Frederick Ernest Ehrsam III Sells 7,614 Shares of Coinbase Global, Inc. (NASDAQ:COIN) Stock

On December 4th, Frederick Ernest Ehrsam III, a director at Coinbase Global, Inc. (NASDAQ:COIN), sold 7,614 shares of the company's stock. The shares were sold at an average price of $325.14 each, resulting in a total transaction value of $2,475,615.96. Following this sale, Ehrsam holds a total of 10,417 shares in Coinbase, which are valued at approximately $3,386,983.38. This recent sale reflects a significant decline in his ownership, amounting to a 42.23% decrease.

The details of this transaction were made public in a filing with the Securities and Exchange Commission (SEC).

In addition to this transaction, earlier on November 25th, Ehrsam sold 26,649 shares of Coinbase stock at an average price of $308.14, which totaled $8,211,622.86.

Coinbase Global Stock Performance

During midday trading on Friday, Coinbase shares rose by $23.05, reaching a price of $343.62. Over 16 million shares changed hands, comparing favorably to the average volume of approximately 11.3 million. Over the last year, the stock has seen a low of $114.51 and a peak of $349.75. Currently, the 50-day moving average stands at $239.66, while the 200-day moving average is $221.54. Coinbase's financial health is illustrated by a debt-to-equity ratio of 0.48, along with a quick ratio and current ratio both at 1.03. The market capitalization of Coinbase is approximately $86.03 billion, with a price-to-earnings ratio of 59.23 and a beta of 3.57.

Recent Earnings Results

Coinbase Global released its quarterly earnings report on October 30th. The firm announced earnings per share (EPS) of $0.28, falling short of analysts' expectations which pointed to an EPS of $0.41. The reported revenue was $1.21 billion, slightly below the consensus estimate of $1.26 billion. However, the revenue showed substantial growth, being 78.8% higher than the same period last year. Adjusted for the previous year, the firm had reported a loss of $0.01 per share. Analysts now project that Coinbase will achieve an EPS of 4.44 for the current fiscal year.

Analyst Ratings

Several financial analysts have provided their insights regarding Coinbase. Notably, Goldman Sachs increased its price target on Coinbase from $183.00 to $397.00, maintaining a "neutral" rating. Canaccord Genuity reaffirmed a "buy" rating with a target price of $280.00, while Piper Sandler also reiterated a "neutral" rating and set a price target of $245.00. JMP Securities has provided a "market outperform" rating with a price target of $320.00. Oppenheimer raised their price target from $265.00 to $358.00, endorsing an "outperform" rating. Currently, research indicates that one analyst has rated the stock as a sell, nine analysts have a hold rating, and ten have a buy rating. The average target price from analysts is $265.33, suggesting a cautious outlook on Coinbase's stock performance.

Institutional Interest

Institutional investors have shown interest in Coinbase recently. Geode Capital Management has increased its stake in Coinbase by 10.1%, holding 3,425,619 shares now valued at $609,789,000. Similarly, Sumitomo Mitsui Trust Group increased its holdings by 2.3%. Clear Street Derivatives acquired a new position in Coinbase stock, while Cowen and Company grew its stake by 1.5%. Additionally, Renaissance Technologies significantly increased its ownership by 185.9%. Collectively, institutional investors own about 68.84% of Coinbase shares.

About Coinbase Global

Coinbase Global, Inc. serves as a financial infrastructure provider and technology platform for the cryptocurrency economy. They cater to consumers and institutions, offering a primary financial account and a marketplace for crypto asset transactions.

Coinbase, Shares, Earnings