Coinbase Global (NASDAQ:COIN) Shares Down 1.3% - Here's Why

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price was down 1.3% during mid-day trading on Tuesday . The stock traded as low as $394.37 and last traded at $408.40. Approximately 6,705,002 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 11,087,207 shares. The stock had previously closed at $413.63.

Analyst Ratings Changes

COIN has been the topic of a number of analyst reports. HC Wainwright reaffirmed a "sell" rating and set a $300.00 target price (down previously from $305.00) on shares of Coinbase Global in a research note on Thursday, July 10th. William Blair started coverage on shares of Coinbase Global in a research note on Wednesday, June 11th. They set an "outperform" rating for the company. Jefferies Financial Group reaffirmed a "hold" rating and set a $260.00 price target (up previously from $210.00) on shares of Coinbase Global in a research note on Tuesday, May 27th. Rosenblatt Securities lifted their price target on shares of Coinbase Global from $300.00 to $470.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Finally, Compass Point raised shares of Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price target for the company in a research note on Monday, May 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $320.06.

Coinbase Global Stock Down 3.7%

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 has a 50-day moving average price of $302.29 and a 200-day moving average price of $251.26. The firm has a market capitalization of $98.85 billion, a PE ratio of 72.92, a price-to-earnings-growth ratio of 31.53 and a beta of 3.70.

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 for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The company had revenue of $2.03 billion for the quarter, compared to analysts' expectations of $2.22 billion. During the same period in the previous year, the business posted $2.53 EPS. The business's revenue for the quarter was up 24.2% on a year-over-year basis. Equities research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total value of $7,622,597.56. Following the completion of the sale, the director owned 10,417 shares in the company, valued at approximately $2,632,167.56. The trade was a 74.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 336,265 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of the sale, the chief executive officer owned 526 shares of the company's stock, valued at approximately $190,732.86. This represents a 99.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,208,340 shares of company stock valued at $439,997,456 in the last quarter. 17.65% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Proficio Capital Partners LLC raised its stake in shares of Coinbase Global by 23.9% during the 4th quarter. Proficio Capital Partners LLC now owns 1,685 shares of the cryptocurrency exchange's stock worth $418,000 after buying an additional 325 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in shares of Coinbase Global by 10.4% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,456 shares of the cryptocurrency exchange's stock worth $610,000 after buying an additional 232 shares in the last quarter. Sei Investments Co. raised its stake in shares of Coinbase Global by 44.9% during the 4th quarter. Sei Investments Co. now owns 20,938 shares of the cryptocurrency exchange's stock worth $5,200,000 after buying an additional 6,488 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Coinbase Global by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange's stock worth $4,573,462,000 after buying an additional 128,802 shares in the last quarter. Finally, EFG Asset Management North America Corp. purchased a new position in shares of Coinbase Global during the 4th quarter worth approximately $1,499,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.