Coinbase Global (NASDAQ:COIN) Shares Down 0.5% – Time to Sell?

Coinbase Global, Inc. (NASDAQ:COIN) was down 0.5% during mid-day trading on Tuesday . The company traded as low as $307.61 and last traded at $309.10. Approximately 3,385,222 shares traded hands during trading, a decline of 70% from the average daily volume of 11,259,436 shares. The stock had previously closed at $310.52.

Analysts Set New Price Targets

A number of brokerages have recently commented on COIN. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research report on Tuesday, October 29th. JMP Securities reissued a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research note on Wednesday, October 9th. Monness Crespi & Hardt initiated coverage on Coinbase Global in a report on Monday, October 28th. They issued a “buy” rating and a $245.00 price target for the company. Piper Sandler reaffirmed a “neutral” rating and set a $245.00 target price on shares of Coinbase Global in a research report on Friday, November 1st. Finally, Bank of America upped their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Hold” and a consensus price target of $276.22.

Coinbase Global Stock Down 1.2 %

The firm’s 50 day simple moving average is $245.35 and its 200 day simple moving average is $222.92. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a market cap of $76.82 billion, a price-to-earnings ratio of 52.75 and a beta of 3.56.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the firm posted ($0.01) earnings per share. Coinbase Global’s revenue was up 78.8% compared to the same quarter last year. Sell-side analysts anticipate that Coinbase Global, Inc. will post 4.44 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at approximately $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gokul Rajaram sold 400 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total transaction of $81,776.00. Following the completion of the transaction, the director now directly owns 7,771 shares in the company, valued at $1,588,703.24. This trade represents a 4.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 272,220 shares of company stock valued at $80,030,608 over the last ninety days. Corporate insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors have recently bought and sold shares of COIN. Sequoia Financial Advisors LLC increased its position in Coinbase Global by 5.4% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 3,492 shares of the cryptocurrency exchange’s stock worth $776,000 after buying an additional 178 shares during the period. Cooper Financial Group acquired a new position in shares of Coinbase Global during the second quarter worth approximately $203,000. Wedmont Private Capital boosted its position in Coinbase Global by 12.7% in the 2nd quarter. Wedmont Private Capital now owns 1,760 shares of the cryptocurrency exchange’s stock valued at $384,000 after buying an additional 198 shares during the last quarter. Diversified Trust Co increased its position in Coinbase Global by 8.5% in the second quarter. Diversified Trust Co now owns 2,287 shares of the cryptocurrency exchange’s stock worth $508,000 after purchasing an additional 180 shares during the period. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in shares of Coinbase Global during the second quarter worth approximately $333,000. 68.84% of the stock is currently owned by 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.