Coinbase Global (NASDAQ:COIN) Stock Price Down 3.5% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) dropped 3.5% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $243.70 and last traded at $243.7820. Approximately 8,217,298 shares traded hands during mid-day trading, a decline of 24% from the average daily 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 company’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $268.00, for a total value of $466,856.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Alesia J. Haas sold 5,633 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $266.49, for a total value of $1,501,138.17. Following the completion of the sale, the chief financial officer directly owned 78,714 shares in the company, valued at approximately $20,976,493.86. The trade was a 6.68% decrease in their position. The disclosure for this sale is available in the SEC filing.

Analysts Set New Price Targets

Several research analysts have recently commented on COIN shares. Rothschild Redb raised Coinbase Global from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. JPMorgan Chase & Co. cut their price target on shares of Coinbase Global from $404.00 to $399.00 and set an “overweight” rating for the company in a research note on Friday, October 31st. Wall Street Zen lowered shares of Coinbase Global from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Redburn Partners set a $417.00 price objective on shares of Coinbase Global in a research report on Friday, October 3rd. Finally, UBS Group set a $340.00 price objective on shares of Coinbase Global in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Coinbase Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $383.54.

Coinbase Global Price Performance

The stock has a market capitalization of $64.50 billion, a PE ratio of 20.69 and a beta of 3.69. 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’s 50 day simple moving average is $295.99 and its 200 day simple moving average is $318.05.

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, beating analysts’ consensus estimates of $1.04 by $0.40. The company 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 firm’s revenue was up 55.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.28 EPS. As a group, equities analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of COIN. Keel Point LLC lifted its stake in shares of Coinbase Global by 32.2% in the 3rd quarter. Keel Point LLC now owns 829 shares of the cryptocurrency exchange’s stock valued at $280,000 after acquiring an additional 202 shares during the last quarter. FNY Investment Advisers LLC grew its position in Coinbase Global by 124.6% during the 3rd quarter. FNY Investment Advisers LLC now owns 4,216 shares of the cryptocurrency exchange’s stock worth $1,422,000 after acquiring an additional 2,339 shares during the last quarter. New Mexico Educational Retirement Board increased its stake in Coinbase Global by 5.5% in the 3rd quarter. New Mexico Educational Retirement Board now owns 9,600 shares of the cryptocurrency exchange’s stock worth $3,240,000 after purchasing an additional 500 shares during the period. IFP Advisors Inc bought a new stake in Coinbase Global in the third quarter valued at approximately $2,698,000. Finally, Swiss Life Asset Management Ltd lifted its position in Coinbase Global by 6.8% in the third quarter. Swiss Life Asset Management Ltd now owns 21,189 shares of the cryptocurrency exchange’s stock valued at $7,151,000 after purchasing an additional 1,341 shares during the last quarter. 68.84% of the stock is owned by 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.