Coinbase Global (NASDAQ:COIN) Trading Down 6.8% Following Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) shares were down 6.8% during trading on Monday after an insider sold shares in the company. The stock traded as low as $264.50 and last traded at $264.6050. Approximately 7,779,824 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 10,896,826 shares. The stock had previously closed at $284.00.

Specifically, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $320.67, for a total value of $8,016,750.00. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at approximately $168,672.42. The trade was a 97.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 55,688 shares of the firm’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $321.81, for a total value of $17,920,955.28. Additional details regarding this sale are available in the official SEC disclosure. In other Coinbase Global news, COO Emilie Choi sold 100,000 shares of Coinbase Global stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $310.88, for a total transaction of $31,088,000.00. Following the completion of the sale, the chief operating officer directly owned 187,802 shares of the company’s stock, valued at $58,383,885.76. The trade was a 34.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

COIN has been the topic of several research reports. Wall Street Zen upgraded Coinbase Global from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. HC Wainwright raised shares of Coinbase Global from a “sell” rating to a “buy” rating and raised their target price for the company from $300.00 to $425.00 in a research report on Thursday, October 30th. Bank of America reduced their price target on shares of Coinbase Global from $369.00 to $340.00 in a report on Wednesday, October 1st. China Renaissance increased their price objective on shares of Coinbase Global from $444.60 to $479.30 in a research note on Monday, November 3rd. Finally, Cantor Fitzgerald reduced their price objective on shares of Coinbase Global from $500.00 to $459.00 and set an “overweight” rating for the company in a research note on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $399.94.

Coinbase Global Price Performance

The firm has a market cap of $71.25 billion, a PE ratio of 22.88 and a beta of 3.67. The company has a quick ratio of 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 0.37. The stock has a 50 day moving average price of $333.47 and a two-hundred day moving average price of $315.29.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, October 30th. The cryptocurrency exchange reported $1.44 EPS for the quarter, beating the consensus estimate of $1.04 by $0.40. The firm had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.77 billion. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. Coinbase Global’s revenue was up 55.1% on a year-over-year basis. During the same period last year, the firm posted $0.28 EPS. As a group, equities analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Institutional Investors Weigh In On Coinbase Global

A number of large investors have recently made changes to their positions in the stock. Evelyn Partners Investment Management Europe Ltd raised its stake in Coinbase Global by 92.3% in the 2nd quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock worth $29,000 after acquiring an additional 36 shares during the last quarter. REAP Financial Group LLC acquired a new position in shares of Coinbase Global in the third quarter valued at about $25,000. Cullen Frost Bankers Inc. purchased a new position in shares of Coinbase Global in the second quarter worth about $30,000. Salomon & Ludwin LLC raised its stake in shares of Coinbase Global by 4,400.0% in the third quarter. Salomon & Ludwin LLC now owns 90 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 88 shares during the last quarter. Finally, City State Bank acquired a new stake in shares of Coinbase Global during the second quarter worth about $33,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.