Coinbase Global (NASDAQ:COIN) Insider Sells $346,684.80 in Stock

Coinbase Global, Inc. (NASDAQ:COIN) insider Paul Grewal sold 1,960 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $176.88, for a total value of $346,684.80. Following the completion of the transaction, the insider directly owned 84,753 shares in the company, valued at approximately $14,991,110.64. The trade was a 2.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Coinbase Global Price Performance

NASDAQ COIN opened at $189.03 on Monday. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.14 and a quick ratio of 2.14. The stock’s fifty day moving average price is $188.59 and its 200 day moving average price is $211.43. Coinbase Global, Inc. has a 1 year low of $139.36 and a 1 year high of $444.64. The company has a market cap of $49.80 billion, a price-to-earnings ratio of 71.06, a PEG ratio of 6.67 and a beta of 3.32.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($1.55). Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the company earned $0.24 earnings per share. Coinbase Global’s revenue was down 30.5% on a year-over-year basis. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 1.74 earnings per share for the current year.

Institutional Investors Weigh In On Coinbase Global

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Coinbase Global by 8.3% during the 3rd quarter. Vanguard Group Inc. now owns 26,216,793 shares of the cryptocurrency exchange’s stock valued at $8,847,905,000 after acquiring an additional 2,007,930 shares in the last quarter. North Dakota State Investment Board purchased a new stake in Coinbase Global during the 4th quarter valued at about $1,626,000. Mizuho Markets Cayman LP purchased a new stake in Coinbase Global during the 4th quarter valued at about $33,921,000. Harvest Portfolios Group Inc. grew its stake in Coinbase Global by 21.7% during the 4th quarter. Harvest Portfolios Group Inc. now owns 376,578 shares of the cryptocurrency exchange’s stock valued at $85,159,000 after acquiring an additional 67,082 shares in the last quarter. Finally, Axxcess Wealth Management LLC grew its stake in Coinbase Global by 303.6% during the 4th quarter. Axxcess Wealth Management LLC now owns 20,316 shares of the cryptocurrency exchange’s stock valued at $4,594,000 after acquiring an additional 15,282 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on COIN shares. Citigroup cut their target price on Coinbase Global from $505.00 to $400.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Citizens Jmp lowered their price target on shares of Coinbase Global from $400.00 to $355.00 and set a “market outperform” rating on the stock in a report on Friday, April 10th. The Goldman Sachs Group upped their price target on shares of Coinbase Global from $226.00 to $228.00 and gave the company a “buy” rating in a report on Thursday. Robert W. Baird lowered their price target on shares of Coinbase Global from $200.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. Finally, Mizuho upped their price target on shares of Coinbase Global from $170.00 to $200.00 and gave the company a “neutral” rating in a report on Tuesday, May 12th. Nineteen equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Coinbase Global currently has a consensus rating of “Hold” and an average target price of $252.10.

Trending Headlines about Coinbase Global

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: The CFTC’s actions on perpetual futures and 24/7 trading create a clearer path for Coinbase to expand into a large, regulated derivatives market that could lift fee revenue and deepen customer engagement. Reuters article on Coinbase and Kalshi bringing regulated perpetual crypto futures to U.S. investors
• Positive Sentiment: Coinbase also said it is giving eligible U.S. institutional clients access to global crypto options and perpetual futures through its regulated futures commission merchant, expanding its derivatives offering and strengthening its institutional platform. Cointelegraph article on Coinbase bringing global crypto derivatives markets to U.S. institutional clients
• Positive Sentiment: Analysts and industry coverage are framing the regulatory shift as a bigger opening for Coinbase in a multi-trillion-dollar derivatives market that has largely been offshore until now. MarketWatch article on crypto perpetual contracts coming to the U.S.

Coinbase Global Company Profile

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.