Coinbase Global (NASDAQ:COIN) Stock Price Down 2.8% - Here's What Happened

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price traded down 2.8% on Wednesday . The stock traded as low as $388.54 and last traded at $393.23. 4,358,001 shares changed hands during trading, a decline of 61% from the average session volume of 11,087,937 shares. The stock had previously closed at $404.44.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Argus initiated coverage on Coinbase Global in a research note on Monday, July 14th. They set a "buy" rating and a $400.00 target price for the company. Keefe, Bruyette & Woods raised their price target on Coinbase Global from $183.00 to $205.00 and gave the company a "market perform" rating in a report on Friday, May 9th. Barclays lifted their target price on Coinbase Global from $202.00 to $359.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Citigroup restated an "outperform" rating on shares of Coinbase Global in a report on Monday, July 14th. Finally, Compass Point raised Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price objective on the stock in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $320.06.

Coinbase Global Stock Down 0.6%

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 company has a market capitalization of $100.41 billion, a P/E ratio of 74.06, a price-to-earnings-growth ratio of 30.83 and a beta of 3.70. The company has a 50-day moving average of $312.06 and a two-hundred day moving average of $254.32.

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

Insider Buying and Selling

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the transaction, the director directly owned 10,417 shares in the company, valued at $2,632,167.56. This trade represents a 74.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Brian Armstrong sold 336,265 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total value of $121,933,051.65. Following the transaction, the chief executive officer owned 526 shares in the company, valued at $190,732.86. The trade was a 99.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,208,340 shares of company stock valued at $439,997,456. 17.65% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

A number of institutional investors have recently made changes to their positions in the business. Cadent Capital Advisors LLC boosted its holdings in Coinbase Global by 1.0% in the second quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange's stock valued at $1,108,000 after purchasing an additional 30 shares during the period. Ameriflex Group Inc. boosted its holdings in Coinbase Global by 20.0% in the second quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange's stock valued at $68,000 after purchasing an additional 30 shares during the period. Capital Advisors Ltd. LLC boosted its holdings in Coinbase Global by 13.7% in the second quarter. Capital Advisors Ltd. LLC now owns 323 shares of the cryptocurrency exchange's stock valued at $113,000 after purchasing an additional 39 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Coinbase Global by 4.2% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,015 shares of the cryptocurrency exchange's stock valued at $356,000 after purchasing an additional 41 shares during the period. Finally, Pallas Capital Advisors LLC raised its stake in Coinbase Global by 1.6% in the second quarter. Pallas Capital Advisors LLC now owns 2,662 shares of the cryptocurrency exchange's stock valued at $933,000 after buying an additional 41 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

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.