Insider Selling: Coinbase Global, Inc. (NASDAQ:COIN) CEO Sells 25,000 Shares of Stock

Key Points

• CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock for approximately $7.93 million, reducing his stake by 97.94% to just 526 shares post-transaction.
• Despite recent sales, institutional investors continued to increase their holdings, with significant stake increases from firms including Vanguard Group and ARK Investment Management.
• Coinbase reported a quarterly net revenue of $1.50 billion, missing analysts' expectations, with an EPS of $0.12 compared to a consensus estimate of $0.91.

Coinbase Global, Inc. (NASDAQ:COIN) CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $317.09, for a total transaction of $7,927,250.00. Following the sale, the chief executive officer owned 526 shares of the company's stock, valued at approximately $166,789.34. This represents a 97.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Brian Armstrong also recently made the following trade(s):

• On Wednesday, July 16th, Brian Armstrong sold 198,300 shares of Coinbase Global stock. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00.
• On Tuesday, July 15th, Brian Armstrong sold 183,506 shares of Coinbase Global stock. The shares were sold at an average price of $397.17, for a total transaction of $72,883,078.02.
• On Monday, July 14th, Brian Armstrong sold 165,443 shares of Coinbase Global stock. The stock was sold at an average price of $395.82, for a total transaction of $65,485,648.26.
• On Friday, July 11th, Brian Armstrong sold 27,751 shares of Coinbase Global stock. The stock was sold at an average price of $389.05, for a total transaction of $10,796,526.55.
• On Tuesday, July 1st, Brian Armstrong sold 25,000 shares of Coinbase Global stock. The stock was sold at an average price of $338.29, for a total transaction of $8,457,250.00.
• On Thursday, June 26th, Brian Armstrong sold 113,735 shares of Coinbase Global stock. The stock was sold at an average price of $363.15, for a total transaction of $41,302,865.25.
• On Wednesday, June 25th, Brian Armstrong sold 336,265 shares of Coinbase Global stock. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65.
• On Wednesday, June 11th, Brian Armstrong sold 25,000 shares of Coinbase Global stock. The shares were sold at an average price of $255.34, for a total transaction of $6,383,500.00.
• On Monday, June 2nd, Brian Armstrong sold 25,000 shares of Coinbase Global stock. The shares were sold at an average price of $247.15, for a total transaction of $6,178,750.00.

Coinbase Global Stock Down 0.7%

Shares of COIN stock traded down $2.25 during mid-day trading on Friday, reaching $308.54. 7,177,084 shares of the company were exchanged, compared to its average volume of 11,613,471. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The company has a market capitalization of $78.33 billion, a P/E ratio of 29.78, a P/E/G ratio of 26.26 and a beta of 3.70. The business's 50 day simple moving average is $331.59 and its 200 day simple moving average is $260.21.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the business posted $0.14 EPS. The firm's quarterly revenue was up 3.3% compared to the same quarter last year. Research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Compass Point reaffirmed a "sell" rating and set a $248.00 price target (down from $330.00) on shares of Coinbase Global in a research note on Monday. Monness Crespi & Hardt cut shares of Coinbase Global from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. HC Wainwright restated a "sell" rating and issued a $300.00 target price on shares of Coinbase Global in a report on Friday, August 1st. Jefferies Financial Group increased their price objective on shares of Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. Finally, Needham & Company LLC increased their price objective on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $352.18.

Hedge Funds Weigh In On Coinbase Global

Several large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in Coinbase Global by 46.1% in the second quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange's stock valued at $1,940,805,000 after buying an additional 1,755,146 shares during the last quarter. Groupama Asset Managment raised its stake in shares of Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after purchasing an additional 1,500,000 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Coinbase Global by 4.8% during the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after purchasing an additional 875,359 shares in the last quarter. Nuveen LLC acquired a new position in Coinbase Global during the first quarter worth about $83,454,000. Finally, Amundi grew its holdings in Coinbase Global by 44.1% during the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock worth $268,850,000 after acquiring an additional 481,786 shares during the period. 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.