Coinbase Global (NASDAQ:COIN) Shares Down 8.9% After Insider Selling

Coinbase Global, Inc. (NASDAQ:COIN) fell 8.9% during trading on Monday following insider selling activity. The company traded as low as $117.56 and last traded at $117.73. 4,623,619 shares traded hands during trading, a decline of 67% from the average session volume of 13,937,839 shares. The stock had previously closed at $129.22.Specifically, Director Kathryn Haun sold 5,000 shares of the firm's stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $99.00, for a total transaction of $495,000.00. Following the completion of the sale, the director now directly owns 112,593 shares of the company's stock, valued at approximately $11,146,707. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Kathryn Haun sold 5,000 shares of the firm's stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $99.00, for a total transaction of $495,000.00. Following the completion of the sale, the director now directly owns 112,593 shares of the company's stock, valued at approximately $11,146,707. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 29,607 shares of the firm's stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $117.53, for a total value of $3,479,710.71. Following the sale, the insider now directly owns 61,665 shares of the company's stock, valued at $7,247,487.45. The disclosure for this sale can be found here. Insiders sold 1,227,872 shares of company stock valued at $171,779,505 in the last three months. 33.16% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on COIN shares. Needham & Company LLC lifted their price objective on Coinbase Global from $160.00 to $180.00 and gave the company a "buy" rating in a research note on Monday, January 8th. The Goldman Sachs Group lifted their price objective on Coinbase Global from $55.00 to $123.00 and gave the company a "sell" rating in a research note on Thursday, December 7th. Barclays decreased their price objective on Coinbase Global from $70.00 to $68.00 and set an "underweight" rating for the company in a research note on Tuesday, October 10th. Mizuho lifted their price objective on Coinbase Global from $54.00 to $60.00 and gave the company an "underperform" rating in a research note on Thursday, January 18th. Finally, Bank of America decreased their price objective on Coinbase Global from $63.00 to $60.00 in a research note on Thursday, October 12th. Seven investment analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Coinbase Global presently has a consensus rating of "Hold" and a consensus target price of $103.68.

Coinbase Global Stock Performance

The company has a market cap of $28.10 billion, a price-to-earnings ratio of -37.45 and a beta of 3.14. The firm has a 50-day simple moving average of $144.41 and a 200 day simple moving average of $104.88. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.52.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its earnings results on Thursday, November 2nd. The cryptocurrency exchange reported ($0.01) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.54) by $0.53. The business had revenue of $674.15 million for the quarter, compared to analyst estimates of $656.61 million. Coinbase Global had a negative return on equity of 10.90% and a negative net margin of 26.42%. On average, sell-side analysts predict that Coinbase Global, Inc. will post -0.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Coinbase Global by 1.3% in the third quarter. Vanguard Group Inc. now owns 13,873,234 shares of the cryptocurrency exchange's stock valued at $1,041,602,000 after purchasing an additional 176,525 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Coinbase Global by 6.4% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,166,044 shares of the cryptocurrency exchange's stock valued at $655,830,000 after purchasing an additional 555,099 shares during the period. Morgan Stanley increased its holdings in shares of Coinbase Global by 18.5% in the third quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange's stock valued at $246,250,000 after purchasing an additional 511,397 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Coinbase Global by 84.7% in the second quarter. Renaissance Technologies LLC now owns 3,057,000 shares of the cryptocurrency exchange's stock valued at $218,728,000 after purchasing an additional 1,402,169 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Coinbase Global by 7.2% in the second quarter. Geode Capital Management LLC now owns 2,510,007 shares of the cryptocurrency exchange's stock valued at $179,317,000 after purchasing an additional 168,018 shares during the period. Institutional investors and hedge funds own 45.96% of the company's stock.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. It offers the primary financial account in the cryptoeconomy for consumers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.

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