Coinbase Global (NASDAQ:COIN) Trading Down 2.9% - Should You Sell?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded down 2.9% during trading on Tuesday . The company traded as low as $303.50 and last traded at $306.17. 3,494,706 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 11,225,260 shares. The stock had previously closed at $315.31.

Wall Street Analysts Forecast Growth

COIN has been the subject of several recent analyst reports. Mizuho raised their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the company an "underperform" rating in a research note on Thursday, October 31st. Oppenheimer lifted their price objective on shares of Coinbase Global from $265.00 to $358.00 and gave the stock an "outperform" rating in a research report on Monday, November 25th. Needham & Company LLC increased their price objective on shares of Coinbase Global from $375.00 to $420.00 and gave the company a "buy" rating in a research report on Monday, December 9th. Barclays upped their price target on shares of Coinbase Global from $204.00 to $355.00 and gave the company an "equal weight" rating in a research note on Monday, December 9th. Finally, B. Riley assumed coverage on Coinbase Global in a research report on Wednesday, October 23rd. They issued a "neutral" rating and a $185.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $276.22.

Coinbase Global Trading Down 1.2 %

The firm has a market cap of $78.02 billion, a price-to-earnings ratio of 53.18 and a beta of 3.57. The firm's 50-day moving average is $262.68 and its 200-day moving average is $226.09. 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 released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share 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 during the quarter, compared to the consensus estimate of $1.26 billion. During the same period last year, the business posted ($0.01) earnings per share. The firm's quarterly revenue was up 78.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Coinbase Global, Inc. will post 4.44 EPS for the current fiscal year.

Insider Activity

In related news, Director Frederick R. Wilson sold 40,000 shares of Coinbase Global stock in a transaction on Monday, November 11th. The stock was sold at an average price of $300.00, for a total transaction of $12,000,000.00. Following the sale, the director now directly owns 50,000 shares in the company, valued at approximately $15,000,000. This trade represents a 44.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian Armstrong sold 58,269 shares of the company's stock in a transaction 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 trade represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 270,720 shares of company stock worth $79,787,248 over the last 90 days. 23.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

A number of hedge funds have recently modified their holdings of the stock. Clear Street Derivatives LLC purchased a new stake in Coinbase Global during the third quarter valued at about $409,919,000. Renaissance Technologies LLC boosted its holdings in Coinbase Global by 185.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange's stock worth $236,258,000 after buying an additional 691,288 shares during the period. American Century Companies Inc. grew its stake in Coinbase Global by 1,136.7% in the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange's stock valued at $105,389,000 after buying an additional 435,886 shares in the last quarter. Geode Capital Management LLC raised 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 acquiring an additional 314,388 shares during the period. Finally, Azora Capital LP boosted its holdings in shares of Coinbase Global by 214.1% in the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange's stock worth $57,525,000 after acquiring an additional 220,078 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.