Coinbase Global (NASDAQ:COIN) Insider Sells $1,250,490.16 in Stock

Coinbase Global, Inc. (NASDAQ:COIN) insider Lawrence Brock sold 6,616 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $189.01, for a total value of $1,250,490.16. Following the completion of the transaction, the insider owned 517 shares in the company, valued at $97,718.17. This trade represents a 92.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Coinbase Global Stock Performance

Shares of COIN stock opened at $189.03 on Friday. Coinbase Global, Inc. has a 52-week low of $139.36 and a 52-week high of $444.64. The stock has a market capitalization of $49.80 billion, a PE ratio of 71.06, a price-to-earnings-growth ratio of 6.43 and a beta of 3.38. The company has a quick ratio of 2.34, a current ratio of 2.14 and a debt-to-equity ratio of 0.44. The stock’s 50-day moving average price is $188.59 and its 200 day moving average price is $212.18.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing the consensus estimate of $0.06 by ($1.55). Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter last year, the business posted $0.24 EPS. The firm’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 EPS for the current year.

Institutional Investors Weigh In On Coinbase Global

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Coinbase Global by 8.3% in 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 buying an additional 2,007,930 shares in the last quarter. North Dakota State Investment Board purchased a new stake in Coinbase Global in the 4th quarter valued at approximately $1,626,000. Mizuho Markets Cayman LP purchased a new stake in Coinbase Global in the 4th quarter valued at approximately $33,921,000. Harvest Portfolios Group Inc. lifted its stake in Coinbase Global by 21.7% in the 4th quarter. Harvest Portfolios Group Inc. now owns 376,578 shares of the cryptocurrency exchange’s stock valued at $85,159,000 after buying an additional 67,082 shares in the last quarter. Finally, Axxcess Wealth Management LLC lifted its stake in Coinbase Global by 303.6% in the 4th quarter. Axxcess Wealth Management LLC now owns 20,316 shares of the cryptocurrency exchange’s stock valued at $4,594,000 after buying an additional 15,282 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global News Roundup

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.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. President Capital lifted their price objective on Coinbase Global from $236.00 to $264.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Benchmark lowered their price objective on Coinbase Global from $267.00 to $260.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Barclays lowered their price objective on Coinbase Global from $140.00 to $107.00 and set an “underweight” rating on the stock in a report on Friday, May 8th. UBS Group set a $264.00 price objective on Coinbase Global in a report on Friday, February 13th. Finally, Sanford C. Bernstein lowered their price objective on Coinbase Global from $440.00 to $330.00 and set an “outperform” rating on the stock in a report on Monday, March 30th. Nineteen investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $252.10.

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.