Coinbase Global, Inc. (NASDAQ:COIN) Insider Sells $2,099,800 in Stock

On October 25th, 2023, an insider at Coinbase Global, Inc. (NASDAQ: COIN) named Paul Grewal executed a sale of 10,000 shares of the company’s stock. This transaction took place at an average price of $209.98 per share, culminating in a total value of $2,099,800. Following this sale, Grewal now holds a total of 74,956 shares in Coinbase, which are valued at approximately $15,739,260.88. This sale reflected a 0.00% decrease in his ownership stake in the company. Details of the transaction have been documented in a filing with the Securities and Exchange Commission (SEC), which can be accessed through the SEC website.

Additional Sales by Paul Grewal

Paul Grewal has made other sales recently as well. On September 25th, he sold another 10,000 shares at an average price of $170.10, raising a total of $1,701,000. Just a month earlier, on August 26th, Grewal sold 16,962 shares at an average price of $206.96, totaling around $3,510,455.52.

Current Stock Performance of Coinbase Global

As for the current state of Coinbase Global, shares traded at $219.66, which marked an increase of $3.56 during trading on the recent Tuesday. The stock saw a trading volume of 11,469,746 shares, surpassing its average volume of 10,393,186. Financially, Coinbase Global operates with a current ratio of 1.03, a quick ratio of 1.03, and a debt-to-equity ratio of 0.51. Over the past year, the stock has fluctuated between a low of $71.88 and a high of $283.48. It currently holds a market cap of $53.94 billion, with a price-to-earnings ratio of 44.28.

Earnings Overview

Coinbase Global last announced its earnings results on August 1st, when it reported earnings of $0.14 per share. This figure fell short of analyst projections, which had anticipated earnings of $1.07, marking a deficit of $0.93. The revenue reported was $1.45 billion, slightly above the expected $1.40 billion. The company noted a 104.8% increase in revenue compared to the same quarter last year. Analysts predict that Coinbase Global, Inc. will likely post earnings of $3.92 per share for the current fiscal year.

Analyst Ratings and Predictions

Recent assessments from various research firms about COIN have been notable. Citigroup upgraded Coinbase Global from a “neutral” to a “buy” rating, raising its target price from $260.00 to $345.00 in a report dated July 23rd. Canaccord Genuity reaffirmed a “buy” rating and set a target price of $280.00 on August 2nd. In contrast, Compass Point adjusted its target price from $325.00 to $295.00 but maintained a “buy” rating as of August 6th. Reports indicate that, while one analyst recommends selling, nine maintain hold ratings and ten endorse buying, which leads to a consensus of “Hold” with an average target price of $242.94 according to MarketBeat.com.

Institutional Activity

Recent movements from institutional investors show significant interest in Coinbase Global. Vanguard Group Inc. increased its stake in the company by 18.4%, now holding 16,906,269 shares, valued at approximately $4.48 billion after acquiring over 2.62 million shares in the last quarter. Renaissance Technologies LLC also boosted its stake by nearly 186% during the second quarter, holding 1,063,117 shares worth about $236.26 million. Other significant investors include the Canada Pension Plan Investment Board, which raised its holdings by over 1,186%, owning 527,512 shares valued at $139.85 million after a substantial recent purchase. Currently, around 68.84% of Coinbase's stock is held by institutional investors.

About Coinbase Global, Inc.

Coinbase Global, Inc. provides crucial infrastructure and technology focused on the crypto economy both in the United States and globally. The company facilitates a primary financial account for consumers in the cryptocurrency space while also offering a marketplace equipped with liquidity for institutional transactions involving crypto assets.

Coinbase, Insider, Stock