Paul Grewal Sells 1,960 Shares of Coinbase Global (NASDAQ:COIN) Stock

Coinbase Global, Inc. (NASDAQ:COIN) insider Paul Grewal sold 1,960 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $176.88, for a total transaction of $346,684.80. Following the completion of the sale, 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 sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Coinbase Global Trading Up 3.7%

NASDAQ:COIN traded up $6.78 during trading hours on Friday, reaching $189.03. The company’s stock had a trading volume of 10,229,628 shares, compared to its average volume of 11,421,787. The firm has a market capitalization of $49.80 billion, a price-to-earnings ratio of 71.06, a PEG ratio of 6.13 and a beta of 3.38. The firm has a 50-day simple moving average of $188.86 and a 200-day simple moving average of $212.34. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.34 and a current ratio of 2.14. Coinbase Global, Inc. has a 1 year low of $139.36 and a 1 year high of $444.64.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share 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 analysts’ expectations of $1.49 billion. During the same quarter in the prior year, the company earned $0.24 earnings per share. The company’s revenue was down 30.5% compared to the same quarter last year. Research analysts expect that Coinbase Global, Inc. will post 1.74 EPS for the current fiscal year.

Key Stories Impacting Coinbase Global

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: The CFTC’s actions on perpetual futures and 24/7 trading create a clearer path for Coinbase to expand into a large, regulated derivatives market that could lift fee revenue and deepen customer engagement. Reuters article on Coinbase and Kalshi bringing regulated perpetual crypto futures to U.S. investors
• Positive Sentiment: Coinbase also said it is giving eligible U.S. institutional clients access to global crypto options and perpetual futures through its regulated futures commission merchant, expanding its derivatives offering and strengthening its institutional platform. Cointelegraph article on Coinbase bringing global crypto derivatives markets to U.S. institutional clients
• Positive Sentiment: Analysts and industry coverage are framing the regulatory shift as a bigger opening for Coinbase in a multi-trillion-dollar derivatives market that has largely been offshore until now. MarketWatch article on crypto perpetual contracts coming to the U.S.

Institutional Investors Weigh In On Coinbase Global

A number of large investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC boosted its position in Coinbase Global by 24.2% during the 1st quarter. Integrated Wealth Concepts LLC now owns 2,119 shares of the cryptocurrency exchange’s stock valued at $365,000 after acquiring an additional 413 shares in the last quarter. Empowered Funds LLC raised its position in shares of Coinbase Global by 25.8% in the 1st quarter. Empowered Funds LLC now owns 8,581 shares of the cryptocurrency exchange’s stock worth $1,478,000 after acquiring an additional 1,761 shares in the last quarter. Focus Partners Wealth lifted its stake in shares of Coinbase Global by 9.9% in the 1st quarter. Focus Partners Wealth now owns 5,202 shares of the cryptocurrency exchange’s stock valued at $896,000 after purchasing an additional 467 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Coinbase Global in the 2nd quarter valued at approximately $285,000. Finally, Cerity Partners LLC boosted its position in shares of Coinbase Global by 8.6% during the second quarter. Cerity Partners LLC now owns 17,694 shares of the cryptocurrency exchange’s stock valued at $6,203,000 after purchasing an additional 1,402 shares in the last quarter. Institutional investors own 68.84% of the company’s stock.

Analyst Ratings Changes

COIN has been the topic of several recent analyst reports. Bank of America cut their target price on shares of Coinbase Global from $288.00 to $234.00 in a report on Thursday, April 2nd. Needham & Company LLC cut their price target on shares of Coinbase Global from $230.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, May 8th. HC Wainwright cut their price target on shares of Coinbase Global from $350.00 to $310.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Benchmark cut their price target on shares of Coinbase Global from $267.00 to $260.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Finally, Oppenheimer cut their price target on shares of Coinbase Global from $227.00 to $224.00 in a report on Friday, May 8th. Nineteen equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $252.10.

Coinbase Global Company Profile

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.