Coinbase Global (NASDAQ:COIN) Stock Price Down 2% on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) dropped 2% during trading on Thursday following insider selling activity. The stock traded as low as $239.10 and last traded at $239.20. Approximately 9,103,950 shares traded hands during trading, a decline of 16% from the average daily volume of 10,791,346 shares. The stock had previously closed at $244.19.

Specifically, CFO Alesia J. Haas sold 1,742 shares of the stock in a transaction on Monday, December 15th. The stock was sold at an average price of $268.00, for a total transaction of $466,856.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Alesia J. Haas sold 5,633 shares of the firm’s stock in a transaction 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 owned 78,714 shares of the company’s stock, valued at $20,976,493.86. This trade represents a 6.68% decrease in their position. The disclosure for this sale is available in the SEC filing.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on COIN shares. China Renaissance boosted their target price on Coinbase Global from $444.60 to $479.30 in a research report on Monday, November 3rd. Rothschild & Co Redburn decreased their price target on Coinbase Global from $417.00 to $404.00 and set a “buy” rating on the stock in a research note on Friday, November 28th. Compass Point set a $230.00 price target on shares of Coinbase Global in a research note on Monday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Coinbase Global in a report on Wednesday. They issued a “buy” rating and a $340.00 price target for the company. Finally, Jefferies Financial Group reissued a “hold” rating and set a $384.00 price objective on shares of Coinbase Global in a report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $383.54.

Coinbase Global Stock Performance

The company has a market cap of $64.50 billion, a price-to-earnings ratio of 20.69 and a beta of 3.69. 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 stock’s 50 day moving average price is $298.95 and its 200 day moving average price is $318.60.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.40. The firm had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.77 billion. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. Coinbase Global’s revenue was up 55.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.28 earnings per share. On average, analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. REAP Financial Group LLC purchased a new position in Coinbase Global in the 3rd quarter worth approximately $25,000. Evelyn Partners Investment Management Europe Ltd lifted its position in shares of Coinbase Global by 92.3% during the second quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock worth $29,000 after purchasing an additional 36 shares in the last quarter. Palisade Asset Management LLC purchased a new position in shares of Coinbase Global in the third quarter valued at $29,000. Cullen Frost Bankers Inc. purchased a new position in shares of Coinbase Global in the second quarter valued at $30,000. Finally, Salomon & Ludwin LLC grew its holdings in Coinbase Global by 4,400.0% during the 3rd quarter. Salomon & Ludwin LLC now owns 90 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 88 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.