Coinbase Global (NASDAQ:COIN) Shares Down 1.8% on Insider Selling

Key Points

• Coinbase Global's stock price fell by 1.8% after CEO Brian Armstrong sold 25,000 shares for $9 million, drastically reducing his holdings by nearly 98%.
• Despite the recent decline, analysts maintain a consensus rating of "Moderate Buy" for Coinbase, with an average price target of $367.94.
• Coinbase reported quarterly earnings of $0.12 per share, missing the expected $0.91, with revenue of $1.50 billion compared to estimates of $1.68 billion.

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price fell 1.8% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $328.71 and last traded at $330.25. 7,541,823 shares changed hands during trading, a decline of 32% from the average session volume of 11,048,095 shares. The stock had previously closed at $336.30.

Specifically, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction on Monday, October 13th. The shares were sold at an average price of $361.32, for a total transaction of $9,033,000.00. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at $190,054.32. This represents a 97.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

Several research firms recently issued reports on COIN. Oppenheimer reissued an "outperform" rating and issued a $417.00 target price on shares of Coinbase Global in a research report on Thursday, July 31st. Barclays reduced their price target on shares of Coinbase Global from $365.00 to $361.00 and set an "equal weight" rating on the stock in a research report on Wednesday, October 8th. 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 report on Monday, August 4th. Wall Street Zen raised shares of Coinbase Global from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, HC Wainwright reaffirmed a "sell" rating and set a $300.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Coinbase Global presently has a consensus rating of "Moderate Buy" and an average price target of $367.94.

Coinbase Global Trading Down 1.8%

The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The firm's 50 day simple moving average is $327.37 and its two-hundred day simple moving average is $290.45. The stock has a market cap of $84.85 billion, a P/E ratio of 31.94 and a beta of 3.68.

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

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds have recently added to or reduced their stakes in COIN. Bessemer Group Inc. boosted its position in Coinbase Global by 297.4% during the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after purchasing an additional 113 shares during the period. Evelyn Partners Investment Management Europe Ltd lifted its position in Coinbase Global by 92.3% in the second quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange's stock worth $29,000 after purchasing an additional 36 shares during the period. McClarren Financial Advisors Inc. bought a new position in shares of Coinbase Global in the first quarter valued at about $30,000. Cullen Frost Bankers Inc. bought a new position in shares of Coinbase Global in the second quarter valued at about $30,000. Finally, S Bank Fund Management Ltd acquired a new stake in Coinbase Global in the first quarter worth about $31,000. Institutional investors and hedge funds own 68.84% of the company's stock.

About Coinbase Global

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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