Coinbase Global (NASDAQ:COIN) Stock Price Down 6.8% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN)'s share price traded down 6.8% during trading on Monday following insider selling activity. The company traded as low as $264.50 and last traded at $264.6050. 7,779,824 shares were traded during trading, a decline of 29% from the average session volume of 10,896,826 shares. The stock had previously closed at $284.00.

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Specifically, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction on Monday, November 10th. The shares were sold at an average price of $320.67, for a total transaction of $8,016,750.00. Following the completion of the sale, the chief executive officer owned 526 shares of the company's stock, valued at $168,672.42. The trade was a 97.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frederick Ernest Ehrsam III sold 55,688 shares of the business's stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $321.81, for a total value of $17,920,955.28. The disclosure for this sale is available in the SEC filing. In related news, COO Emilie Choi sold 100,000 shares of the business's stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $310.88, for a total transaction of $31,088,000.00. Following the completion of the transaction, the chief operating officer directly owned 187,802 shares in the company, valued at approximately $58,383,885.76. The trade was a 34.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analysts Set New Price Targets

COIN has been the topic of several analyst reports. Compass Point lowered their price target on shares of Coinbase Global from $277.00 to $266.00 in a report on Friday, October 31st. Cantor Fitzgerald lowered their target price on shares of Coinbase Global from $500.00 to $459.00 and set an "overweight" rating on the stock in a research note on Friday, October 31st. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $400.00 target price on shares of Coinbase Global in a report on Friday, August 1st. Rothschild Redb raised Coinbase Global from a "hold" rating to a "strong-buy" rating in a report on Friday, October 3rd. Finally, Barclays dropped their price objective on Coinbase Global from $361.00 to $357.00 and set an "equal weight" rating for the company in a research note on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Coinbase Global presently has a consensus rating of "Moderate Buy" and an average price target of $399.94.

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Get Our Latest Stock Report on COIN

Coinbase Global Trading Down 7.0%

The company has a debt-to-equity ratio of 0.37, a current ratio of 2.40 and a quick ratio of 2.40. The stock has a market cap of $71.25 billion, a PE ratio of 22.88 and a beta of 3.67. The stock has a 50-day moving average price of $333.47 and a two-hundred day moving average price of $315.29.

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Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.40. Coinbase Global had a return on equity of 15.70% and a net margin of 41.99%.The business had revenue of $1.87 billion during the quarter, compared to analysts' expectations of $1.77 billion. During the same quarter last year, the business posted $0.28 EPS. The firm's revenue for the quarter was up 55.1% compared to the same quarter last year. Sell-side analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Envestnet Asset Management Inc. boosted its holdings in Coinbase Global by 24.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock valued at $8,861,000 after acquiring an additional 9,952 shares during the period. Bessemer Group Inc. lifted its position in shares of Coinbase Global by 672.2% during the second quarter. Bessemer Group Inc. now owns 1,166 shares of the cryptocurrency exchange's stock worth $408,000 after purchasing an additional 1,015 shares during the last quarter. SP Asset Management LLC purchased a new stake in shares of Coinbase Global during the second quarter valued at $360,000. Kera Capital Partners Inc. grew its holdings in shares of Coinbase Global by 3.0% in the second quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange's stock worth $12,954,000 after purchasing an additional 1,085 shares during the last quarter. Finally, Parallel Advisors LLC increased its stake in Coinbase Global by 102.6% in the 2nd quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange's stock worth $3,738,000 after buying an additional 5,402 shares during the period. 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.

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