Coinbase Global (NASDAQ:COIN) Shares Down 0.8% – Here’s Why

Shares of Coinbase Global, Inc. (NASDAQ:COIN) dropped 0.8% during trading on Tuesday . The company traded as low as $251.66 and last traded at $253.48. Approximately 1,672,442 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 11,102,240 shares. The stock had previously closed at $255.56.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Needham & Company LLC boosted their target price on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research note on Thursday, October 31st. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 target price on shares of Coinbase Global in a research note on Tuesday, October 29th. Bank of America lifted their price target on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, Piper Sandler reissued a “neutral” rating and issued a $245.00 price objective on shares of Coinbase Global in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $286.22.

Coinbase Global Trading Down 1.6 %

The company has a 50 day moving average of $276.82 and a 200-day moving average of $227.71. The stock has a market cap of $62.98 billion, a price-to-earnings ratio of 42.93 and a beta of 3.57. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The firm’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.01) EPS. On average, research analysts anticipate that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In related news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $181.36, for a total value of $272,040.00. Following the sale, the chief operating officer now owns 176,601 shares of the company’s stock, valued at $32,028,357.36. This trade represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Alesia J. Haas sold 5,250 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the transaction, the chief financial officer now owns 169,786 shares of the company’s stock, valued at $33,150,716.50. This trade represents a 3.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 270,641 shares of company stock valued at $80,937,273 in the last 90 days. Company insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC lifted its position in shares of Coinbase Global by 18.2% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 8,386 shares of the cryptocurrency exchange’s stock worth $1,864,000 after buying an additional 1,291 shares during the last quarter. Principal Financial Group Inc. lifted its position in Coinbase Global by 15.6% in the second quarter. Principal Financial Group Inc. now owns 16,805 shares of the cryptocurrency exchange’s stock valued at $3,735,000 after acquiring an additional 2,264 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Coinbase Global by 26.2% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,876 shares of the cryptocurrency exchange’s stock valued at $417,000 after acquiring an additional 389 shares in the last quarter. Hantz Financial Services Inc. purchased a new position in shares of Coinbase Global during the second quarter worth about $54,000. Finally, Commonwealth Equity Services LLC increased its position in shares of Coinbase Global by 4.1% during the second quarter. Commonwealth Equity Services LLC now owns 94,865 shares of the cryptocurrency exchange’s stock worth $21,082,000 after purchasing an additional 3,694 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.