Coinbase Global (NASDAQ:COIN) Trading Down 2.5% – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN) was down 2.5% during trading on Wednesday . The company traded as low as $289.04 and last traded at $286.89. Approximately 2,251,778 shares were traded during trading, a decline of 71% from the average daily volume of 7,778,332 shares. The stock had previously closed at $294.19.

Wall Street Analysts Forecast Growth

Several analysts have commented on COIN shares. 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. Barclays lifted their price target on Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. Keefe, Bruyette & Woods lowered their target price on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a report on Monday, January 13th. Mizuho boosted their price objective on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. Finally, Monness Crespi & Hardt raised their price target on shares of Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $282.83.

Coinbase Global Trading Up 0.3 %

The firm has a market capitalization of $73.84 billion, a P/E ratio of 50.63 and a beta of 3.59. The business’s 50 day moving average is $290.14 and its two-hundred day moving average is $232.30. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period in the prior year, the company posted ($0.01) earnings per share. The company’s revenue was up 78.8% on a year-over-year basis. Analysts expect that Coinbase Global, Inc. will post 4.81 EPS for the current year.

Insider Activity

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $209.98, for a total value of $2,099,800.00. Following the transaction, the insider now owns 74,956 shares in the company, valued at approximately $15,739,260.88. The trade was a 11.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Alesia J. Haas sold 5,700 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $266.87, for a total value of $1,521,159.00. Following the sale, the chief financial officer now owns 144,470 shares of the company’s stock, valued at $38,554,708.90. This trade represents a 3.80 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 347,033 shares of company stock worth $102,613,277. 23.43% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds have recently made changes to their positions in the company. Mount Yale Investment Advisors LLC boosted its position in Coinbase Global by 6.4% during the 4th quarter. Mount Yale Investment Advisors LLC now owns 1,378 shares of the cryptocurrency exchange’s stock worth $342,000 after acquiring an additional 83 shares during the period. Kingswood Wealth Advisors LLC purchased a new position in Coinbase Global during the fourth quarter valued at approximately $290,000. Flagship Harbor Advisors LLC increased its stake in Coinbase Global by 2.8% in the 4th quarter. Flagship Harbor Advisors LLC now owns 2,029 shares of the cryptocurrency exchange’s stock valued at $504,000 after buying an additional 56 shares during the period. Geneos Wealth Management Inc. lifted its position in Coinbase Global by 224.0% in the 4th quarter. Geneos Wealth Management Inc. now owns 661 shares of the cryptocurrency exchange’s stock worth $164,000 after buying an additional 457 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC acquired a new stake in shares of Coinbase Global during the 4th quarter valued at $213,000. Hedge funds and other institutional investors 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.