Coinbase Global (NASDAQ:COIN) Shares Down 4.7% on Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) shares dropped 4.7% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $199.73 and last traded at $199.70. Approximately 3,127,739 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 9,693,077 shares. The stock had previously closed at $209.64.

Specifically, CEO Brian Armstrong sold 20,000 shares of the company's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $198.44, for a total value of $3,968,800.00. Following the completion of the sale, the chief executive officer now owns 526 shares of the company's stock, valued at approximately $104,379.44. This represents a 97.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alesia J. Haas sold 7,575 shares of the business's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the transaction, the chief financial officer now directly owns 107,291 shares of the company's stock, valued at $21,458,200. This trade represents a 6.59 % decrease in their position. The disclosure for this sale can be found here. In other news, insider Paul Grewal sold 10,000 shares of the business's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $198.12, for a total value of $1,981,200.00. Following the completion of the transaction, the insider now directly owns 83,313 shares of the company's stock, valued at approximately $16,505,971.56. The trade was a 10.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

COIN has been the subject of several analyst reports. Piper Sandler increased their price target on shares of Coinbase Global from $285.00 to $310.00 and gave the company a "neutral" rating in a research report on Friday, February 14th. Barclays lowered their price objective on shares of Coinbase Global from $328.00 to $169.00 and set an "equal weight" rating for the company in a research note on Monday, April 7th. Canaccord Genuity Group raised their target price on Coinbase Global from $280.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Benchmark started coverage on Coinbase Global in a research report on Wednesday, April 23rd. They issued a "buy" rating and a $252.00 target price on the stock. Finally, Mizuho cut their price objective on shares of Coinbase Global from $280.00 to $217.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $289.90.

Coinbase Global Stock Performance

The stock has a fifty day moving average of $188.67 and a 200-day moving average of $243.12. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $51.11 billion, a PE ratio of 21.19 and a beta of 3.65.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. Equities analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. CWM LLC boosted its stake in Coinbase Global by 14.1% in the first quarter. CWM LLC now owns 6,439 shares of the cryptocurrency exchange's stock valued at $1,109,000 after acquiring an additional 795 shares in the last quarter. Emerald Advisers LLC grew its stake in Coinbase Global by 33.3% during the 1st quarter. Emerald Advisers LLC now owns 1,782 shares of the cryptocurrency exchange's stock worth $307,000 after buying an additional 445 shares during the last quarter. Arizona State Retirement System increased its position in Coinbase Global by 3.2% during the first quarter. Arizona State Retirement System now owns 57,016 shares of the cryptocurrency exchange's stock worth $9,820,000 after buying an additional 1,757 shares during the period. Emerald Mutual Fund Advisers Trust purchased a new stake in Coinbase Global in the first quarter valued at approximately $44,000. Finally, Berbice Capital Management LLC purchased a new position in shares of Coinbase Global during the first quarter worth approximately $34,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.