Insider Selling: Coinbase Global (NASDAQ:COIN) CEO Sells $8,016,750.00 in Stock

Coinbase Global, Inc. (NASDAQ:COIN) CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $320.67, for a total value of $8,016,750.00. Following the sale, the chief executive officer owned 526 shares in the company, valued at approximately $168,672.42. This represents a 97.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Brian Armstrong also recently made the following trade(s):

• On Monday, November 3rd, Brian Armstrong sold 25,000 shares of Coinbase Global stock. The shares were sold at an average price of $337.49, for a total transaction of $8,437,250.00.
• On Monday, October 13th, Brian Armstrong sold 25,000 shares of Coinbase Global stock. The shares were sold at an average price of $361.32, for a total transaction of $9,033,000.00.
• On Thursday, October 2nd, Brian Armstrong sold 25,000 shares of Coinbase Global stock. The shares were sold at an average price of $355.47, for a total transaction of $8,886,750.00.
• On Monday, September 15th, Brian Armstrong sold 25,000 shares of Coinbase Global stock. The stock was sold at an average price of $322.28, for a total value of $8,057,000.00.
• On Thursday, September 4th, Brian Armstrong sold 25,000 shares of Coinbase Global stock. The stock was sold at an average price of $302.19, for a total value of $7,554,750.00.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $284.00 on Monday. The company’s fifty day moving average price is $333.47 and its 200-day moving average price is $315.29. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.40 and a quick ratio of 2.40. The firm has a market capitalization of $76.58 billion, a price-to-earnings ratio of 24.57 and a beta of 3.67. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Evelyn Partners Investment Management Europe Ltd raised its stake in Coinbase Global by 92.3% in the second quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock worth $29,000 after buying an additional 36 shares in the last quarter. REAP Financial Group LLC purchased a new position in shares of Coinbase Global during the 3rd quarter worth approximately $25,000. Cullen Frost Bankers Inc. purchased a new position in shares of Coinbase Global during the 2nd quarter worth approximately $30,000. Salomon & Ludwin LLC raised its position in shares of Coinbase Global by 4,400.0% in the 3rd quarter. Salomon & Ludwin LLC now owns 90 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 88 shares in the last quarter. Finally, City State Bank purchased a new position in shares of Coinbase Global in the 2nd quarter valued at approximately $33,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the stock. Piper Sandler reissued a “neutral” rating and set a $350.00 price target on shares of Coinbase Global in a research note on Thursday, July 31st. Williams Trading set a $405.00 target price on shares of Coinbase Global in a research report on Thursday, July 31st. Oppenheimer reissued an “outperform” rating and issued a $417.00 price target on shares of Coinbase Global in a research note on Thursday, July 31st. China Renaissance raised their price objective on Coinbase Global from $444.60 to $479.30 in a research note on Monday, November 3rd. Finally, Monness Crespi & Hardt upgraded Coinbase Global from a “neutral” rating to a “buy” rating and set a $375.00 price target on the stock in a research report on Monday, November 10th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $399.94.

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.