Coinbase Global (NASDAQ:COIN) Trading Down 2.8% – Here’s Why

Coinbase Global, Inc. (NASDAQ:COIN) shares fell 2.8% during trading on Monday . The company traded as low as $269.30 and last traded at $283.05. 4,933,191 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 8,061,978 shares. The stock had previously closed at $291.33.

Analyst Ratings Changes

A number of brokerages have recently commented on COIN. Barclays lifted their price objective on shares of Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. Piper Sandler lifted their target price on shares of Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. HC Wainwright reaffirmed a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a report on Tuesday, October 29th. Mizuho raised shares of Coinbase Global from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $250.00 to $290.00 in a report on Wednesday, January 29th. Finally, Oppenheimer reduced their target price on shares of Coinbase Global from $358.00 to $334.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $289.06.

Coinbase Global Stock Performance

The stock’s 50-day moving average is $288.00 and its 200-day moving average is $235.80. The firm has a market capitalization of $71.20 billion, a price-to-earnings ratio of 48.53 and a beta of 3.61. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48.

Insider Buying and Selling

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 10,216 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $310.14, for a total transaction of $3,168,390.24. Following the transaction, the director now owns 10,417 shares in the company, valued at approximately $3,230,728.38. This represents a 49.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Lawrence J. Brock sold 4,635 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $250.00, for a total transaction of $1,158,750.00. Following the transaction, the insider now owns 18,525 shares in the company, valued at approximately $4,631,250. The trade was a 20.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 376,205 shares of company stock worth $112,487,737 in the last three months. 23.43% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

Several institutional investors and hedge funds have recently made changes to their positions in the company. SOA Wealth Advisors LLC. raised its holdings in shares of Coinbase Global by 17.7% in the fourth quarter. SOA Wealth Advisors LLC. now owns 266 shares of the cryptocurrency exchange’s stock valued at $66,000 after purchasing an additional 40 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Coinbase Global by 0.8% in the third quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock valued at $924,000 after purchasing an additional 43 shares during the last quarter. Yousif Capital Management LLC raised its holdings in shares of Coinbase Global by 1.7% in the fourth quarter. Yousif Capital Management LLC now owns 2,559 shares of the cryptocurrency exchange’s stock valued at $635,000 after purchasing an additional 44 shares during the last quarter. Capital Advisors Wealth Management LLC raised its holdings in shares of Coinbase Global by 3.2% in the fourth quarter. Capital Advisors Wealth Management LLC now owns 1,470 shares of the cryptocurrency exchange’s stock valued at $365,000 after purchasing an additional 45 shares during the last quarter. Finally, Creative Financial Designs Inc. ADV increased its holdings in Coinbase Global by 9.4% during the third quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock worth $106,000 after buying an additional 51 shares during the last quarter. 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.