Coinbase Global (NASDAQ:COIN) Stock Price Down 2.9% - Should You Sell?

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price traded down 2.9% during mid-day trading on Friday . The stock traded as low as $262.81 and last traded at $263.93. 3,868,237 shares traded hands during trading, a decline of 62% from the average session volume of 10,176,767 shares. The stock had previously closed at $271.95.

Wall Street Analysts Forecast Growth

A number of research firms have commented on COIN. Rosenblatt Securities reiterated a "buy" rating and issued a $260.00 price target on shares of Coinbase Global in a research report on Monday, May 12th. JPMorgan Chase & Co. reduced their target price on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Piper Sandler raised their price target on shares of Coinbase Global from $180.00 to $190.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Barclays upped their price objective on shares of Coinbase Global from $169.00 to $202.00 and gave the company an "equal weight" rating in a research note on Monday, May 12th. Finally, Benchmark lifted their target price on shares of Coinbase Global from $252.00 to $301.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Ten equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $266.40.

Coinbase Global Price Performance

The stock has a market capitalization of $67.97 billion, a P/E ratio of 28.13 and a beta of 3.62. The business's 50 day simple moving average is $201.06 and its two-hundred day simple moving average is $246.42. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced 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). The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. Coinbase Global's revenue was up 24.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.53 EPS. As a group, sell-side analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 15,000 shares of the business's stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $168.53, for a total transaction of $2,527,950.00. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $88,646.78. The trade was a 96.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alesia J. Haas sold 7,575 shares of the company's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the sale, the chief financial officer now directly owns 114,866 shares of the company's stock, valued at $22,973,200. The trade was a 6.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 157,786 shares of company stock valued at $33,345,024 over the last 90 days. Insiders own 17.65% of the company's stock.

Institutional Trading of Coinbase Global

Institutional investors and hedge funds have recently modified their holdings of the business. Savant Capital LLC purchased a new stake in Coinbase Global during the fourth quarter worth about $591,000. Robeco Institutional Asset Management B.V. grew its holdings in Coinbase Global by 33.4% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 103,619 shares of the cryptocurrency exchange's stock valued at $25,729,000 after purchasing an additional 25,972 shares during the period. Foundations Investment Advisors LLC increased its position in Coinbase Global by 198.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 13,614 shares of the cryptocurrency exchange's stock worth $3,380,000 after buying an additional 9,045 shares during the last quarter. KCM Investment Advisors LLC bought a new stake in shares of Coinbase Global in the fourth quarter valued at $507,000. Finally, Western Financial Corp CA purchased a new position in shares of Coinbase Global during the 4th quarter valued at $459,000. 68.84% of the stock is 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.