Coinbase Global (NASDAQ:COIN) Trading Down 1.9%

Coinbase Global, Inc. (NASDAQ:COIN) was down 1.9% during mid-day trading on Tuesday . The stock traded as low as $228.63 and last traded at $229.00. Approximately 1,571,739 shares traded hands during trading, a decline of 87% from the average daily volume of 11,770,566 shares. The stock had previously closed at $233.37.

Analyst Upgrades and Downgrades

COIN has been the topic of several analyst reports. Wedbush lifted their price objective on Coinbase Global from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Oppenheimer upped their price target on shares of Coinbase Global from $276.00 to $282.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Needham & Company LLC reiterated a “buy” rating and set a $260.00 target price on shares of Coinbase Global in a report on Wednesday, June 5th. Raymond James upgraded Coinbase Global from an “underperform” rating to a “market perform” rating in a report on Tuesday, March 12th. Finally, Piper Sandler lifted their price objective on Coinbase Global from $225.00 to $245.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $215.50.

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $55.92 billion, a P/E ratio of 45.71 and a beta of 3.40. The business has a 50-day moving average price of $227.85 and a 200 day moving average price of $202.76.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 EPS for the quarter, beating the consensus estimate of $1.04 by $0.61. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. As a group, sell-side analysts forecast that Coinbase Global, Inc. will post 5.01 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $221.47, for a total value of $2,214,700.00. Following the completion of the transaction, the insider now owns 66,122 shares of the company’s stock, valued at approximately $14,644,039.34. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $221.47, for a total transaction of $2,214,700.00. Following the completion of the sale, the insider now owns 66,122 shares in the company, valued at $14,644,039.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $256.30, for a total value of $5,914,122.50. Following the completion of the transaction, the chief executive officer now directly owns 526 shares in the company, valued at $134,813.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 343,641 shares of company stock valued at $76,670,568. 23.43% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in COIN. Vanguard Group Inc. boosted its position in shares of Coinbase Global by 18.4% in the first quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock worth $4,482,190,000 after purchasing an additional 2,624,989 shares during the period. Morgan Stanley raised its holdings in shares of Coinbase Global by 18.5% in the third quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock worth $246,250,000 after buying an additional 511,397 shares during the period. Norges Bank bought a new stake in shares of Coinbase Global during the fourth quarter worth $202,936,000. a16z Perennial Management L.P. purchased a new stake in shares of Coinbase Global during the fourth quarter valued at $147,646,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Coinbase Global by 6.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 656,689 shares of the cryptocurrency exchange’s stock worth $114,211,000 after purchasing an additional 37,847 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.

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.