, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the completion of the transaction, the insider now directly owns 69,407 shares of the company’s stock, valued at $17,816,082.83. This trade represents a 12.59 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 219,455 shares of company stock worth $60,955,968. Company insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several institutional investors have recently bought and sold shares of COIN. RPg Family Wealth Advisory LLC acquired a new stake in shares of Coinbase Global in the 3rd quarter valued at $25,000. Copia Wealth Management bought a new position in Coinbase Global during the 4th quarter valued at about $26,000. Wingate Wealth Advisors Inc. acquired a new position in Coinbase Global in the fourth quarter valued at about $27,000. Atala Financial Inc acquired a new stake in shares of Coinbase Global during the fourth quarter worth approximately $27,000. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Coinbase Global by 365.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after acquiring an additional 106 shares in the last quarter. Institutional investors and hedge funds 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.