Coinbase Global (NASDAQ:COIN) Shares Down 4.7% on Insider Selling

by · The Markets Daily

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price dropped 4.7% on Monday following insider selling activity. The company traded as low as $199.73 and last traded at $199.70. Approximately 3,127,739 shares were traded during trading, a decline of 68% from the average daily volume of 9,693,077 shares. The stock had previously closed at $209.64.

Specifically, CEO Brian Armstrong sold 20,000 shares of the business’s stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $198.44, for a total transaction of $3,968,800.00. Following the completion of the sale, the chief executive officer now owns 526 shares in the company, valued at $104,379.44. The trade was a 97.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Alesia J. Haas sold 7,575 shares of Coinbase Global stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $200.00, for a total value of $1,515,000.00. Following the completion of the transaction, the chief financial officer now owns 107,291 shares of the company’s stock, valued at approximately $21,458,200. The trade was a 6.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $198.12, for a total transaction of $1,981,200.00. Following the completion of the transaction, the insider now directly owns 83,313 shares in the company, valued at $16,505,971.56. This represents a 10.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. JMP Securities cut their price target on Coinbase Global from $475.00 to $400.00 and set a “market outperform” rating on the stock in a report on Tuesday, April 8th. Barclays reduced their price target on Coinbase Global from $328.00 to $169.00 and set an “equal weight” rating for the company in a research report on Monday, April 7th. Mizuho cut their price objective 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, March 11th. Canaccord Genuity Group increased their target price on shares of Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $330.00 price target on shares of Coinbase Global in a research report on Thursday, February 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $289.90.

Get Our Latest Research Report on COIN

Coinbase Global Stock Performance

The firm’s fifty day simple moving average is $191.91 and its 200 day simple moving average is $243.42. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. The company has a market capitalization of $50.83 billion, a price-to-earnings ratio of 21.09 and a beta of 3.65.

Coinbase Global (NASDAQ:COIN – Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, topping the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. On average, sell-side analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Hedge Funds Weigh In On Coinbase Global

A number of large investors have recently made changes to their positions in the business. Mascagni Wealth Management Inc. purchased a new position in Coinbase Global during the fourth quarter valued at approximately $25,000. Copia Wealth Management purchased a new position in shares of Coinbase Global during the 4th quarter valued at $26,000. Bessemer Group Inc. increased its stake in shares of Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock worth $26,000 after acquiring an additional 113 shares during the last quarter. Wingate Wealth Advisors Inc. purchased a new stake in shares of Coinbase Global during the fourth quarter worth $27,000. Finally, Atala Financial Inc acquired a new stake in Coinbase Global during the fourth quarter valued at $27,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Company Profile

(Get Free Report)

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.

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