Coinbase Global (NASDAQ:COIN) Shares Down 0.9% Following Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) shares dropped 0.9% on Wednesday after an insider sold shares in the company. The company traded as low as $253.95 and last traded at $264.54. Approximately 6,346,896 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 14,997,183 shares. The stock had previously closed at $266.81.

Specifically, Director Frederick Ernest Ehrsam III sold 16,380 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $274.97, for a total value of $4,504,008.60. Following the transaction, the director now owns 4,662 shares of the company’s stock, valued at approximately $1,281,910.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Frederick Ernest Ehrsam III sold 16,380 shares of the stock in a transaction that occurred on Tuesday, March 26th. The shares were sold at an average price of $274.97, for a total transaction of $4,504,008.60. Following the transaction, the director now directly owns 4,662 shares in the company, valued at $1,281,910.14. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Emilie Choi sold 700 shares of the stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $130.29, for a total value of $91,203.00. Following the sale, the chief operating officer now directly owns 225,142 shares in the company, valued at approximately $29,333,751.18. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 759,107 shares of company stock worth $117,220,321. 33.16% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on COIN. Oppenheimer raised their price objective on Coinbase Global from $160.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. The Goldman Sachs Group upgraded shares of Coinbase Global from a “sell” rating to a “neutral” rating in a research note on Friday, March 8th. HC Wainwright raised their target price on shares of Coinbase Global from $115.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Keefe, Bruyette & Woods raised shares of Coinbase Global from an “underperform” rating to a “market perform” rating and upped their price target for the company from $93.00 to $160.00 in a report on Friday, February 16th. Finally, Mizuho raised their target price on Coinbase Global from $60.00 to $84.00 and gave the stock an “underperform” rating in a report on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $141.30.

Coinbase Global Trading Up 3.3 %

The stock has a market cap of $64.23 billion, a price-to-earnings ratio of 981.93 and a beta of 3.36. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.03 and a quick ratio of 1.03. The business’s 50 day moving average is $188.26 and its 200 day moving average is $137.37.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, topping the consensus estimate of ($0.09) by $1.13. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. The firm had revenue of $953.80 million during the quarter, compared to analysts’ expectations of $826.10 million. During the same quarter in the previous year, the business earned ($2.46) earnings per share. The firm’s revenue was up 51.6% compared to the same quarter last year. As a group, equities analysts expect that Coinbase Global, Inc. will post 1.68 earnings per share for the current fiscal year.

Institutional Trading of Coinbase Global

A number of hedge funds have recently added to or reduced their stakes in COIN. Vanguard Group Inc. lifted its stake in shares of Coinbase Global by 19.8% in the 3rd quarter. Vanguard Group Inc. now owns 12,786,266 shares of the cryptocurrency exchange’s stock worth $824,587,000 after acquiring an additional 2,110,196 shares during the period. Norges Bank purchased a new position in shares of Coinbase Global during the 4th quarter worth approximately $50,254,000. Quadrature Capital Ltd purchased a new stake in shares of Coinbase Global in the second quarter valued at approximately $93,815,000. Price T Rowe Associates Inc. MD grew its holdings in Coinbase Global by 741.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,342,039 shares of the cryptocurrency exchange’s stock worth $233,408,000 after acquiring an additional 1,182,556 shares during the period. Finally, a16z Perennial Management L.P. acquired a new stake in Coinbase Global in the fourth quarter valued at $147,646,000. 68.84% of the stock is 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.