Coinbase Global (NASDAQ:COIN) Shares Down 4.7% Following Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) shares fell 4.7% during trading on Monday after an insider sold shares in the company. The stock traded as low as $199.73 and last traded at $199.70. 3,127,739 shares were traded during trading, a decline of 68% from the average session volume of 9,693,077 shares. The stock had previously closed at $209.64.

Specifically, CEO Brian Armstrong sold 20,000 shares of the stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $198.44, for a total transaction of $3,968,800.00. Following the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $104,379.44. This trade represents a 97.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alesia J. Haas sold 7,575 shares of the business’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the transaction, the chief financial officer now directly owns 107,291 shares of the company’s stock, valued at $21,458,200. The trade was a 6.59 % decrease in their position. The disclosure for this sale can be found here. In other news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $198.12, for a total transaction of $1,981,200.00. Following the completion of the sale, the insider now directly owns 83,313 shares in the company, valued at $16,505,971.56. The trade was a 10.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

Several research firms have commented on COIN. Compass Point reaffirmed a “sell” rating and issued a $180.00 target price on shares of Coinbase Global in a research note on Monday. Bank of America dropped their target price on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. Oppenheimer reissued an “outperform” rating on shares of Coinbase Global in a research note on Monday, February 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $330.00 price objective on shares of Coinbase Global in a research note on Thursday, February 13th. Finally, Cantor Fitzgerald started coverage on shares of Coinbase Global in a research report on Tuesday, April 8th. They issued an “overweight” rating and a $245.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $289.90.

Coinbase Global Price Performance

The company has a market cap of $50.83 billion, a PE ratio of 21.09 and a beta of 3.65. The business’s 50 day moving average price is $191.91 and its 200-day moving average price is $243.42. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. As a group, analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors have recently made changes to their positions in COIN. Vanguard Group Inc. raised its holdings in Coinbase Global by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange’s stock valued at $4,573,462,000 after acquiring an additional 128,802 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Coinbase Global by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock valued at $882,822,000 after purchasing an additional 127,075 shares in the last quarter. Norges Bank bought a new position in shares of Coinbase Global during the fourth quarter worth about $536,484,000. Groupama Asset Managment acquired a new position in Coinbase Global in the fourth quarter worth about $372,450,000. Finally, Northern Trust Corp increased its holdings in Coinbase Global by 20.3% in the fourth quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange’s stock valued at $321,488,000 after buying an additional 218,400 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

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.