Coinbase Global (NASDAQ:COIN) Stock Price Down 1.5% - Here's What Happened

Key Points

• Coinbase Global's stock dropped 1.5%, trading between $333.10 and $336.30, with a significant decrease in trading volume.
• Analysts have set varying price targets for Coinbase shares, with estimates ranging from $300 to $510, and a consensus rating of "Moderate Buy".
• Insider transactions were notable, with the CFO selling nearly 4,700 shares and the CEO selling 25,000 shares, indicating potential concerns from company executives.

Shares of Coinbase Global, Inc. (NASDAQ:COIN) fell 1.5% during trading on Wednesday . The stock traded as low as $333.10 and last traded at $336.30. 7,812,351 shares changed hands during trading, a decline of 29% from the average session volume of 11,065,258 shares. The stock had previously closed at $341.55.

Analysts Set New Price Targets

Several brokerages have recently commented on COIN. Weiss Ratings restated a "hold (c)" rating on shares of Coinbase Global in a research report on Tuesday. Sanford C. Bernstein raised their target price 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. Oppenheimer reaffirmed an "outperform" rating and set a $417.00 target price on shares of Coinbase Global in a research note on Thursday, July 31st. Mizuho set a $300.00 target price on shares of Coinbase Global in a research note on Thursday, September 18th. Finally, JMP Securities raised their target price on shares of Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a research note on Monday, July 14th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Coinbase Global has a consensus rating of "Moderate Buy" and a consensus price target of $367.94.

Coinbase Global Stock Down 1.5%

The firm has a market capitalization of $86.41 billion, a PE ratio of 32.52 and a beta of 3.68. The business's 50 day simple moving average is $326.71 and its 200 day simple moving average is $290.13. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the previous year, the business earned $0.14 earnings per share. The business's quarterly revenue was up 3.3% on a year-over-year basis. On average, equities research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other news, CFO Alesia J. Haas sold 4,675 shares of the firm's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $322.24, for a total value of $1,506,472.00. Following the completion of the sale, the chief financial officer owned 89,220 shares in the company, valued at approximately $28,750,252.80. This trade represents a 4.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the firm's stock in a transaction dated Thursday, October 2nd. The stock was 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 owned 526 shares of the company's stock, valued at $186,977.22. This trade represents a 97.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 174,515 shares of company stock valued at $56,329,451. Corporate insiders own 23.43% of the company's stock.

Institutional Investors Weigh In On Coinbase Global

Institutional investors have recently made changes to their positions in the company. Cadent Capital Advisors LLC lifted its holdings in Coinbase Global by 1.0% during the 2nd quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange's stock valued at $1,108,000 after buying an additional 30 shares in the last quarter. Ameriflex Group Inc. raised its holdings in shares of Coinbase Global by 20.0% in the 2nd quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange's stock valued at $68,000 after purchasing an additional 30 shares in the last quarter. Elevation Wealth Partners LLC raised its holdings in shares of Coinbase Global by 37.6% in the 3rd quarter. Elevation Wealth Partners LLC now owns 117 shares of the cryptocurrency exchange's stock valued at $39,000 after purchasing an additional 32 shares in the last quarter. Pettinga Financial Advisors LLC raised its holdings in shares of Coinbase Global by 2.6% in the 2nd quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange's stock valued at $463,000 after purchasing an additional 34 shares in the last quarter. Finally, StoneX Group Inc. raised its holdings in shares of Coinbase Global by 1.8% in the 2nd quarter. StoneX Group Inc. now owns 1,970 shares of the cryptocurrency exchange's stock valued at $690,000 after purchasing an additional 34 shares in the last quarter. Institutional investors 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.

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