Coinbase Global (NASDAQ:COIN) Shares Gap Down – Should You Sell?

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $217.45, but opened at $205.08. Coinbase Global shares last traded at $194.46, with a volume of 3,023,628 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have issued reports on COIN. JMP Securities lifted their price target on Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a report on Friday, February 14th. Rosenblatt Securities began coverage on Coinbase Global in a research note on Friday, March 7th. They set a “buy” rating and a $305.00 target price for the company. Mizuho dropped their price target on shares of Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a research note on Tuesday. The Goldman Sachs Group reduced their price objective on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Finally, Barclays upped their target price on shares of Coinbase Global from $282.00 to $328.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. Ten research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $307.89.

Coinbase Global Trading Up 7.0 %

The company has a 50 day simple moving average of $259.55 and a 200 day simple moving average of $241.43. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $48.67 billion, a PE ratio of 20.18 and a beta of 3.66.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, topping the consensus estimate of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. Analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,978 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the transaction, the insider now owns 83,313 shares in the company, valued at approximately $17,656,524.09. The trade was a 11.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 11,421 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $273.23, for a total value of $3,120,559.83. Following the transaction, the director now directly owns 10,417 shares in the company, valued at $2,846,236.91. This represents a 52.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 219,455 shares of company stock worth $60,955,968. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of large investors have recently made changes to their positions in COIN. Vanguard Group Inc. increased its holdings in Coinbase Global by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange’s stock valued at $4,573,462,000 after buying an additional 128,802 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Coinbase Global by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock worth $882,822,000 after acquiring an additional 127,075 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in Coinbase Global by 2.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after purchasing an additional 71,398 shares in the last quarter. Clear Street Derivatives LLC purchased a new position in Coinbase Global in the 3rd quarter valued at approximately $409,919,000. Finally, Norges Bank acquired a new position in Coinbase Global during the fourth quarter worth $536,484,000. 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.