Coinbase Global (NASDAQ:COIN) Stock Price Down 5.5% - Should You Sell?

Coinbase Global, Inc. (NASDAQ:COIN)'s share price traded down 5.5% during trading on Friday . The stock traded as low as $356.41 and last traded at $354.47. 5,944,038 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 10,900,636 shares. The stock had previously closed at $375.07.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. JMP Securities reaffirmed a "market outperform" rating and set a $400.00 price target on shares of Coinbase Global in a research report on Wednesday. Benchmark boosted their price objective on Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a research note on Monday. Rosenblatt Securities reiterated a "buy" rating and set a $300.00 target price on shares of Coinbase Global in a research report on Monday, June 16th. Monness Crespi & Hardt upgraded shares of Coinbase Global from a "neutral" rating to a "buy" rating and set a $300.00 target price for the company in a research note on Tuesday, May 13th. Finally, Mizuho lowered their price target on shares of Coinbase Global from $280.00 to $217.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 11th. Ten investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Coinbase Global has a consensus rating of "Moderate Buy" and an average target price of $291.06.

Coinbase Global Trading Down 5.0%

The firm's 50-day simple moving average is $246.10 and its 200-day simple moving average is $241.58. The firm has a market capitalization of $90.48 billion, a P/E ratio of 66.77, a price-to-earnings-growth ratio of 25.99 and a beta of 3.61. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40.

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

Insider Transactions at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the company'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 sale, the director now directly owns 10,417 shares in the company, valued at $2,632,167.56. This represents a 74.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $198.12, for a total value of $1,981,200.00. Following the transaction, the insider now directly owns 83,313 shares in the company, valued at $16,505,971.56. This trade represents a 10.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 212,915 shares of company stock worth $48,349,215. 17.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. KCM Investment Advisors LLC bought a new stake in Coinbase Global in the fourth quarter valued at approximately $507,000. Kingswood Wealth Advisors LLC increased its stake in shares of Coinbase Global by 124.5% in the first quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange's stock worth $453,000 after buying an additional 1,454 shares during the period. Envestnet Portfolio Solutions Inc. raised its holdings in Coinbase Global by 10.4% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,456 shares of the cryptocurrency exchange's stock valued at $610,000 after buying an additional 232 shares during the last quarter. Wealthcare Advisory Partners LLC raised its holdings in Coinbase Global by 87.0% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 3,355 shares of the cryptocurrency exchange's stock valued at $578,000 after buying an additional 1,561 shares during the last quarter. Finally, Sowell Financial Services LLC purchased a new stake in Coinbase Global during the 1st quarter valued at $243,000. 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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