Coinbase Global (NASDAQ:COIN) Shares Down 0.9% on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) dropped 0.9% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $253.95 and last traded at $264.54. Approximately 6,346,896 shares changed hands during trading, a decline of 58% from the average daily volume of 14,997,183 shares. The stock had previously closed at $266.81.

Specifically, Director Frederick Ernest Ehrsam III sold 97,836 shares of Coinbase Global stock in a transaction that occurred on Friday, January 12th. The shares were sold at an average price of $134.24, for a total value of $13,133,504.64. Following the completion of the transaction, the director now directly owns 299,580 shares in the company, valued at approximately $40,215,619.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Frederick Ernest Ehrsam III sold 97,836 shares of the business’s stock in a transaction that occurred on Friday, January 12th. The shares were sold at an average price of $134.24, for a total transaction of $13,133,504.64. Following the completion of the transaction, the director now owns 299,580 shares of the company’s stock, valued at $40,215,619.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $121.02, for a total transaction of $1,210,200.00. Following the transaction, the insider now owns 61,665 shares of the company’s stock, valued at $7,462,698.30. The disclosure for this sale can be found here. Insiders have sold a total of 759,107 shares of company stock valued at $117,220,321 over the last three months. 33.16% of the stock is currently owned by insiders.

Analysts Set New Price Targets

COIN has been the topic of a number of analyst reports. Citigroup lifted their price target on Coinbase Global from $90.00 to $151.00 and gave the stock a “neutral” rating in a research note on Friday, January 19th. Canaccord Genuity Group restated a “buy” rating and issued a $240.00 price objective on shares of Coinbase Global in a research report on Thursday. JPMorgan Chase & Co. raised their target price on Coinbase Global from $95.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, March 15th. Mizuho upped their price target on Coinbase Global from $60.00 to $84.00 and gave the company an “underperform” rating in a research report on Thursday, February 22nd. Finally, Oppenheimer raised their price target on Coinbase Global from $160.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Coinbase Global has an average rating of “Hold” and an average price target of $141.30.

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.03 and a current ratio of 1.03. The business’s fifty day simple moving average is $188.26 and its 200-day simple moving average is $137.37. The firm has a market capitalization of $64.23 billion, a PE ratio of 981.93 and a beta of 3.36.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $1.13. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. The company had revenue of $953.80 million for the quarter, compared to the consensus estimate of $826.10 million. The firm’s revenue for the quarter was up 51.6% on a year-over-year basis. During the same period in the previous year, the business earned ($2.46) earnings per share. As a group, equities research analysts expect that Coinbase Global, Inc. will post 1.68 EPS for the current year.

Institutional Trading of Coinbase Global

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Coinbase Global by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 14,281,280 shares of the cryptocurrency exchange’s stock valued at $2,483,800,000 after purchasing an additional 408,046 shares during the last quarter. Morgan Stanley grew its holdings in Coinbase Global by 18.5% during the 3rd quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock valued at $246,250,000 after purchasing an additional 511,397 shares during the last quarter. Geode Capital Management LLC lifted its stake in Coinbase Global by 3.2% in the first quarter. Geode Capital Management LLC now owns 2,341,989 shares of the cryptocurrency exchange’s stock worth $158,083,000 after purchasing an additional 73,036 shares during the last quarter. Norges Bank bought a new stake in shares of Coinbase Global during the 4th quarter worth approximately $50,254,000. Finally, Price T Rowe Associates Inc. MD grew its position in Coinbase Global by 741.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,342,039 shares of the cryptocurrency exchange’s stock valued at $233,408,000 after acquiring an additional 1,182,556 shares during the last quarter. 68.84% of the stock is currently owned by 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.