Coinbase Global (NASDAQ:COIN) Shares Down 6.4% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) fell 6.4% during mid-day trading on Monday following insider selling activity. The company traded as low as $178.32 and last traded at $179.00. 4,296,844 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 10,386,048 shares. The stock had previously closed at $191.23.

Specifically, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total value of $1,701,000.00. Following the completion of the transaction, the insider now directly owns 74,956 shares in the company, valued at $12,750,015.60. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Analyst Ratings Changes

Several brokerages have commented on COIN. Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and raised their target price for the stock from $260.00 to $345.00 in a report on Tuesday, July 23rd. HC Wainwright decreased their price target on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Compass Point decreased their price target on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Bank of America decreased their price target on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Finally, Barclays upgraded shares of Coinbase Global from an “underweight” rating to an “equal weight” rating and decreased their price target for the stock from $206.00 to $169.00 in a report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Hold” and an average price target of $246.06.

Coinbase Global Stock Performance

The company has a market cap of $39.86 billion, a P/E ratio of 32.94 and a beta of 3.36. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The stock’s 50-day moving average price is $188.17 and its 200 day moving average price is $217.89.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the business earned ($0.42) EPS. The company’s revenue for the quarter was up 104.8% compared to the same quarter last year. As a group, research analysts expect that Coinbase Global, Inc. will post 3.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

Institutional investors have recently modified their holdings of the company. Geneos Wealth Management Inc. increased its position in Coinbase Global by 833.3% during the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 100 shares during the period. Concord Wealth Partners increased its position in Coinbase Global by 322.2% during the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 87 shares during the period. Mather Group LLC. bought a new position in Coinbase Global during the first quarter worth $32,000. Crewe Advisors LLC increased its position in Coinbase Global by 547.4% during the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after acquiring an additional 104 shares during the period. Finally, Lynx Investment Advisory bought a new position in Coinbase Global during the second quarter worth $29,000. 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.