Coinbase Global (NASDAQ:COIN) Stock Price Down 2.8% - Here's What Happened

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price traded down 2.8% during mid-day trading on Wednesday . The company traded as low as $246.37 and last traded at $248.30. 5,397,103 shares were traded during mid-day trading, a decline of 51% from the average session volume of 11,117,471 shares. The stock had previously closed at $255.56.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on COIN shares. JMP Securities reiterated a "market outperform" rating and set a $320.00 target price on shares of Coinbase Global in a research report on Wednesday, October 9th. Oppenheimer increased their price objective on shares of Coinbase Global from $265.00 to $358.00 and gave the company an "outperform" rating in a research report on Monday, November 25th. Needham & Company LLC boosted their target price on shares of Coinbase Global from $375.00 to $420.00 and gave the stock a "buy" rating in a report on Monday, December 9th. Monness Crespi & Hardt increased their price target on shares of Coinbase Global from $245.00 to $390.00 and gave the company a "buy" rating in a report on Thursday, December 19th. Finally, The Goldman Sachs Group lifted their price target on Coinbase Global from $183.00 to $397.00 and gave the stock a "neutral" rating in a research report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten 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 $286.22.

Coinbase Global Stock Down 2.8 %

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's 50 day moving average price is $277.57 and its two-hundred day moving average price is $227.74. The stock has a market cap of $62.16 billion, a P/E ratio of 42.37 and a beta of 3.57.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.26 billion. During the same quarter in the prior year, the company earned ($0.01) EPS. The firm's quarterly revenue was up 78.8% on a year-over-year basis. As a group, research analysts expect that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

Insider Activity

In other Coinbase Global news, CEO Brian Armstrong sold 58,269 shares of the firm's stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the sale, the chief executive officer now owns 526 shares of the company's stock, valued at approximately $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the company's stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the transaction, the insider now owns 74,956 shares in the company, valued at approximately $15,739,260.88. This trade represents a 11.77 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 270,641 shares of company stock worth $80,937,273. Corporate insiders own 23.43% of the company's stock.

Institutional Trading of Coinbase Global

A number of institutional investors have recently bought and sold shares of COIN. Principal Financial Group Inc. raised its holdings in shares of Coinbase Global by 219.2% in the third quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange's stock worth $9,558,000 after buying an additional 36,843 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Coinbase Global during the 3rd quarter worth about $94,000. Virtu Financial LLC purchased a new stake in Coinbase Global during the 3rd quarter valued at about $3,866,000. TD Private Client Wealth LLC purchased a new position in shares of Coinbase Global in the third quarter worth about $77,000. Finally, Sunbelt Securities Inc. boosted its position in Coinbase Global by 25.9% in the third quarter. Sunbelt Securities Inc. now owns 696 shares of the cryptocurrency exchange's stock valued at $124,000 after buying an additional 143 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.