Coinbase Global (NASDAQ:COIN) Shares Gap Down on Insider Selling

Posted by Defense World Staff on Jun 7th, 2023

Shares of Coinbase Global, Inc. (NASDAQ:COIN) gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $58.71, but opened at $47.10. Coinbase Global shares last traded at $49.22, with a volume of 19,489,336 shares trading hands.

Specifically, CEO Brian Armstrong sold 28,026 shares of the firm’s stock in a transaction dated Friday, March 17th. The shares were sold at an average price of $75.51, for a total value of $2,116,243.26. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Brian Armstrong sold 28,026 shares of the stock in a transaction on Friday, March 17th. The stock was sold at an average price of $75.51, for a total value of $2,116,243.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Grewal sold 1,485 shares of the company’s stock in a transaction on Monday, March 20th. The stock was sold at an average price of $77.00, for a total transaction of $114,345.00. Following the completion of the sale, the insider now owns 63,250 shares of the company’s stock, valued at approximately $4,870,250. The disclosure for this sale can be found here. In the last 90 days, insiders sold 224,949 shares of company stock worth $14,258,382. 33.16% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

COIN has been the topic of a number of recent analyst reports. JMP Securities reiterated a “market outperform” rating and set a $90.00 target price on shares of Coinbase Global in a research note on Monday, March 13th. Atlantic Securities raised shares of Coinbase Global from a “neutral” rating to an “overweight” rating and set a $70.00 target price for the company in a research report on Tuesday, May 30th. Jefferies Financial Group raised their price target on shares of Coinbase Global from $35.00 to $60.00 and gave the stock a “hold” rating in a research note on Wednesday, February 22nd. Wells Fargo & Company upped their price objective on Coinbase Global from $40.00 to $43.00 in a research note on Friday, May 5th. Finally, Piper Sandler decreased their target price on Coinbase Global from $70.00 to $65.00 in a research report on Friday, May 5th. Six equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $61.48.

Coinbase Global Stock Performance

The business has a fifty day moving average of $60.10 and a 200-day moving average of $55.42. The company has a market cap of $12.11 billion, a PE ratio of -5.05 and a beta of 2.58. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.60.

Coinbase Global (NASDAQ:COIN – Get Rating) last announced its earnings results on Thursday, May 4th. The cryptocurrency exchange reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.44) by $1.59. The firm had revenue of $772.53 million during the quarter, compared to analyst estimates of $652.76 million. Coinbase Global had a negative return on equity of 38.28% and a negative net margin of 81.21%. Equities research analysts anticipate that Coinbase Global, Inc. will post -1.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Coinbase Global

Several large investors have recently modified their holdings of COIN. Macquarie Group Ltd. grew its stake in shares of Coinbase Global by 52.6% during the 1st quarter. Macquarie Group Ltd. now owns 7,845 shares of the cryptocurrency exchange’s stock valued at $530,000 after acquiring an additional 2,704 shares during the period. Arete Wealth Advisors LLC bought a new stake in shares of Coinbase Global during the 1st quarter valued at $381,000. Ameriprise Financial Inc. boosted its holdings in Coinbase Global by 54.8% in the 1st quarter. Ameriprise Financial Inc. now owns 95,417 shares of the cryptocurrency exchange’s stock worth $6,444,000 after buying an additional 33,762 shares during the period. New York State Common Retirement Fund raised its holdings in Coinbase Global by 1.4% during the first quarter. New York State Common Retirement Fund now owns 171,400 shares of the cryptocurrency exchange’s stock valued at $11,581,000 after acquiring an additional 2,300 shares during the period. Finally, Rockefeller Capital Management L.P. lifted its position in shares of Coinbase Global by 19.5% in the first quarter. Rockefeller Capital Management L.P. now owns 149,704 shares of the cryptocurrency exchange’s stock valued at $10,115,000 after acquiring an additional 24,427 shares in the last quarter. Hedge funds and other institutional investors own 46.41% of the company’s stock.

Coinbase Global Company Profile

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Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.