Coinbase Global (NASDAQ:COIN) Stock Price Down 0.2% - Here's What Happened

Coinbase Global, Inc. (NASDAQ:COIN) shares dropped 0.2% on Friday . The company traded as low as $311.34 and last traded at $312.30. Approximately 1,924,828 shares traded hands during trading, a decline of 83% from the average daily volume of 11,242,184 shares. The stock had previously closed at $312.96.

Analysts Set New Price Targets

COIN has been the subject of several research reports. Bank of America increased their price target on shares of 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 target price on shares of Coinbase Global in a report on Friday, November 1st. Needham & Company LLC upped their price target on Coinbase Global from $375.00 to $420.00 and gave the stock a "buy" rating in a research note on Monday. Canaccord Genuity Group reissued a "buy" rating and issued a $280.00 target price on shares of Coinbase Global in a report on Thursday, October 31st. Finally, Barclays raised their price target on Coinbase Global from $204.00 to $355.00 and gave the company an "equal weight" rating in a report on Monday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, Coinbase Global presently has a consensus rating of "Hold" and an average price target of $276.22.

Coinbase Global Trading Down 0.9 %

The stock's fifty day simple moving average is $254.08 and its 200 day simple moving average is $224.63. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $77.68 billion, a PE ratio of 53.29 and a beta of 3.57.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts' consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion during the quarter, compared to analysts' expectations of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business's quarterly revenue was up 78.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.01) EPS. On average, sell-side analysts predict that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

Insiders Place Their Bets

In other Coinbase Global news, CFO Alesia J. Haas sold 5,250 shares of the business's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total value of $1,025,062.50. Following the sale, the chief financial officer now owns 169,786 shares in the company, valued at $33,150,716.50. The trade was a 3.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 7,614 shares of the business's stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $325.14, for a total value of $2,475,615.96. Following the completion of the sale, the director now owns 10,417 shares in the company, valued at $3,386,983.38. This represents a 42.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 270,720 shares of company stock worth $79,787,248. Corporate insiders own 23.43% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in COIN. Geode Capital Management LLC grew its holdings in Coinbase Global by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange's stock valued at $609,789,000 after purchasing an additional 314,388 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Coinbase Global by 2.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange's stock worth $570,341,000 after acquiring an additional 71,398 shares during the last quarter. Clear Street Derivatives LLC bought a new position in Coinbase Global in the 3rd quarter valued at $409,919,000. Cowen AND Company LLC lifted its position in shares of Coinbase Global by 1.5% during the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange's stock worth $330,895,000 after purchasing an additional 22,071 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange's stock valued at $236,258,000 after purchasing an additional 691,288 shares during the period. Institutional investors own 68.84% of the company's stock.

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.

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