Coinbase Global (NASDAQ:COIN) Shares Down 1.5% - Here's What Happened

Coinbase Global, Inc. (NASDAQ:COIN)'s share price fell 1.5% during trading on Tuesday . The company traded as low as $315.50 and last traded at $320.66. 5,693,217 shares were traded during trading, a decline of 48% from the average session volume of 11,014,645 shares. The stock had previously closed at $325.41.

Wall Street Analyst Weigh In

COIN has been the subject of a number of research analyst reports. Bank of America raised their price target on Coinbase Global from $196.00 to $214.00 and gave the stock a "neutral" rating in a research note on Thursday, October 31st. Piper Sandler reiterated a "neutral" rating and set a $245.00 price target on shares of Coinbase Global in a research report on Friday, November 1st. Monness Crespi & Hardt initiated coverage on Coinbase Global in a research report on Monday, October 28th. They set a "buy" rating and a $245.00 price objective on the stock. Mizuho upped their target price on Coinbase Global from $160.00 to $178.00 and gave the stock an "underperform" rating in a report on Thursday, October 31st. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $280.00 target price on shares of Coinbase Global in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Coinbase Global has a consensus rating of "Hold" and a consensus price target of $251.00.

Coinbase Global Trading Down 0.8 %

The firm has a market capitalization of $80.81 billion, a PE ratio of 54.72 and a beta of 3.34. The firm has a 50 day simple moving average of $202.13 and a 200 day simple moving average of $212.58. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the previous year, the company earned ($0.01) earnings per share. The company's revenue for the quarter was up 78.8% compared to the same quarter last year. Equities analysts expect that Coinbase Global, Inc. will post 4.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Paul Grewal sold 16,962 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $206.96, for a total value of $3,510,455.52. Following the transaction, the insider now owns 75,556 shares in the company, valued at $15,637,069.76. This represents a 18.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Emilie Choi sold 1,500 shares of the company's stock in a transaction on Friday, August 30th. The stock was sold at an average price of $188.94, for a total value of $283,410.00. Following the completion of the sale, the chief operating officer now owns 197,101 shares of the company's stock, valued at $37,240,262.94. This trade represents a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 135,822 shares of company stock worth $30,921,194. 23.43% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in COIN. APEIRON CAPITAL Ltd bought a new stake in shares of Coinbase Global during the 1st quarter valued at $108,434,000. Sei Investments Co. lifted its position in shares of Coinbase Global by 41.7% in the first quarter. Sei Investments Co. now owns 9,916 shares of the cryptocurrency exchange's stock valued at $2,629,000 after acquiring an additional 2,920 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Coinbase Global by 28.9% during the first quarter. Russell Investments Group Ltd. now owns 23,151 shares of the cryptocurrency exchange's stock worth $6,138,000 after purchasing an additional 5,189 shares in the last quarter. Orion Portfolio Solutions LLC raised its stake in Coinbase Global by 80.0% during the 1st quarter. Orion Portfolio Solutions LLC now owns 4,366 shares of the cryptocurrency exchange's stock valued at $1,157,000 after purchasing an additional 1,941 shares during the period. Finally, O Shaughnessy Asset Management LLC lifted its holdings in Coinbase Global by 53.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 9,499 shares of the cryptocurrency exchange's stock worth $2,518,000 after purchasing an additional 3,306 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other 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.

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