Coinbase Global (NASDAQ:COIN) Stock Price Down 1% – Here’s Why

Shares of Coinbase Global, Inc. (NASDAQ:COIN) were down 1% on Tuesday . The company traded as low as $273.62 and last traded at $292.60. Approximately 5,593,800 shares traded hands during mid-day trading, a decline of 26% from the average daily volume of 7,559,510 shares. The stock had previously closed at $295.48.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on COIN. B. Riley initiated coverage on Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price for the company. Mizuho raised their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. Monness Crespi & Hardt boosted their target price on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Bank of America lifted their price objective on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Finally, HC Wainwright restated a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $282.83.

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a 50 day moving average price of $290.63 and a two-hundred day moving average price of $231.81. The company has a market capitalization of $74.89 billion, a P/E ratio of 51.11 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the company earned ($0.01) earnings per share. The business’s revenue was up 78.8% on a year-over-year basis. On average, research analysts expect that Coinbase Global, Inc. will post 4.69 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In related news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $203.30, for a total value of $304,950.00. Following the completion of the transaction, the chief operating officer now directly owns 175,101 shares of the company’s stock, valued at $35,598,033.30. The trade was a 0.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the sale, the insider now directly owns 74,956 shares in the company, valued at approximately $15,739,260.88. This represents a 11.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 347,033 shares of company stock valued at $102,613,277 in the last ninety days. Insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its position in Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after purchasing an additional 314,388 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Coinbase Global by 2.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after buying an additional 71,398 shares during the period. Clear Street Derivatives LLC bought a new position in Coinbase Global in the third quarter valued at approximately $409,919,000. Charles Schwab Investment Management Inc. raised its position in shares of Coinbase Global by 6.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock valued at $163,752,000 after acquiring an additional 52,856 shares during the last quarter. Finally, Ribbit Management Company LLC boosted its position in shares of Coinbase Global by 4.7% in the 3rd quarter. Ribbit Management Company LLC now owns 394,100 shares of the cryptocurrency exchange’s stock worth $70,217,000 after purchasing an additional 17,650 shares during the last quarter. 68.84% of the stock is owned by 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.