Coinbase Global (NASDAQ:COIN) Trading 7.1% Higher on Insider Buying Activity

Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded up 7.1% during mid-day trading on Friday following insider buying activity. The company traded as high as $52.99 and last traded at $52.94. 293,192 shares changed hands during trading, a decline of 98% from the average session volume of 18,639,539 shares. The stock had previously closed at $49.42.

Specifically, Director Tobias Lutke purchased 11,332 shares of the firm’s stock in a transaction dated Wednesday, December 28th. The stock was bought at an average price of $32.58 per share, for a total transaction of $369,196.56. Following the purchase, the director now owns 163,156 shares in the company, valued at approximately $5,315,622.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Coinbase Global news, Director Tobias Lutke bought 11,332 shares of the firm’s stock in a transaction that occurred on Wednesday, December 28th. The stock was purchased at an average price of $32.58 per share, for a total transaction of $369,196.56. Following the purchase, the director now directly owns 163,156 shares in the company, valued at $5,315,622.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jennifer N. Jones sold 2,175 shares of the company’s stock in a transaction that occurred on Wednesday, November 23rd. The shares were sold at an average price of $43.85, for a total value of $95,373.75. Following the completion of the transaction, the chief accounting officer now directly owns 30,631 shares of the company’s stock, valued at approximately $1,343,169.35. The disclosure for this sale can be found here. In the last three months, insiders have bought 108,377 shares of company stock valued at $4,868,771 and have sold 560,244 shares valued at $23,892,552. Insiders own 36.10% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on COIN shares. Barclays increased their price objective on Coinbase Global from $37.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, January 12th. Cowen lowered Coinbase Global from an “outperform” rating to a “market perform” rating and set a $36.00 price target on the stock. in a research report on Thursday, January 5th. BTIG Research reduced their target price on Coinbase Global from $220.00 to $110.00 in a report on Friday, November 4th. Daiwa Capital Markets downgraded Coinbase Global from a “buy” rating to a “neutral” rating and dropped their price target for the company from $82.00 to $52.00 in a research note on Wednesday, November 9th. Finally, Piper Sandler dropped their price target on Coinbase Global from $100.00 to $75.00 and set an “overweight” rating on the stock in a research note on Monday, December 19th. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $74.04.

Coinbase Global Stock Performance

The company’s fifty day moving average is $42.12 and its 200 day moving average is $59.31. The company has a market capitalization of $12.52 billion, a P/E ratio of -9.09 and a beta of 2.16. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.60.

Coinbase Global (NASDAQ:COINGet Rating) last released its quarterly earnings data on Thursday, November 3rd. The cryptocurrency exchange reported ($2.43) EPS for the quarter, missing the consensus estimate of ($2.23) by ($0.20). The business had revenue of $590.34 million during the quarter, compared to the consensus estimate of $642.76 million. Coinbase Global had a negative return on equity of 20.19% and a negative net margin of 24.25%. As a group, equities analysts anticipate that Coinbase Global, Inc. will post -11.7 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Tradewinds Capital Management LLC raised its position in Coinbase Global by 1,210.0% in the 2nd quarter. Tradewinds Capital Management LLC now owns 524 shares of the cryptocurrency exchange’s stock worth $25,000 after purchasing an additional 484 shares during the period. BDO Wealth Advisors LLC boosted its stake in Coinbase Global by 133.5% during the third quarter. BDO Wealth Advisors LLC now owns 390 shares of the cryptocurrency exchange’s stock worth $25,000 after acquiring an additional 223 shares in the last quarter. Ellevest Inc. bought a new stake in Coinbase Global during the third quarter worth about $26,000. Oakworth Capital Inc. bought a new stake in Coinbase Global during the second quarter worth about $29,000. Finally, SeaCrest Wealth Management LLC bought a new position in shares of Coinbase Global in the second quarter worth approximately $29,000. 46.41% of the stock is owned by institutional investors.

About Coinbase Global

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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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