Coinbase Global (NASDAQ:COIN) Stock Price Down 2.2% – Here’s Why

Coinbase Global, Inc. (NASDAQ:COIN) shares were down 2.2% on Thursday . The company traded as low as $271.39 and last traded at $273.54. Approximately 1,625,203 shares traded hands during trading, a decline of 85% from the average daily volume of 11,164,870 shares. The stock had previously closed at $279.62.

Wall Street Analysts Forecast Growth

A number of research firms have commented on COIN. Monness Crespi & Hardt increased their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Piper Sandler reiterated a “neutral” rating and set a $245.00 price objective on shares of Coinbase Global in a research report on Friday, November 1st. Bank of America upped their target price on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. B. Riley started coverage on Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $286.22.

Coinbase Global Stock Down 2.3 %

The business’s fifty day moving average is $273.67 and its two-hundred day moving average is $227.52. The stock has a market cap of $68.40 billion, a price-to-earnings ratio of 46.62 and a beta of 3.57. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s revenue was up 78.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.01) EPS. Equities analysts forecast that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the completion of the transaction, the insider now owns 74,956 shares in the company, valued at approximately $15,739,260.88. The trade was a 11.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 7,614 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $325.14, for a total value of $2,475,615.96. Following the completion of the sale, the director now owns 10,417 shares in the company, valued at approximately $3,386,983.38. This represents a 42.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 260,720 shares of company stock valued at $78,086,248 in the last quarter. Corporate insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Banco Santander S.A. lifted its holdings in shares of Coinbase Global by 12.7% in the 3rd quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock valued at $26,531,000 after purchasing an additional 16,737 shares during the last quarter. Global Retirement Partners LLC lifted its stake in Coinbase Global by 135.1% in the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock valued at $477,000 after buying an additional 1,540 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong acquired a new stake in shares of Coinbase Global in the third quarter valued at approximately $29,756,000. Lindbrook Capital LLC grew its position in shares of Coinbase Global by 30.2% during the third quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock worth $5,347,000 after acquiring an additional 6,963 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in shares of Coinbase Global in the 2nd quarter valued at $2,908,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.