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

Coinbase Global, Inc. (NASDAQ:COIN)’s share price gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $219.91, but opened at $215.00. Coinbase Global shares last traded at $209.74, with a volume of 3,434,935 shares traded.

Specifically, insider Paul Grewal sold 42,113 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $190.34, for a total value of $8,015,788.42. Following the sale, the insider now directly owns 66,122 shares of the company’s stock, valued at approximately $12,585,661.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $195.90, for a total transaction of $293,850.00. Following the completion of the transaction, the chief operating officer now directly owns 204,436 shares in the company, valued at $40,049,012.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Grewal sold 42,113 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $190.34, for a total transaction of $8,015,788.42. Following the completion of the transaction, the insider now owns 66,122 shares in the company, valued at approximately $12,585,661.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 470,563 shares of company stock worth $104,873,137. 33.16% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on COIN shares. Canaccord Genuity Group upped their price objective on Coinbase Global from $240.00 to $280.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. TheStreet upgraded Coinbase Global from a “d” rating to a “c-” rating in a report on Friday, February 16th. JMP Securities restated a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research note on Friday, May 3rd. Piper Sandler lifted their price target on shares of Coinbase Global from $225.00 to $245.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. Finally, JPMorgan Chase & Co. raised their target price on shares of Coinbase Global from $95.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, March 15th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $208.72.

Coinbase Global Trading Down 9.4 %

The stock has a market capitalization of $48.91 billion, a PE ratio of 39.75 and a beta of 3.46. The stock has a 50-day moving average price of $235.47 and a two-hundred day moving average price of $174.15. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 EPS for the quarter, beating the consensus estimate of ($0.09) by $1.13. The firm had revenue of $953.80 million for the quarter, compared to the consensus estimate of $826.10 million. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. The company’s revenue was up 51.6% on a year-over-year basis. During the same period last year, the firm earned ($2.46) EPS. As a group, equities analysts forecast that Coinbase Global, Inc. will post 5.01 earnings per share for the current year.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently made changes to their positions in the business. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Coinbase Global by 0.6% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,726 shares of the cryptocurrency exchange’s stock valued at $2,561,000 after purchasing an additional 81 shares during the last quarter. Fountainhead AM LLC boosted its stake in shares of Coinbase Global by 2.1% during the 4th quarter. Fountainhead AM LLC now owns 3,957 shares of the cryptocurrency exchange’s stock worth $688,000 after purchasing an additional 81 shares during the period. Nilsine Partners LLC lifted its stake in Coinbase Global by 1.2% in the first quarter. Nilsine Partners LLC now owns 6,738 shares of the cryptocurrency exchange’s stock worth $1,786,000 after purchasing an additional 81 shares during the last quarter. Arkadios Wealth Advisors grew its stake in shares of Coinbase Global by 2.6% during the fourth quarter. Arkadios Wealth Advisors now owns 3,395 shares of the cryptocurrency exchange’s stock valued at $590,000 after buying an additional 86 shares during the last quarter. Finally, Concord Wealth Partners grew its position in Coinbase Global by 322.2% in the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 87 shares during the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.