Coinbase Global (NASDAQ:COIN) Shares Down 3.8% - Time to Sell?

Key Points

• Coinbase Global's shares fell 3.8% on Monday, trading at approximately $376.89, with trading volume down 59% from the average.
• Analysts have varied views on the stock, with one raising its rating from "sell" to "neutral" and another increasing the price target from $310 to $510, resulting in a consensus rating of "Hold" and an average price target of $320.06.
• CEO Brian Armstrong sold over 336,000 shares valued at approximately $121.9 million, significantly reducing his ownership in the company.

Coinbase Global, Inc. (NASDAQ:COIN) dropped 3.8% on Monday . The stock traded as low as $377.14 and last traded at $376.89. Approximately 4,617,743 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 11,374,612 shares. The stock had previously closed at $391.66.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Compass Point raised shares of Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price objective for the company in a research note on Monday, May 12th. Sanford C. Bernstein upped their price objective on Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Erste Group Bank started coverage on shares of Coinbase Global in a research report on Wednesday, July 23rd. They set a "buy" rating on the stock. Canaccord Genuity Group restated a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a research note on Friday, May 9th. Finally, Citigroup reiterated an "outperform" rating on shares of Coinbase Global in a research note on Monday, July 14th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Coinbase Global currently has a consensus rating of "Hold" and an average price target of $320.06.

Coinbase Global Trading Down 3.2%

The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52. The company's 50 day moving average is $317.61 and its 200 day moving average is $255.89. The stock has a market capitalization of $96.23 billion, a price-to-earnings ratio of 71.08, a PEG ratio of 29.86 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). The business had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The business's quarterly revenue was up 24.2% compared to the same quarter last year. During the same quarter last year, the business posted $2.53 earnings per share. On average, research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 336,265 shares of Coinbase Global stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total value of $121,933,051.65. Following the transaction, the chief executive officer directly owned 526 shares of the company's stock, valued at $190,732.86. The trade was a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of Coinbase Global stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the completion of the sale, the director owned 10,417 shares of the company's stock, valued at $2,632,167.56. This represents a 74.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,208,340 shares of company stock worth $439,997,456 over the last three months. 23.43% of the stock is owned by insiders.

Institutional Trading of Coinbase Global

Institutional investors and hedge funds have recently bought and sold shares of the company. Mascagni Wealth Management Inc. purchased a new position in Coinbase Global during the fourth quarter valued at $25,000. Copia Wealth Management purchased a new position in Coinbase Global during the fourth quarter valued at approximately $26,000. Mpwm Advisory Solutions LLC bought a new position in Coinbase Global during the fourth quarter valued at approximately $35,000. Brooklands Fund Management Ltd purchased a new position in shares of Coinbase Global in the 4th quarter worth approximately $37,245,000. Finally, Ameriflex Group Inc. purchased a new position in shares of Coinbase Global during the fourth quarter valued at approximately $37,000. 68.84% of the stock is currently 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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