Coinbase Global (NASDAQ:COIN) Stock Price Down 2.1% – Time to Sell?

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price traded down 2.1% during mid-day trading on Thursday . The company traded as low as $276.89 and last traded at $278.79. 8,435,258 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 10,903,309 shares. The stock had previously closed at $284.72.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on COIN. Canaccord Genuity Group restated a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a report on Thursday, October 31st. Piper Sandler restated a “neutral” rating and issued a $245.00 target price on shares of Coinbase Global in a report on Friday, November 1st. B. Riley assumed coverage on Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $295.00 target price on shares of Coinbase Global in a research note on Tuesday, October 29th. Finally, Bank of America boosted their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $246.28.

Coinbase Global Stock Up 9.7 %

The firm has a market capitalization of $76.57 billion, a price-to-earnings ratio of 52.19 and a beta of 3.34. The firm has a fifty day moving average price of $198.72 and a 200 day moving average price of $211.83. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period in the prior year, the firm posted ($0.01) EPS. Coinbase Global’s revenue for the quarter was up 78.8% compared to the same quarter last year. Sell-side analysts anticipate that Coinbase Global, Inc. will post 4.27 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 23,075 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at $91,487.18. This represents a 97.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Frederick R. Wilson sold 40,000 shares of Coinbase Global stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $300.00, for a total value of $12,000,000.00. Following the completion of the sale, the director now owns 50,000 shares of the company’s stock, valued at approximately $15,000,000. The trade was a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 135,822 shares of company stock worth $30,921,194. 23.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. RPg Family Wealth Advisory LLC acquired a new position in shares of Coinbase Global in the 3rd quarter valued at $25,000. Crewe Advisors LLC lifted its holdings in Coinbase Global by 547.4% during the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after acquiring an additional 104 shares in the last quarter. Lynx Investment Advisory acquired a new position in Coinbase Global in the second quarter valued at about $29,000. Versant Capital Management Inc increased its holdings in shares of Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 57 shares in the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in shares of Coinbase Global during the third quarter worth about $32,000. Institutional investors and hedge funds 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.