Coinbase Global (NASDAQ:COIN) Stock Price Down 2.9% Following Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price dropped 2.9% on Tuesday after an insider sold shares in the company. The stock traded as low as $235.99 and last traded at $244.71. Approximately 4,724,530 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 14,767,794 shares. The stock had previously closed at $252.11.

Specifically, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction dated Thursday, January 11th. The shares were sold at an average price of $146.14, for a total value of $3,372,180.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Coinbase Global news, CFO Alesia J. Haas sold 64,000 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $228.45, for a total value of $14,620,800.00. Following the completion of the sale, the chief financial officer now directly owns 219,490 shares of the company’s stock, valued at $50,142,490.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brian Armstrong sold 23,075 shares of the company’s stock in a transaction on Thursday, January 11th. The shares were sold at an average price of $146.14, for a total value of $3,372,180.50. The disclosure for this sale can be found here. Insiders sold a total of 726,615 shares of company stock valued at $112,038,692 in the last ninety days. 33.16% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods increased their target price on shares of Coinbase Global from $160.00 to $230.00 and gave the stock a “market perform” rating in a research report on Wednesday. Raymond James upgraded Coinbase Global from an “underperform” rating to a “market perform” rating in a report on Tuesday, March 12th. Piper Sandler increased their target price on shares of Coinbase Global from $125.00 to $165.00 and gave the company a “neutral” rating in a report on Friday, February 16th. The Goldman Sachs Group raised Coinbase Global from a “sell” rating to a “neutral” rating in a research note on Friday, March 8th. Finally, JMP Securities reissued a “market outperform” rating on shares of Coinbase Global in a research note on Friday, March 22nd. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $144.80.

Coinbase Global Trading Up 2.3 %

The company has a debt-to-equity ratio of 0.47, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $60.95 billion, a PE ratio of 931.78 and a beta of 3.41. The stock has a 50-day moving average price of $198.58 and a two-hundred day moving average price of $142.57.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $1.13. The business had revenue of $953.80 million for the quarter, compared to the consensus estimate of $826.10 million. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. The company’s revenue was up 51.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($2.46) EPS. Sell-side analysts forecast that Coinbase Global, Inc. will post 1.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Coinbase Global

A number of hedge funds have recently bought and sold shares of the business. Barrett & Company Inc. purchased a new position in shares of Coinbase Global in the 4th quarter worth $26,000. Creekmur Asset Management LLC bought a new stake in Coinbase Global during the fourth quarter worth approximately $27,000. Quarry LP bought a new stake in Coinbase Global during the fourth quarter worth approximately $32,000. AlphaMark Advisors LLC purchased a new stake in Coinbase Global during the fourth quarter valued at approximately $33,000. Finally, Signature Resources Capital Management LLC bought a new stake in shares of Coinbase Global in the 4th quarter valued at approximately $39,000. 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.