Coinbase Global (NASDAQ:COIN) Shares Down 3.1% After Insider Selling

Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded down 3.1% on Tuesday after an insider sold shares in the company. The stock traded as low as $246.32 and last traded at $249.13. 1,519,739 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 14,257,681 shares. The stock had previously closed at $256.99.

Specifically, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $256.30, for a total transaction of $5,914,122.50. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at $134,813.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $256.30, for a total transaction of $5,914,122.50. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at $134,813.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $121.02, for a total value of $1,210,200.00. Following the sale, the insider now owns 61,665 shares of the company’s stock, valued at $7,462,698.30. The disclosure for this sale can be found here. Insiders sold 766,070 shares of company stock worth $121,938,069 over the last quarter. Corporate insiders own 33.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on COIN. Needham & Company LLC raised their price target on shares of Coinbase Global from $160.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, January 8th. Piper Sandler lifted their target price on shares of Coinbase Global from $125.00 to $165.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. The Goldman Sachs Group upgraded shares of Coinbase Global from a “sell” rating to a “neutral” rating in a research note on Friday, March 8th. Raymond James upgraded shares of Coinbase Global from an “underperform” rating to a “market perform” rating in a research note on Tuesday, March 12th. Finally, JMP Securities reiterated a “market outperform” rating on shares of Coinbase Global in a research note on Friday, March 22nd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $154.15.

Coinbase Global Stock Down 5.5 %

The firm’s 50-day simple moving average is $208.19 and its 200 day simple moving average is $147.86. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $58.86 billion, a P/E ratio of 899.81 and a beta of 3.41.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, topping the consensus estimate of ($0.09) by $1.13. The company had revenue of $953.80 million for the quarter, compared to analyst estimates of $826.10 million. Coinbase Global had a net margin of 3.05% and a return on equity of 3.54%. Coinbase Global’s revenue for the quarter was up 51.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($2.46) EPS. As a group, research analysts expect that Coinbase Global, Inc. will post 2.08 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of COIN. Vanguard Group Inc. grew its position in shares of Coinbase Global by 2.9% during the 4th quarter. Vanguard Group Inc. now owns 14,281,280 shares of the cryptocurrency exchange’s stock worth $2,483,800,000 after purchasing an additional 408,046 shares in the last quarter. Morgan Stanley grew its position in shares of Coinbase Global by 18.5% during the 3rd quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock worth $246,250,000 after purchasing an additional 511,397 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Coinbase Global by 3.2% during the 1st quarter. Geode Capital Management LLC now owns 2,341,989 shares of the cryptocurrency exchange’s stock worth $158,083,000 after purchasing an additional 73,036 shares in the last quarter. Norges Bank acquired a new position in shares of Coinbase Global during the 4th quarter worth approximately $50,254,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Coinbase Global by 741.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,342,039 shares of the cryptocurrency exchange’s stock worth $233,408,000 after purchasing an additional 1,182,556 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.