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

Shares of Coinbase Global, Inc. (NASDAQ:COIN) gapped down prior to trading on Tuesday . The stock had previously closed at $312.22, but opened at $298.26. Coinbase Global shares last traded at $304.64, with a volume of 2,361,040 shares.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a research report on Wednesday, October 9th. Mizuho lifted their price target on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research report on Thursday, October 31st. B. Riley initiated coverage on Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a report on Tuesday, October 29th. Finally, Bank of America increased their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $255.22.

Coinbase Global Stock Down 1.5 %

The company’s 50 day simple moving average is $217.21 and its 200-day simple moving average is $215.90. 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 firm has a market cap of $77.01 billion, a P/E ratio of 51.53 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.01) EPS. Research analysts forecast that Coinbase Global, Inc. will post 4.27 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the completion of the sale, the insider now owns 74,956 shares of the company’s stock, valued at approximately $12,750,015.60. The trade was a 11.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares in the company, valued at $172,528. This trade represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 177,129 shares of company stock valued at $46,522,970. 23.43% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its position 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 worth $924,000 after purchasing an additional 43 shares during the period. Creative Financial Designs Inc. ADV increased its stake in Coinbase Global by 9.4% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock worth $106,000 after buying an additional 51 shares in the last quarter. Fifth Third Bancorp increased its stake in Coinbase Global by 0.4% in the 2nd quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock worth $2,777,000 after buying an additional 55 shares in the last quarter. Versant Capital Management Inc raised its holdings in Coinbase Global by 75.0% during the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 57 shares during the period. Finally, Larson Financial Group LLC lifted its position in shares of Coinbase Global by 12.1% in the second quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock valued at $118,000 after acquiring an additional 57 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other 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.