Coinbase Global (NASDAQ:COIN) Shares Down 1% - Should You Sell?

Coinbase Global, Inc. (NASDAQ:COIN)'s share price dropped 1% on Tuesday . The stock traded as low as $273.62 and last traded at $292.60. Approximately 5,593,800 shares changed hands during trading, a decline of 26% from the average daily volume of 7,559,510 shares. The stock had previously closed at $295.48.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on COIN. Monness Crespi & Hardt upped their target price on shares of Coinbase Global from $245.00 to $390.00 and gave the company a "buy" rating in a report on Thursday, December 19th. B. Riley assumed coverage on Coinbase Global in a research report on Wednesday, October 23rd. They issued a "neutral" rating and a $185.00 price objective for the company. Mizuho boosted 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. Piper Sandler raised their price target on Coinbase Global from $245.00 to $285.00 and gave the company a "neutral" rating in a report on Tuesday, January 7th. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $280.00 price objective on shares of Coinbase Global in a report on Thursday, October 31st. One research 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. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $282.83.

Coinbase Global Stock Performance

The stock has a 50 day moving average of $290.14 and a 200 day moving average of $232.30. 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 cap of $73.65 billion, a price-to-earnings ratio of 50.20 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. Coinbase Global's quarterly revenue was up 78.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. As a group, analysts anticipate that Coinbase Global, Inc. will post 4.69 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company's stock, valued at $172,528. This represents a 99.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of the business's stock in a transaction on Friday, October 25th. The stock was sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the sale, the insider now directly owns 74,956 shares in the company, valued at approximately $15,739,260.88. The trade was a 11.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 347,033 shares of company stock valued at $102,613,277. 23.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds have recently modified their holdings of the company. Flagship Harbor Advisors LLC increased its holdings in Coinbase Global by 2.8% in the 4th quarter. Flagship Harbor Advisors LLC now owns 2,029 shares of the cryptocurrency exchange's stock worth $504,000 after purchasing an additional 56 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Coinbase Global by 224.0% during the fourth quarter. Geneos Wealth Management Inc. now owns 661 shares of the cryptocurrency exchange's stock worth $164,000 after purchasing an additional 457 shares during the last quarter. Dynamic Advisor Solutions LLC acquired a new position in shares of Coinbase Global in the fourth quarter valued at approximately $213,000. Exchange Traded Concepts LLC raised its holdings in Coinbase Global by 9.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 90,265 shares of the cryptocurrency exchange's stock valued at $22,413,000 after buying an additional 7,597 shares during the last quarter. Finally, Impact Partnership Wealth LLC boosted its position in Coinbase Global by 11.5% during the 4th quarter. Impact Partnership Wealth LLC now owns 1,942 shares of the cryptocurrency exchange's stock worth $482,000 after buying an additional 200 shares during the period. Institutional investors and hedge funds 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.