Coinbase Global (NASDAQ:COIN) Shares Down 4.2% – Here’s Why

Shares of Coinbase Global, Inc. (NASDAQ:COIN) fell 4.2% on Thursday . The stock traded as low as $179.69 and last traded at $183.60. 3,009,134 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 9,370,935 shares. The stock had previously closed at $191.73.

Analysts Set New Price Targets

A number of research analysts have commented on the company. JMP Securities increased their price objective on Coinbase Global from $400.00 to $475.00 and gave the company a “market outperform” rating in a research report on Friday, February 14th. Mizuho decreased their price target on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a report on Tuesday. The Goldman Sachs Group dropped their price objective on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Monness Crespi & Hardt set a $420.00 target price on shares of Coinbase Global in a research report on Tuesday, February 18th. Finally, Bank of America lowered their price target on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $307.89.

Coinbase Global Trading Down 6.1 %

The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $45.68 billion, a P/E ratio of 18.94 and a beta of 3.66. The company has a fifty day simple moving average of $258.42 and a two-hundred day simple moving average of $241.08.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. On average, sell-side analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Transactions at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 5,262 shares of the company’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $300.09, for a total transaction of $1,579,073.58. Following the sale, the director now owns 10,417 shares in the company, valued at approximately $3,126,037.53. This represents a 33.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Grewal sold 10,978 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total value of $2,326,567.54. Following the completion of the transaction, the insider now owns 83,313 shares of the company’s stock, valued at approximately $17,656,524.09. This represents a 11.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 219,455 shares of company stock valued at $60,955,968 over the last 90 days. 23.43% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. RPg Family Wealth Advisory LLC bought a new position in shares of Coinbase Global in the 3rd quarter valued at about $25,000. Copia Wealth Management acquired a new stake in Coinbase Global in the 4th quarter valued at about $26,000. Wingate Wealth Advisors Inc. bought a new position in Coinbase Global during the fourth quarter worth about $27,000. Atala Financial Inc bought a new position in Coinbase Global during the fourth quarter worth about $27,000. Finally, MassMutual Private Wealth & Trust FSB raised its stake in Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after buying an additional 106 shares during the period. 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.