Coinbase Global (NASDAQ:COIN) Trading Down 8% - Here's Why

Coinbase Global, Inc. (NASDAQ:COIN) dropped 8% during trading on Monday . The company traded as low as $274.00 and last traded at $274.31. Approximately 19,208,533 shares changed hands during trading, an increase of 153% from the average daily volume of 7,607,109 shares. The stock had previously closed at $298.11.

Wall Street Analysts Forecast Growth

COIN has been the topic of a number of recent research reports. Monness Crespi & Hardt upped their price target on Coinbase Global from $245.00 to $390.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Keefe, Bruyette & Woods increased their target price on Coinbase Global from $255.00 to $305.00 and gave the stock a "market perform" rating in a research report on Tuesday. The Goldman Sachs Group reduced their target price on Coinbase Global from $397.00 to $340.00 and set a "neutral" rating for the company in a report on Friday, January 10th. Bank of America lifted their target price on Coinbase Global from $196.00 to $214.00 and gave the company a "neutral" rating in a report on Thursday, October 31st. Finally, JMP Securities lifted their target price on Coinbase Global from $400.00 to $475.00 and gave the company a "market outperform" rating in a report on Friday, February 14th. Ten equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $304.50.

Coinbase Global Stock Down 8.3 %

The company has a market cap of $58.93 billion, a PE ratio of 24.78 and a beta of 3.61. The stock's 50 day moving average price is $277.26 and its 200-day moving average price is $239.47. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. On average, analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 5,700 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $266.87, for a total transaction of $1,521,159.00. Following the sale, the chief financial officer now directly owns 144,470 shares in the company, valued at approximately $38,554,708.90. This trade represents a 3.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 26,649 shares of the business's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $308.14, for a total value of $8,211,622.86. Following the completion of the transaction, the director now directly owns 10,417 shares of the company's stock, valued at approximately $3,209,894.38. This trade represents a 71.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 334,306 shares of company stock worth $97,300,651 over the last 90 days. 23.43% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Coinbase Global by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange's stock valued at $4,573,462,000 after acquiring an additional 128,802 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Coinbase Global by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange's stock worth $882,822,000 after buying an additional 127,075 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Coinbase Global by 2.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange's stock worth $570,341,000 after buying an additional 71,398 shares during the last quarter. Clear Street Derivatives LLC purchased a new position in shares of Coinbase Global in the third quarter worth approximately $409,919,000. Finally, Norges Bank purchased a new position in shares of Coinbase Global in the fourth quarter worth approximately $536,484,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Company Profile

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.