Key Points
- Director Marc Andreessen sold 6,838 Coinbase shares at an average price of $198 for approximately $1.35 million. The transaction occurred under a pre-arranged Rule 10b5-1 plan, leaving him with 1,108,972 shares.
- Coinbase reported a quarterly loss of $1.36 per share, missing the $0.44 consensus estimate, while revenue of $1.22 billion also fell short of forecasts and declined 18.5% year over year.
- COIN opened at $188.22, with analysts holding a consensus “Hold” rating and an average price target of $222.97. Institutional investors own approximately 68.84% of the company.
Coinbase Global, Inc. (NASDAQ:COIN) Director Marc Andreessen sold 6,838 shares of the company's stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $198.00, for a total transaction of $1,353,924.00. Following the completion of the sale, the director owned 1,108,972 shares of the company's stock, valued at approximately $219,576,456. This represents a 0.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Coinbase Global Stock Performance
Shares of COIN stock opened at $188.22 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.42 and a current ratio of 2.42. The company has a market capitalization of $49.66 billion, a P/E ratio of -49.02 and a beta of 3.41. Coinbase Global, Inc. has a 52 week low of $139.11 and a 52 week high of $402.16. The company's 50 day moving average price is $173.78 and its two-hundred day moving average price is $175.59.
Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.44) by ($0.92). The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.29 billion. Coinbase Global had a negative net margin of 15.72% and a positive return on equity of 3.12%. Coinbase Global's revenue for the quarter was down 18.5% on a year-over-year basis. During the same quarter last year, the business earned $5.14 earnings per share. On average, analysts expect that Coinbase Global, Inc. will post -0.48 earnings per share for the current fiscal year.
Institutional Trading of Coinbase Global
A number of institutional investors have recently bought and sold shares of COIN. Readystate Asset Management LP acquired a new position in shares of Coinbase Global in the 2nd quarter valued at about $2,587,000. Nykredit A S bought a new stake in shares of Coinbase Global during the 2nd quarter valued at about $12,395,000. Sequoia Financial Advisors LLC grew its stake in Coinbase Global by 185.5% during the second quarter. Sequoia Financial Advisors LLC now owns 25,507 shares of the cryptocurrency exchange's stock worth $3,729,000 after purchasing an additional 16,572 shares during the period. First Citizens Bank & Trust Co. grew its stake in Coinbase Global by 37.4% during the first quarter. First Citizens Bank & Trust Co. now owns 40,467 shares of the cryptocurrency exchange's stock worth $7,066,000 after purchasing an additional 11,020 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in Coinbase Global by 366.7% in the second quarter. Assenagon Asset Management S.A. now owns 154,702 shares of the cryptocurrency exchange's stock worth $22,616,000 after purchasing an additional 121,552 shares in the last quarter. Institutional investors own 68.84% of the company's stock.
Coinbase Global News Roundup
Here are the key news stories impacting Coinbase Global this week:
- Positive Sentiment: Bitcoin rally supports trading outlook: Bitcoin moved close to its late-September high, helping lift crypto-related equities, including Coinbase. A recovering U.S. demand indicator and potential move toward $90,000 could further improve sentiment. Bitcoin rally article
- Positive Sentiment: Institutional stablecoin expansion: CEO Brian Armstrong highlighted Coinbase’s expanded relationship with Citigroup to facilitate institutional stablecoin payments. The partnership could strengthen Coinbase’s role as regulated digital-asset infrastructure and create additional payments-related revenue opportunities. Citi partnership article
- Positive Sentiment: Analyst support: Bank of America raised its Coinbase price target to $203 while maintaining a Buy rating, providing a near-term sentiment boost despite the company’s recent earnings misses. Bank of America price target article
- Positive Sentiment: Potentially favorable policy environment: Crypto-focused PAC Fairshake plans to support 32 House candidates who backed the CLARITY market-structure bill. Coinbase is a major Fairshake contributor, and successful pro-crypto candidates could improve long-term regulatory clarity. Fairshake endorsements article
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on COIN. Zacks Research raised shares of Coinbase Global from a "strong sell" rating to a "hold" rating in a research report on Wednesday, September 9th. Citigroup reaffirmed a "market outperform" rating on shares of Coinbase Global in a report on Friday, July 31st. Oppenheimer dropped their target price on Coinbase Global from $209.00 to $193.00 and set an "outperform" rating for the company in a research report on Friday, July 31st. HC Wainwright reaffirmed a "buy" rating and set a $265.00 price target on shares of Coinbase Global in a research note on Friday, July 31st. Finally, Mizuho set a $155.00 target price on Coinbase Global in a report on Friday, July 31st. Twenty research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Coinbase Global has an average rating of "Hold" and a consensus price target of $222.97.
Read Our Latest Stock Report on Coinbase Global
About Coinbase Global
(
Get Free Report)
Coinbase Global, Inc operates a digital-asset platform that enables individuals, businesses and institutions to buy, sell, store and use cryptocurrencies. Its services include a cryptocurrency exchange, digital-asset custody, staking and related trading products, as well as tools designed to support institutional participation in the crypto economy.
The company also offers Coinbase Wallet, a self-custody wallet that allows users to manage digital assets and interact with decentralized applications.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
