Coinbase Global (NASDAQ:COIN) Shares Down 8% – Here’s Why

Coinbase Global, Inc. (NASDAQ:COIN) shares were down 8% during mid-day trading on Monday . The stock traded as low as $274.00 and last traded at $274.31. Approximately 19,208,533 shares were traded during mid-day trading, an increase of 153% from the average daily volume of 7,607,109 shares. The stock had previously closed at $298.11.

Wall Street Analyst Weigh In

COIN has been the topic of several recent research reports. Mizuho upgraded Coinbase Global from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $250.00 to $290.00 in a research report on Wednesday, January 29th. Oppenheimer decreased their price target on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Canaccord Genuity Group boosted their target price on Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday. Barclays raised 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 note on Friday. Finally, Piper Sandler increased their price objective on shares of Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a research note on Friday. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $301.17.

Coinbase Global Stock Down 8.0 %

The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock’s 50-day moving average price is $280.97 and its 200-day moving average price is $238.36. The stock has a market cap of $68.67 billion, a price-to-earnings ratio of 46.81 and a beta of 3.61.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. On average, sell-side analysts expect that Coinbase Global, Inc. will post 4.81 earnings per share for the current year.

Insider Transactions at Coinbase Global

In other news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $298.31, for a total value of $447,465.00. Following the completion of the sale, the chief operating officer now directly owns 177,576 shares in the company, valued at $52,972,696.56. This trade represents a 0.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Jennifer N. Jones sold 1,837 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $295.02, for a total value of $541,951.74. Following the completion of the transaction, the chief accounting officer now owns 1,160 shares in the company, valued at approximately $342,223.20. The trade was a 61.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 328,529 shares of company stock valued at $95,595,712 in the last quarter. 23.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently made changes to their positions in COIN. SOA Wealth Advisors LLC. boosted its position in shares of Coinbase Global by 17.7% during the fourth quarter. SOA Wealth Advisors LLC. now owns 266 shares of the cryptocurrency exchange’s stock valued at $66,000 after buying an additional 40 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of Coinbase Global by 4.3% in the 4th quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange’s stock worth $239,000 after acquiring an additional 40 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Coinbase Global by 0.8% in the third quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock valued at $924,000 after purchasing an additional 43 shares during the last quarter. Yousif Capital Management LLC increased its stake in Coinbase Global by 1.7% in the 4th quarter. Yousif Capital Management LLC now owns 2,559 shares of the cryptocurrency exchange’s stock valued at $635,000 after buying an additional 44 shares during the last quarter. Finally, Capital Advisors Wealth Management LLC lifted its position in shares of Coinbase Global by 3.2% during the 4th quarter. Capital Advisors Wealth Management LLC now owns 1,470 shares of the cryptocurrency exchange’s stock worth $365,000 after buying an additional 45 shares in the last quarter. 68.84% of the stock is owned by institutional investors.

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.