Insider Selling: Coinbase Global (NASDAQ:COIN) CEO Sells 25,000 Shares of Stock

Key Points

• Coinbase Global CEO Brian Armstrong sold 25,000 shares of the company's stock on October 13th for approximately $9 million, which reduced his ownership in the company by nearly 98%.
• Following Armstrong's recent stock sales, Coinbase's share price has fluctuated, with a current trading value of about $336.30, reflecting a drop of $5.25.
• Coinbase reported earnings of $0.12 per share for the last quarter, significantly missing analysts' estimates by $0.79 per share, alongside a revenue of $1.50 billion, below expectations of $1.68 billion.

Coinbase Global, Inc. (NASDAQ:COIN) CEO Brian Armstrong sold 25,000 shares of the firm's stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $361.32, for a total value of $9,033,000.00. Following the transaction, the chief executive officer owned 526 shares in the company, valued at $190,054.32. This represents a 97.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Brian Armstrong also recently made the following trade(s):

• On Thursday, October 2nd, Brian Armstrong sold 25,000 shares of Coinbase Global stock. The shares were sold at an average price of $355.47, for a total value of $8,886,750.00.
• On Monday, September 15th, Brian Armstrong sold 25,000 shares of Coinbase Global stock. The shares were sold at an average price of $322.28, for a total value of $8,057,000.00.
• On Thursday, September 4th, Brian Armstrong sold 25,000 shares of Coinbase Global stock. The shares were sold at an average price of $302.19, for a total value of $7,554,750.00.
• On Tuesday, August 12th, Brian Armstrong sold 25,000 shares of Coinbase Global stock. The shares were sold at an average price of $326.71, for a total value of $8,167,750.00.
• On Monday, August 4th, Brian Armstrong sold 25,000 shares of Coinbase Global stock. The shares were sold at an average price of $317.09, for a total value of $7,927,250.00.

Coinbase Global Price Performance

Shares of COIN traded down $5.25 during mid-day trading on Wednesday, hitting $336.30. The company's stock had a trading volume of 7,921,493 shares, compared to its average volume of 11,065,425. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The firm has a 50-day simple moving average of $326.71 and a 200 day simple moving average of $290.13. The firm has a market capitalization of $86.41 billion, a P/E ratio of 32.52 and a beta of 3.68. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.79). The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm's quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.14 earnings per share. Analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Coinbase Global

A number of hedge funds and other institutional investors have recently made changes to their positions in COIN. Farther Finance Advisors LLC grew its position in shares of Coinbase Global by 44.2% in the first quarter. Farther Finance Advisors LLC now owns 1,390 shares of the cryptocurrency exchange's stock valued at $243,000 after purchasing an additional 426 shares during the period. GAMMA Investing LLC grew its position in Coinbase Global by 8.1% during the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock valued at $193,000 after acquiring an additional 84 shares during the period. CX Institutional purchased a new stake in Coinbase Global during the first quarter valued at about $85,000. Elevation Point Wealth Partners LLC grew its position in Coinbase Global by 71.1% during the first quarter. Elevation Point Wealth Partners LLC now owns 2,358 shares of the cryptocurrency exchange's stock valued at $406,000 after acquiring an additional 980 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its position in Coinbase Global by 40.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 12,852 shares of the cryptocurrency exchange's stock valued at $2,213,000 after acquiring an additional 3,695 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Wall Street Analyst Weigh In

COIN has been the subject of several research reports. Oppenheimer reaffirmed an "outperform" rating and set a $417.00 price objective on shares of Coinbase Global in a report on Thursday, July 31st. Argus initiated coverage on Coinbase Global in a report on Monday, July 14th. They set a "buy" rating and a $400.00 price objective for the company. China Renaissance initiated coverage on Coinbase Global in a report on Tuesday, June 17th. They set a "buy" rating and a $353.30 price objective for the company. Benchmark lifted their price objective on Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Finally, Erste Group Bank initiated coverage on Coinbase Global in a report on Wednesday, July 23rd. They issued a "buy" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $367.94.

About Coinbase Global

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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