Coinbase Global (NASDAQ:COIN) Shares Gap Down – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN) shares gapped down before the market opened on Friday . The stock had previously closed at $298.11, but opened at $288.02. Coinbase Global shares last traded at $278.88, with a volume of 6,884,210 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Piper Sandler increased their price target on shares of Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a research report on Friday. Barclays increased their price target on shares of Coinbase Global from $282.00 to $328.00 and gave the company an “equal weight” rating in a research report on Friday. Monness Crespi & Hardt upped their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. JMP Securities upped their price objective on shares of Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a report on Friday. Finally, Oppenheimer decreased their price objective on shares of Coinbase Global from $358.00 to $334.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Nine investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $301.17.

Coinbase Global Stock Down 6.6 %

The company’s 50-day moving average is $282.36 and its 200 day moving average is $237.88. The company has a market capitalization of $69.69 billion, a PE ratio of 47.62 and a beta of 3.61. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. As a group, analysts anticipate that Coinbase Global, Inc. will post 4.81 EPS for the current year.

Insider Activity

In other news, insider Paul Grewal sold 7,104 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $307.80, for a total transaction of $2,186,611.20. Following the sale, the insider now owns 79,407 shares of the company’s stock, valued at $24,441,474.60. This trade represents a 8.21 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Alesia J. Haas sold 5,700 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $266.87, for a total transaction of $1,521,159.00. Following the completion of the transaction, the chief financial officer now directly owns 144,470 shares in the company, valued at approximately $38,554,708.90. The trade was a 3.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 386,798 shares of company stock valued at $114,707,944 in the last 90 days. 23.43% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Institutional investors and hedge funds have recently made changes to their positions in the business. Banco Santander S.A. boosted its holdings in shares of Coinbase Global by 12.7% in the third quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock worth $26,531,000 after buying an additional 16,737 shares during the last quarter. Global Retirement Partners LLC boosted its holdings in shares of Coinbase Global by 135.1% in the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after buying an additional 1,540 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new position in shares of Coinbase Global in the third quarter worth approximately $29,756,000. Lindbrook Capital LLC boosted its holdings in shares of Coinbase Global by 30.2% in the third quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock worth $5,347,000 after buying an additional 6,963 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Coinbase Global by 168.2% in the third quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock worth $4,648,000 after buying an additional 16,363 shares during the last quarter. Hedge funds and other 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.