Coinbase Global, Inc. (NASDAQ:COIN) shares dropped 3.7% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $234.60 and last traded at $235.95. Approximately 6,198,915 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 8,588,018 shares. The stock had previously closed at $245.10.Specifically, CFO Alesia J. Haas sold 4,200 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $247.54, for a total transaction of $1,039,668.00. Following the transaction, the chief financial officer now directly owns 192,622 shares of the company’s stock, valued at $47,681,649.88. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Coinbase Global news, insider Paul Grewal sold 10,257 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $275.60, for a total value of $2,826,829.20. Following the completion of the sale, the insider now directly owns 66,122 shares in the company, valued at $18,223,223.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Alesia J. Haas sold 4,200 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $247.54, for a total transaction of $1,039,668.00. Following the completion of the transaction, the chief financial officer now directly owns 192,622 shares of the company’s stock, valued at $47,681,649.88. The disclosure for this sale can be found here. In the last three months, insiders sold 379,303 shares of company stock valued at $86,479,860. Insiders own 23.43% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on COIN shares. Mizuho upped their price objective on shares of Coinbase Global from $84.00 to $145.00 and gave the company an “underperform” rating in a report on Friday, April 12th. Keefe, Bruyette & Woods raised their price target on shares of Coinbase Global from $230.00 to $240.00 and gave the company a “market perform” rating in a research note on Friday, May 3rd. Oppenheimer increased their price objective on Coinbase Global from $276.00 to $282.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Sanford C. Bernstein raised their target price on Coinbase Global from $80.00 to $200.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Finally, Piper Sandler increased their target price on shares of Coinbase Global from $225.00 to $245.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and an average price target of $215.50.
Read Our Latest Stock Analysis on Coinbase Global
Coinbase Global Stock Performance
The company’s 50-day moving average is $228.90 and its two-hundred day moving average is $196.80. The stock has a market capitalization of $57.94 billion, a P/E ratio of 47.10 and a beta of 3.44. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.52.
Coinbase Global (NASDAQ:COIN – Get Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.61. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. As a group, sell-side analysts anticipate that Coinbase Global, Inc. will post 5.01 EPS for the current fiscal year.
Institutional Trading of Coinbase Global
Hedge funds have recently made changes to their positions in the stock. Geneos Wealth Management Inc. raised its holdings in shares of Coinbase Global by 833.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 100 shares in the last quarter. Concord Wealth Partners grew its position in shares of Coinbase Global by 322.2% in the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 87 shares during the last quarter. Mather Group LLC. bought a new position in Coinbase Global during the first quarter worth $32,000. Barrett & Company Inc. acquired a new position in shares of Coinbase Global during the fourth quarter valued at about $26,000. Finally, Creekmur Asset Management LLC bought a new stake in shares of Coinbase Global in the 4th quarter worth approximately $27,000. 68.84% of the stock is owned by hedge funds and other 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.
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