Coinbase Global (NASDAQ:COIN) Shares Down 7.7% on Insider Selling

Key Points

• Coinbase Global shares experienced a significant drop of 7.7% following insider selling, with notable sales from executives Paul Grewal and CEO Brian Armstrong.
• Despite this decline, several analysts have rated Coinbase with a consensus of "Moderate Buy" and a price target averaging around $367.12.
• The company reported $1.50 billion in revenue for the last quarter, falling short of the forecasted $1.68 billion, and had an earnings per share of $0.12, missing estimates by $0.79.

Coinbase Global, Inc. (NASDAQ:COIN) shares fell 7.7% on Friday following insider selling activity. The stock traded as low as $351.63 and last traded at $357.01. 16,691,967 shares were traded during trading, an increase of 50% from the average session volume of 11,091,426 shares. The stock had previously closed at $387.00.

Specifically, insider Paul Grewal sold 10,000 shares of the business's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $345.88, for a total value of $3,458,800.00. Following the completion of the sale, the insider owned 82,328 shares of the company's stock, valued at approximately $28,475,608.64. The trade was a 10.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $355.47, for a total transaction of $8,886,750.00. Following the completion of the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $186,977.22. The trade was a 97.94% decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

COIN has been the subject of several recent analyst reports. Rothschild & Co Redburn raised shares of Coinbase Global from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $325.00 to $417.00 in a research report on Friday, October 3rd. BTIG Research began coverage on shares of Coinbase Global in a research report on Wednesday, October 1st. They set a "buy" rating and a $410.00 target price for the company. Barclays reduced their price objective on shares of Coinbase Global from $365.00 to $361.00 and set an "equal weight" rating for the company in a research report on Wednesday. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Coinbase Global in a research report on Saturday, September 27th. Finally, Canaccord Genuity Group reissued a "buy" rating and issued a $400.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $367.12.

Coinbase Global Stock Down 7.7%

The company has a market capitalization of $91.73 billion, a P/E ratio of 34.53 and a beta of 3.68. 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 stock has a 50 day moving average price of $324.22 and a 200 day moving average price of $286.10.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS 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 business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the firm earned $0.14 earnings per share. The company's revenue for the quarter was up 3.3% on a year-over-year basis. Equities research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Evelyn Partners Investment Management Europe Ltd lifted its holdings in shares of 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 buying an additional 36 shares in the last quarter. Cullen Frost Bankers Inc. bought a new position in shares of Coinbase Global in the second quarter worth approximately $30,000. City State Bank bought a new position in shares of Coinbase Global in the second quarter worth approximately $33,000. Financial Gravity Companies Inc. bought a new position in shares of Coinbase Global in the second quarter worth approximately $34,000. Finally, Fourth Dimension Wealth LLC increased its position in shares of Coinbase Global by 300.0% in the second quarter. Fourth Dimension Wealth LLC now owns 100 shares of the cryptocurrency exchange's stock worth $35,000 after purchasing an additional 75 shares during the last quarter. 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.

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