Coinbase Global (NASDAQ:COIN) Stock Price Down 1.4% - Here's Why

Coinbase Global, Inc. (NASDAQ:COIN)'s share price fell 1.4% during trading on Friday . The stock traded as low as $383.51 and last traded at $383.56. 6,489,775 shares were traded during mid-day trading, a decline of 40% from the average session volume of 10,864,558 shares. The stock had previously closed at $388.96.

Wall Street Analyst Weigh In

Several brokerages have commented on COIN. Sanford C. Bernstein increased their price target on shares of Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Needham & Company LLC dropped their price target on shares of Coinbase Global from $330.00 to $270.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Compass Point upgraded shares of Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price target on the stock in a research note on Monday, May 12th. Keefe, Bruyette & Woods increased their price target on shares of Coinbase Global from $183.00 to $205.00 and gave the company a "market perform" rating in a research note on Friday, May 9th. Finally, China Renaissance assumed coverage on shares of Coinbase Global in a research note on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price target on the stock. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $298.60.

Coinbase Global Trading Down 0.5%

The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. The business has a fifty day simple moving average of $282.06 and a 200 day simple moving average of $246.55. The company has a market cap of $98.27 billion, a price-to-earnings ratio of 72.48, a P/E/G ratio of 28.49 and a beta of 3.70.

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

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 336,265 shares of Coinbase Global stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the completion of the transaction, the chief executive officer owned 526 shares of the company's stock, valued at $190,732.86. The trade was a 99.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the business's stock in a transaction dated 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 transaction, the director directly owned 10,417 shares of the company's stock, valued at $2,632,167.56. The trade was a 74.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 685,915 shares of company stock valued at $222,081,432 in the last ninety days. Corporate insiders own 17.65% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in COIN. Norges Bank acquired a new position in Coinbase Global in the 4th quarter valued at about $536,484,000. Groupama Asset Managment acquired a new position in Coinbase Global in the 4th quarter valued at about $372,450,000. Vanguard Group Inc. raised its stake in Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after purchasing an additional 875,359 shares during the last quarter. Nuveen LLC acquired a new position in Coinbase Global in the 1st quarter valued at about $83,454,000. Finally, Amundi raised its stake in Coinbase Global by 44.1% in the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock valued at $268,850,000 after purchasing an additional 481,786 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

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.