Key Points
- Coinbase insider Paul Grewal sold 1,960 shares on May 27 at an average price of $176.88, totaling about $346,685. After the sale, he still held 84,753 shares, and the transaction was made under a pre-arranged Rule 10b5-1 plan.
- COIN shares were up 3.7% and opened at $189.03, even as the stock remained below its 200-day moving average and well under its 52-week high of $444.64.
- Recent earnings were weak: Coinbase reported a quarterly loss of $1.49 per share versus expectations for a small profit, while revenue fell 30.5% year over year to $1.41 billion.
Coinbase Global, Inc. (NASDAQ:COIN) insider Paul Grewal sold 1,960 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $176.88, for a total transaction of $346,684.80. Following the transaction, the insider directly owned 84,753 shares of the company's stock, valued at $14,991,110.64. This trade represents a 2.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Coinbase Global Stock Up 3.7%
COIN opened at $189.03 on Friday. The firm has a 50-day simple moving average of $188.59 and a two-hundred day simple moving average of $212.18. Coinbase Global, Inc. has a 52 week low of $139.36 and a 52 week high of $444.64. The company has a market capitalization of $49.80 billion, a PE ratio of 71.06, a price-to-earnings-growth ratio of 6.43 and a beta of 3.38. The company has a quick ratio of 2.34, a current ratio of 2.14 and a debt-to-equity ratio of 0.44.
Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing the consensus estimate of $0.06 by ($1.55). Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period last year, the company earned $0.24 EPS. The firm's revenue for the quarter was down 30.5% on a year-over-year basis. Analysts forecast that Coinbase Global, Inc. will post 1.74 earnings per share for the current fiscal year.
Coinbase Global News Summary
Here are the key news stories impacting Coinbase Global this week:
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in COIN. REAP Financial Group LLC purchased a new stake in Coinbase Global in the 3rd quarter worth about $25,000. MV Capital Management Inc. purchased a new stake in Coinbase Global in the 4th quarter worth about $27,000. Palisade Asset Management LLC purchased a new stake in Coinbase Global in the 3rd quarter worth about $29,000. Osbon Capital Management LLC purchased a new stake in Coinbase Global in the 4th quarter worth about $30,000. Finally, Glen Eagle Advisors LLC raised its position in Coinbase Global by 101.1% in the 1st quarter. Glen Eagle Advisors LLC now owns 175 shares of the cryptocurrency exchange's stock worth $31,000 after purchasing an additional 88 shares during the period. Institutional investors own 68.84% of the company's stock.
Analysts Set New Price Targets
Several research analysts have commented on COIN shares. The Goldman Sachs Group increased their price objective on shares of Coinbase Global from $226.00 to $228.00 and gave the company a "buy" rating in a report on Thursday. Zacks Research raised shares of Coinbase Global from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 14th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $240.00 price target on shares of Coinbase Global in a report on Wednesday, May 6th. Mizuho increased their price target on shares of Coinbase Global from $170.00 to $200.00 and gave the company a "neutral" rating in a report on Tuesday, May 12th. Finally, Jefferies Financial Group increased their price target on shares of Coinbase Global from $151.00 to $181.00 and gave the company a "hold" rating in a report on Thursday, April 9th. Nineteen analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $252.10.
Get Our Latest Stock Report on COIN
About Coinbase Global
(
Get Free Report)
Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.
Coinbase's product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.
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