Coinbase Global (NASDAQ:COIN) Shares Down 5.9% Following Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) were down 5.9% during trading on Tuesday following insider selling activity. The stock traded as low as $265.38 and last traded at $270.81. Approximately 3,892,204 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 6,499,259 shares. The stock had previously closed at $287.76.

Specifically, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $261.07, for a total value of $6,526,750.00. Following the sale, the chief executive officer now directly owns 526 shares of the company's stock, valued at $137,322.82. The trade was a 97.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the sale, the insider now directly owns 69,407 shares in the company, valued at approximately $17,816,082.83. This trade represents a 12.59 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. The Goldman Sachs Group raised their price target on shares of Coinbase Global from $183.00 to $397.00 and gave the stock a "neutral" rating in a research note on Monday, December 2nd. Canaccord Genuity Group restated a "buy" rating and set a $280.00 target price on shares of Coinbase Global in a report on Thursday, October 31st. JMP Securities reaffirmed a "market outperform" rating and issued a $320.00 price target on shares of Coinbase Global in a report on Wednesday, October 9th. Barclays boosted their price objective on Coinbase Global from $204.00 to $355.00 and gave the stock an "equal weight" rating in a research note on Monday, December 9th. Finally, Piper Sandler raised their target price on Coinbase Global from $245.00 to $285.00 and gave the stock a "neutral" rating in a research note on Tuesday. 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 stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $288.44.

Coinbase Global Price Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $66.18 billion, a price-to-earnings ratio of 45.11 and a beta of 3.59. The stock has a 50 day moving average price of $282.26 and a two-hundred day moving average price of $228.53.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share 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%. The business's revenue was up 78.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.01) earnings per share. As a group, analysts expect that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Institutional Investors Weigh In On Coinbase Global

Several large investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its stake in shares of Coinbase Global by 15.6% in the second quarter. Principal Financial Group Inc. now owns 16,805 shares of the cryptocurrency exchange's stock valued at $3,735,000 after acquiring an additional 2,264 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Coinbase Global by 23.7% during the second quarter. Victory Capital Management Inc. now owns 60,761 shares of the cryptocurrency exchange's stock worth $13,503,000 after buying an additional 11,627 shares in the last quarter. Candriam S.C.A. increased its stake in shares of Coinbase Global by 9.8% during the second quarter. Candriam S.C.A. now owns 10,506 shares of the cryptocurrency exchange's stock worth $2,335,000 after buying an additional 938 shares during the period. Los Angeles Capital Management LLC raised its holdings in Coinbase Global by 24.2% in the second quarter. Los Angeles Capital Management LLC now owns 1,376 shares of the cryptocurrency exchange's stock valued at $306,000 after acquiring an additional 268 shares in the last quarter. Finally, Strategic Financial Concepts LLC purchased a new position in Coinbase Global in the second quarter worth approximately $116,000. 68.84% of the stock is owned by hedge funds and other 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.