Coinbase Global (NASDAQ:COIN) Trading Down 3.5% Following Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) fell 3.5% during trading on Wednesday following insider selling activity. The stock traded as low as $243.70 and last traded at $243.7820. 8,217,298 shares traded hands during trading, a decline of 24% from the average session volume of 10,797,455 shares. The stock had previously closed at $252.61.

Specifically, CFO Alesia J. Haas sold 1,742 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $268.00, for a total value of $466,856.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Alesia J. Haas sold 5,633 shares of Coinbase Global stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $266.49, for a total transaction of $1,501,138.17. Following the completion of the sale, the chief financial officer directly owned 78,714 shares of the company’s stock, valued at approximately $20,976,493.86. This trade represents a 6.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on COIN. The Goldman Sachs Group dropped their price target on Coinbase Global from $314.00 to $294.00 and set a “neutral” rating on the stock in a research note on Friday, December 5th. BTIG Research increased their target price on Coinbase Global from $410.00 to $420.00 and gave the company a “buy” rating in a report on Friday, October 31st. Deutsche Bank Aktiengesellschaft assumed coverage on Coinbase Global in a research report on Wednesday. They issued a “buy” rating and a $340.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $400.00 price target on shares of Coinbase Global in a research report on Friday, October 31st. Finally, Argus reiterated a “hold” rating on shares of Coinbase Global in a research note on Tuesday, November 25th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Coinbase Global presently has an average rating of “Moderate Buy” and an average price target of $388.18.

Coinbase Global Stock Performance

The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 0.37. The company has a market cap of $65.73 billion, a P/E ratio of 21.09 and a beta of 3.69. The business’s 50 day simple moving average is $301.82 and its 200 day simple moving average is $319.12.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.40. The firm had revenue of $1.87 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The company’s revenue for the quarter was up 55.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.28 earnings per share. Sell-side analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Coinbase Global by 8.3% in the third quarter. Vanguard Group Inc. now owns 26,216,793 shares of the cryptocurrency exchange’s stock valued at $8,847,905,000 after acquiring an additional 2,007,930 shares in the last quarter. Geode Capital Management LLC raised its stake in Coinbase Global by 46.1% during the 2nd quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange’s stock valued at $1,940,805,000 after purchasing an additional 1,755,146 shares during the period. Groupama Asset Managment lifted its holdings in Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after purchasing an additional 1,500,000 shares in the last quarter. Norges Bank purchased a new position in Coinbase Global in the 2nd quarter worth approximately $1,044,354,000. Finally, Northern Trust Corp boosted its stake in Coinbase Global by 5.9% in the 3rd quarter. Northern Trust Corp now owns 1,959,871 shares of the cryptocurrency exchange’s stock worth $661,437,000 after purchasing an additional 108,751 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.