Coinbase Global (NASDAQ:COIN) Stock Price Down 2.1% - Here's Why

Coinbase Global, Inc. (NASDAQ:COIN) shares traded down 2.1% during mid-day trading on Monday . The company traded as low as $288.55 and last traded at $299.40. 5,999,871 shares were traded during trading, a decline of 45% from the average session volume of 10,953,326 shares. The stock had previously closed at $305.85.

Analyst Ratings Changes

COIN has been the topic of a number of recent analyst reports. Citigroup raised Coinbase Global from a "neutral" rating to a "buy" rating and upped their target price for the company from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Compass Point decreased their price target on Coinbase Global from $325.00 to $295.00 and set a "buy" rating for the company in a research note on Tuesday, August 6th. B. Riley initiated coverage on Coinbase Global in a report on Wednesday, October 23rd. They set a "neutral" rating and a $185.00 price objective on the stock. Needham & Company LLC lifted their price target on Coinbase Global from $290.00 to $375.00 and gave the company a "buy" rating in a report on Monday. Finally, JMP Securities restated a "market outperform" rating and set a $320.00 price target on shares of Coinbase Global in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $251.00.

Coinbase Global Stock Up 2.7 %

The company has a market cap of $78.67 billion, a price-to-earnings ratio of 51.09 and a beta of 3.34. The stock's 50-day moving average is $198.72 and its 200-day moving average is $211.90. 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 issued its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion during the quarter, compared to analysts' expectations of $1.26 billion. During the same period last year, the company earned ($0.01) earnings per share. The business's revenue for the quarter was up 78.8% compared to the same quarter last year. On average, analysts anticipate that Coinbase Global, Inc. will post 4.27 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In related news, Director Frederick R. Wilson sold 40,000 shares of Coinbase Global stock in a transaction on Monday, November 11th. The shares were sold at an average price of $300.00, for a total value of $12,000,000.00. Following the transaction, the director now owns 50,000 shares in the company, valued at $15,000,000. This trade represents a 44.44 % 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, insider Paul Grewal sold 16,962 shares of the business's 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 completion of the sale, the insider now owns 75,556 shares of the company's stock, valued at $15,637,069.76. The trade was a 18.33 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 135,822 shares of company stock worth $30,921,194. 23.43% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of COIN. RPg Family Wealth Advisory LLC bought a new stake in shares of Coinbase Global in the 3rd quarter worth $25,000. Crewe Advisors LLC boosted its stake in Coinbase Global by 547.4% during the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange's stock valued at $27,000 after buying an additional 104 shares during the last quarter. Lynx Investment Advisory purchased a new position in shares of Coinbase Global in the second quarter valued at $29,000. Versant Capital Management Inc increased its holdings in shares of Coinbase Global by 75.0% in the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange's stock worth $30,000 after buying an additional 57 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new stake in shares of Coinbase Global in the 3rd quarter valued at approximately $32,000. 68.84% of the stock is currently owned by institutional investors.

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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