Coinbase Global (NASDAQ:COIN) Shares Down 4.6% - Here's Why

Shares of Coinbase Global, Inc. (NASDAQ:COIN) dropped 4.6% on Wednesday . The stock traded as low as $254.79 and last traded at $254.12. Approximately 3,478,348 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 10,165,088 shares. The stock had previously closed at $266.40.

Wall Street Analyst Weigh In

COIN has been the topic of a number of analyst reports. Oppenheimer set a $293.00 price objective on Coinbase Global in a report on Thursday, May 15th. Mizuho lowered their price objective on Coinbase Global from $280.00 to $217.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. Canaccord Genuity Group reissued a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a report on Friday, May 9th. Needham & Company LLC lowered their price objective on Coinbase Global from $330.00 to $270.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Finally, HC Wainwright reissued a "buy" rating and set a $350.00 price objective on shares of Coinbase Global in a report on Friday, February 21st. Eleven analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Coinbase Global has an average rating of "Moderate Buy" and a consensus price target of $266.10.

Coinbase Global Price Performance

The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The firm has a market cap of $62.48 billion, a P/E ratio of 25.91 and a beta of 3.62. The company has a 50-day moving average of $205.62 and a 200 day moving average of $245.59.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter in the previous year, the firm posted $2.53 EPS. The company's revenue for the quarter was up 24.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other news, CFO Alesia J. Haas sold 7,575 shares of the business's stock in a transaction on 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 owns 114,866 shares in the company, valued at $22,973,200. The trade was a 6.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Brian Armstrong sold 10,000 shares of the business's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $198.15, for a total value of $1,981,500.00. Following the sale, the chief executive officer now owns 526 shares of the company's stock, valued at approximately $104,226.90. The trade was a 95.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 170,717 shares of company stock worth $36,801,351. 17.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Coinbase Global by 4.8% during the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after acquiring an additional 875,359 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Coinbase Global by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange's stock worth $882,822,000 after acquiring an additional 127,075 shares during the last quarter. ARK Investment Management LLC raised its position in shares of Coinbase Global by 1.1% during the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock worth $528,592,000 after acquiring an additional 34,462 shares during the last quarter. Groupama Asset Managment raised its position in shares of Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock worth $516,690,000 after acquiring an additional 1,500,000 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Coinbase Global during the fourth quarter worth $536,484,000. 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.