Coinbase Global (NASDAQ:COIN) Shares Down 1.6% - Here's What Happened

Key Points

• Coinbase Global's stock price fell by 1.6%, closing at $373.58, with trading volume sharply declining by 78% from the average.
• Analysts have mixed views on Coinbase, with a consensus rating of "Hold" and varied price targets ranging from $300 to $440.
• Significant insider selling occurred recently, including the CEO selling 336,265 shares, indicating a potential lack of confidence among executives.

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price traded down 1.6% during trading on Tuesday . The stock traded as low as $375.34 and last traded at $373.58. 2,504,846 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 11,368,635 shares. The stock had previously closed at $379.49.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Argus assumed coverage on shares of Coinbase Global in a research note on Monday, July 14th. They issued a "buy" rating and a $400.00 price target for the company. William Blair assumed coverage on shares of Coinbase Global in a research note on Wednesday, June 11th. They issued an "outperform" rating for the company. Sanford C. Bernstein boosted their price target on shares of Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. JPMorgan Chase & Co. dropped their price target on shares of Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Finally, Needham & Company LLC boosted their price target on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $344.55.

Coinbase Global Trading Down 14.6%

The stock has a market capitalization of $81.88 billion, a PE ratio of 60.18, a PEG ratio of 26.30 and a beta of 3.70. 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's 50-day moving average is $326.60 and its two-hundred day moving average is $259.23.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $5.14 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $4.23. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The firm 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 company earned $0.14 earnings per share. Coinbase Global's quarterly revenue was up 3.3% compared to the same quarter last year. On average, analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 198,300 shares of Coinbase Global stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total value of $78,897,621.00. Following the transaction, the chief executive officer directly owned 526 shares in the company, valued at approximately $209,279.62. The trade was a 99.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total transaction of $3,486,400.00. Following the completion of the sale, the insider directly owned 82,328 shares of the company's stock, valued at $28,702,833.92. The trade was a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,208,340 shares of company stock valued at $439,997,456 over the last ninety days. Insiders own 17.65% of the company's stock.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Coinbase Global in the second quarter valued at about $281,000. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in shares of Coinbase Global by 198.0% in the second quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 4,240 shares of the cryptocurrency exchange's stock valued at $1,568,000 after buying an additional 2,817 shares during the last quarter. Delta Investment Management LLC purchased a new position in Coinbase Global in the 2nd quarter valued at $287,000. Envestnet Asset Management Inc. grew its position in Coinbase Global by 18.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 60,692 shares of the cryptocurrency exchange's stock valued at $21,272,000 after buying an additional 9,245 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in Coinbase Global by 29.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 30,336 shares of the cryptocurrency exchange's stock valued at $10,632,000 after buying an additional 6,981 shares during the last quarter. 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.