Coinbase Global (NASDAQ:COIN) Shares Down 3.6% - Here's Why

Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded down 3.6% during mid-day trading on Tuesday . The stock traded as low as $335.81 and last traded at $337.74. 5,087,529 shares were traded during trading, a decline of 52% from the average session volume of 10,700,215 shares. The stock had previously closed at $350.49.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on COIN. Jefferies Financial Group reaffirmed a "hold" rating and set a $260.00 target price (up previously from $210.00) on shares of Coinbase Global in a research report on Tuesday, May 27th. Compass Point upgraded Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price objective for the company in a research note on Monday, May 12th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a research report on Friday, May 9th. Piper Sandler boosted their target price 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. Finally, Rosenblatt Securities reissued a "buy" rating and set a $300.00 price target on shares of Coinbase Global in a research report on Monday, June 16th. Ten equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $291.06.

Coinbase Global Price Performance

The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40. The company's fifty day moving average is $259.28 and its two-hundred day moving average is $242.64. The stock has a market cap of $90.14 billion, a price-to-earnings ratio of 66.49, a P/E/G ratio of 24.53 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $2.03 billion during the quarter, compared to analysts' expectations of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The firm's revenue was up 24.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.53 EPS. As a group, research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity at Coinbase Global

In other news, 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 transaction of $121,933,051.65. Following the sale, the chief executive officer owned 526 shares in the company, valued at $190,732.86. This trade represents a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Grewal sold 12,931 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $267.29, for a total transaction of $3,456,326.99. Following the completion of the sale, the insider directly owned 84,280 shares in the company, valued at $22,527,201.20. This represents a 13.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 650,915 shares of company stock worth $210,137,782 in the last three months. Insiders own 17.65% of the company's stock.

Hedge Funds Weigh In On Coinbase Global

A number of large investors have recently modified their holdings of COIN. Private Trust Co. NA raised its stake in shares of Coinbase Global by 390.6% in the 4th quarter. Private Trust Co. NA now owns 628 shares of the cryptocurrency exchange's stock valued at $156,000 after acquiring an additional 500 shares during the period. US Bancorp DE raised its position in Coinbase Global by 2.9% in the fourth quarter. US Bancorp DE now owns 8,010 shares of the cryptocurrency exchange's stock valued at $1,989,000 after purchasing an additional 224 shares during the period. Metis Global Partners LLC lifted its stake in shares of Coinbase Global by 55.3% during the fourth quarter. Metis Global Partners LLC now owns 4,065 shares of the cryptocurrency exchange's stock worth $1,009,000 after purchasing an additional 1,447 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Coinbase Global by 31.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 993 shares of the cryptocurrency exchange's stock worth $254,000 after buying an additional 236 shares during the period. Finally, SRS Capital Advisors Inc. grew its stake in shares of Coinbase Global by 189.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 422 shares of the cryptocurrency exchange's stock valued at $105,000 after buying an additional 276 shares in the last quarter. 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.