Coinbase Global (NASDAQ:COIN) Shares Gap Up After Insider Buying Activity

Coinbase Global, Inc. (NASDAQ:COIN)’s share price gapped up prior to trading on Wednesday following insider buying activity. The stock had previously closed at $43.39, but opened at $44.82. Coinbase Global shares last traded at $43.49, with a volume of 52,151 shares.

Specifically, Director Tobias Lutke acquired 4,482 shares of the company’s stock in a transaction that occurred on Tuesday, September 13th. The shares were acquired at an average price of $75.39 per share, for a total transaction of $337,897.98. Following the completion of the purchase, the director now owns 54,583 shares in the company, valued at $4,115,012.37. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Tobias Lutke acquired 4,482 shares of the company’s stock in a transaction that occurred on Tuesday, September 13th. The shares were acquired at an average price of $75.39 per share, for a total transaction of $337,897.98. Following the completion of the purchase, the director now owns 54,583 shares in the company, valued at $4,115,012.37. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alesia J. Haas sold 103,859 shares of the company’s stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $42.44, for a total value of $4,407,775.96. Following the completion of the transaction, the chief financial officer now owns 92,317 shares in the company, valued at approximately $3,917,933.48. The disclosure for this sale can be found here. Over the last three months, insiders acquired 77,242 shares of company stock valued at $4,856,505 and sold 148,457 shares valued at $6,657,299. 36.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on COIN shares. Daiwa Capital Markets downgraded Coinbase Global from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $82.00 to $52.00 in a research report on Wednesday, November 9th. Piper Sandler dropped their target price on Coinbase Global from $120.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 10th. Compass Point dropped their target price on Coinbase Global from $95.00 to $75.00 in a research report on Wednesday, October 26th. Atlantic Securities increased their target price on Coinbase Global from $54.00 to $67.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 6th. Finally, Citigroup dropped their target price on Coinbase Global from $105.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, November 10th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and a consensus price target of $89.17.

Coinbase Global Trading Up 5.0 %

The firm has a market cap of $10.34 billion, a P/E ratio of -7.51 and a beta of 2.50. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a 50 day moving average of $62.64 and a 200 day moving average of $65.46.

Coinbase Global (NASDAQ:COINGet Rating) last released its earnings results on Thursday, November 3rd. The cryptocurrency exchange reported ($2.43) EPS for the quarter, missing analysts’ consensus estimates of ($2.23) by ($0.20). The firm had revenue of $590.34 million during the quarter, compared to the consensus estimate of $642.76 million. Coinbase Global had a negative net margin of 24.25% and a negative return on equity of 20.19%. As a group, equities research analysts predict that Coinbase Global, Inc. will post -11.42 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of COIN. Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Coinbase Global during the second quarter valued at about $326,251,000. Renaissance Technologies LLC grew its stake in shares of Coinbase Global by 304.3% during the second quarter. Renaissance Technologies LLC now owns 4,253,200 shares of the cryptocurrency exchange’s stock valued at $199,985,000 after buying an additional 3,201,200 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Coinbase Global by 19.8% during the third quarter. Vanguard Group Inc. now owns 12,786,266 shares of the cryptocurrency exchange’s stock valued at $824,587,000 after buying an additional 2,110,196 shares during the last quarter. Nikko Asset Management Americas Inc. grew its stake in shares of Coinbase Global by 34.7% during the second quarter. Nikko Asset Management Americas Inc. now owns 6,606,262 shares of the cryptocurrency exchange’s stock valued at $312,366,000 after buying an additional 1,701,828 shares during the last quarter. Finally, Paradigm Operations LP grew its stake in shares of Coinbase Global by 45.6% during the second quarter. Paradigm Operations LP now owns 3,705,596 shares of the cryptocurrency exchange’s stock valued at $174,237,000 after buying an additional 1,160,841 shares during the last quarter. 49.31% of the stock is owned by institutional investors.

Coinbase Global Company Profile

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Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.

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