Coinbase Global (NASDAQ:COIN) Shares Down 1.9% – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price fell 1.9% on Wednesday . The stock traded as low as $204.82 and last traded at $206.76. 2,425,248 shares changed hands during trading, a decline of 77% from the average session volume of 10,356,761 shares. The stock had previously closed at $210.72.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on COIN shares. Barclays upped their price target on shares of Coinbase Global from $169.00 to $175.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. HC Wainwright reduced their target price on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Citigroup raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and lifted their price target for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. Bank of America dropped their price objective on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Coinbase Global has an average rating of “Hold” and a consensus target price of $242.82.

Coinbase Global Stock Performance

The business’s 50-day moving average price is $180.85 and its 200-day moving average price is $210.69. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The stock has a market cap of $48.62 billion, a PE ratio of 39.31 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the company posted ($0.42) EPS. The business’s revenue for the quarter was up 104.8% on a year-over-year basis. As a group, equities research analysts expect that Coinbase Global, Inc. will post 3.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Alesia J. Haas sold 5,250 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the transaction, the chief financial officer now owns 169,786 shares in the company, valued at $33,150,716.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total value of $4,013,434.75. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at $91,487.18. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Alesia J. Haas sold 5,250 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total value of $1,025,062.50. Following the sale, the chief financial officer now owns 169,786 shares in the company, valued at approximately $33,150,716.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,187 shares of company stock valued at $15,515,794. 23.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently modified their holdings of the company. Los Angeles Capital Management LLC purchased a new position in Coinbase Global during the 1st quarter worth approximately $294,000. Mather Group LLC. acquired a new position in Coinbase Global during the first quarter valued at $32,000. Park Avenue Securities LLC purchased a new stake in Coinbase Global in the first quarter valued at $231,000. APEIRON CAPITAL Ltd acquired a new stake in Coinbase Global during the 1st quarter worth about $108,434,000. Finally, Riverview Trust Co purchased a new position in shares of Coinbase Global during the 1st quarter valued at about $43,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.