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

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price gapped down before the market opened on Tuesday after an insider sold shares in the company. The stock had previously closed at $312.22, but opened at $298.26. Coinbase Global shares last traded at $304.64, with a volume of 2,361,040 shares trading hands.

Specifically, CAO Jennifer N. Jones sold 1,837 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $295.02, for a total transaction of $541,951.74. Following the sale, the chief accounting officer now directly owns 1,160 shares of the company’s stock, valued at $342,223.20. The trade was a 61.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the sale, the chief executive officer now directly owns 526 shares in the company, valued at approximately $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on COIN. Piper Sandler reissued a “neutral” rating and set a $245.00 target price on shares of Coinbase Global in a research note on Friday, November 1st. Bank of America upped their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Monness Crespi & Hardt started coverage on shares of Coinbase Global in a research note on Monday, October 28th. They issued a “buy” rating and a $245.00 price target on the stock. B. Riley started coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target on the stock. Finally, Needham & Company LLC upped their price target on shares of Coinbase Global from $290.00 to $375.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $255.22.

Coinbase Global Price Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The stock’s fifty day simple moving average is $219.83 and its 200-day simple moving average is $216.55. The company has a market capitalization of $77.85 billion, a P/E ratio of 53.07 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the company earned ($0.01) earnings per share. The firm’s revenue was up 78.8% on a year-over-year basis. On average, equities analysts forecast that Coinbase Global, Inc. will post 4.27 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 company. Empowered Funds LLC boosted its holdings in Coinbase Global by 0.8% during the third quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock valued at $924,000 after acquiring an additional 43 shares during the period. Creative Financial Designs Inc. ADV lifted its stake in shares of Coinbase Global by 9.4% in the third quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock valued at $106,000 after buying an additional 51 shares during the period. Fifth Third Bancorp lifted its stake in shares of Coinbase Global by 0.4% in the second quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock valued at $2,777,000 after buying an additional 55 shares during the period. Versant Capital Management Inc lifted its stake in shares of Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after buying an additional 57 shares during the period. Finally, Larson Financial Group LLC lifted its stake in shares of Coinbase Global by 12.1% in the second quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock valued at $118,000 after buying an additional 57 shares during the period. 68.84% of the stock is currently owned by 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.