Coinbase Global (NASDAQ:COIN) Shares Down 1.1% on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) traded down 1.1% during trading on Thursday following insider selling activity. The company traded as low as $222.22 and last traded at $224.94. 3,241,672 shares traded hands during trading, a decline of 58% from the average session volume of 7,787,521 shares. The stock had previously closed at $227.51.

Specifically, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $195.90, for a total value of $293,850.00. Following the sale, the chief operating officer now owns 204,436 shares of the company’s stock, valued at approximately $40,049,012.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $195.90, for a total value of $293,850.00. Following the sale, the chief operating officer now owns 204,436 shares of the company’s stock, valued at approximately $40,049,012.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III sold 114,216 shares of Coinbase Global stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $202.30, for a total transaction of $23,105,896.80. Following the completion of the sale, the director now directly owns 4,662 shares in the company, valued at approximately $943,122.60. The disclosure for this sale can be found here. Insiders have sold 330,516 shares of company stock worth $73,051,856 in the last 90 days. Insiders own 23.43% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on COIN shares. Barclays upped their price target on shares of Coinbase Global from $179.00 to $204.00 and gave the stock an “underweight” rating in a report on Monday, May 6th. Mizuho upped their price target on shares of Coinbase Global from $84.00 to $145.00 and gave the stock an “underperform” rating in a report on Friday, April 12th. Oppenheimer upped their target price on shares of Coinbase Global from $276.00 to $282.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Singular Research reiterated a “buy” rating on shares of Coinbase Global in a research report on Wednesday, May 8th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Coinbase Global from $230.00 to $240.00 and gave the stock a “market perform” rating in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global currently has an average rating of “Hold” and an average price target of $215.50.

Coinbase Global Stock Down 1.1 %

The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.52. The stock has a 50 day simple moving average of $227.68 and a 200 day simple moving average of $203.47. The firm has a market capitalization of $55.24 billion, a PE ratio of 44.90 and a beta of 3.40.

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

Hedge Funds Weigh In On Coinbase Global

Several hedge funds have recently made changes to their positions in COIN. Envestnet Asset Management Inc. boosted its position in shares of Coinbase Global by 55.0% during the third quarter. Envestnet Asset Management Inc. now owns 47,667 shares of the cryptocurrency exchange’s stock valued at $3,579,000 after purchasing an additional 16,914 shares in the last quarter. Bank of Nova Scotia bought a new stake in shares of Coinbase Global during the third quarter valued at approximately $450,000. Legal & General Group Plc boosted its position in shares of Coinbase Global by 2.3% during the third quarter. Legal & General Group Plc now owns 518,814 shares of the cryptocurrency exchange’s stock valued at $38,953,000 after purchasing an additional 11,730 shares in the last quarter. Scotia Capital Inc. bought a new stake in shares of Coinbase Global during the third quarter valued at approximately $218,000. Finally, Morgan Stanley boosted its position in shares of Coinbase Global by 18.5% during the third quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock valued at $246,250,000 after purchasing an additional 511,397 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Company Profile

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.