Coinbase Global (NASDAQ:COIN) Stock Price Down 1.6% After Insider Selling

Key Points

• Coinbase Global's stock price fell 1.6% following insider selling, with CEO Brian Armstrong selling 25,000 shares at an average price of $326.71, reducing his holdings by nearly 98%.
• Analysts have mixed views on Coinbase, with price targets ranging from $270 to $421, and a consensus rating of "Hold" with a target price of $352.72.
• Coinbase's financial performance in its latest quarter showed $1.50 billion in revenue, falling short of analyst expectations, and earnings per share of $0.12, missing the forecast by ($0.79).

Coinbase Global, Inc. (NASDAQ:COIN)'s share price dropped 1.6% on Friday after an insider sold shares in the company. The company traded as low as $316.67 and last traded at $319.83. Approximately 3,349,084 shares were traded during trading, a decline of 71% from the average daily volume of 11,589,467 shares. The stock had previously closed at $324.89.

Specifically, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $326.71, for a total transaction of $8,167,750.00. Following the transaction, the chief executive officer owned 526 shares of the company's stock, valued at $171,849.46. This trade represents a 97.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Analyst Ratings Changes

Several research firms recently weighed in on COIN. Jefferies Financial Group boosted their price objective on Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a research report on Tuesday, July 29th. Oppenheimer restated an "outperform" rating and set a $417.00 price objective on shares of Coinbase Global in a research report on Thursday, July 31st. JMP Securities boosted their target price on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a research note on Monday, July 14th. Benchmark boosted their target price on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Finally, Monness Crespi & Hardt cut shares of Coinbase Global from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $352.72.

Coinbase Global Price Performance

The stock has a market capitalization of $81.59 billion, a PE ratio of 30.71 and a beta of 3.70. The company's fifty day simple moving average is $339.97 and its two-hundred day simple moving average is $260.96. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.79). The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business's revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $0.14 EPS. As a group, sell-side analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds have recently added to or reduced their stakes in COIN. Vanguard Group Inc. boosted its stake in Coinbase Global by 25.5% in the 2nd quarter. Vanguard Group Inc. now owns 24,208,863 shares of the cryptocurrency exchange's stock valued at $8,484,964,000 after purchasing an additional 4,914,407 shares during the period. Norges Bank bought a new stake in Coinbase Global during the second quarter worth $1,044,354,000. Geode Capital Management LLC increased its position in Coinbase Global by 46.1% in the second quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange's stock worth $1,940,805,000 after buying an additional 1,755,146 shares during the last quarter. Groupama Asset Managment grew its position in shares of Coinbase Global by 100.0% in the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after purchasing an additional 1,500,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Coinbase Global by 53.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,455,916 shares of the cryptocurrency exchange's stock worth $510,284,000 after purchasing an additional 504,068 shares during 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.