Coinbase Global Director Sells Shares Amid Market Volatility

Coinbase Global Director Gokul Rajaram sold 1,145 shares of Coinbase Global stock on March 21st, 2023, for an average price of $260.00, totaling $297,700.00. Following the transaction, Rajaram owns 4,833 shares in the company, valued at approximately $1,256,580.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Coinbase Global Director Divests Shares Amid Market Volatility

On March 21, 2023, Gokul Rajaram, a Director of Coinbase Global, Inc. (NASDAQ: COIN), disposed of 1,145 shares of the company's stock in a transaction valued at $297,700.00. The shares were sold at an average price of $260.00, leaving Rajaram with 4,833 shares worth approximately $1,256,580.00. The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission (SEC), available at this link.

Coinbase Global's Stock Performance

Shares of COIN declined 2.5% in Friday's trading session, closing at $255.51. The stock has experienced volatility in recent weeks, falling below its 200-day simple moving average of $130.93. Despite the recent downturn, Coinbase Global has gained over 90% from its 52-week low of $46.43.

The company's market capitalization currently stands at $61.90 billion, with a price-to-earnings ratio of 959.67 and a beta of 3.36. Its financial metrics include a current ratio of 1.03, a quick ratio of 1.03, and a debt-to-equity ratio of 0.47.

Financial Results and Analyst Outlook

Coinbase Global reported strong fourth-quarter earnings on February 15, 2023, exceeding analyst expectations. The company reported earnings per share (EPS) of $1.04, beating the consensus estimate by $1.13. Revenue came in at $953.80 million, surpassing the expected $826.10 million.

Analysts remain cautiously optimistic about Coinbase Global's prospects. As a group, they anticipate the company to post EPS of 1.53 for the current fiscal year. Four analysts have assigned a "sell" rating to the stock, eight have given it a "hold" rating, and nine have recommended it as a "buy." The consensus rating for COIN is "Hold," with an average price target of $131.52, according to MarketBeat.com.

Institutional Investors' Activity

Institutional investors have been actively adjusting their positions in Coinbase Global. Vanguard Group Inc. increased its stake by 19.8% in the third quarter, while Norges Bank established a new position valued at approximately $50,254,000 in the fourth quarter. Renaissance Technologies LLC and Quadrature Capital Ltd also increased their holdings in the second quarter.

Analyst Upgrades and Downgrades

Several research firms have recently adjusted their ratings and price targets for Coinbase Global. Wedbush raised its target price from $180.00 to $200.00 and maintained an "outperform" rating on February 16, 2023. Raymond James upgraded the stock from "underperform" to "market perform" on March 12, 2023. Goldman Sachs Group upgraded COIN from "sell" to "neutral" on March 8, 2023.

Needham & Company LLC increased its price target from $160.00 to $180.00 and gave the stock a "buy" rating on January 8, 2023. HC Wainwright raised its target from $115.00 to $250.00 and reiterated a "buy" rating on February 16, 2023.

About Coinbase Global

Coinbase Global, Inc. is a leading provider of financial infrastructure and technology for the crypto economy. The company offers a user-friendly platform for consumers to buy, sell, and store crypto assets. Coinbase Global also operates a marketplace for institutional investors to trade cryptocurrencies.

Disclaimer

This article is provided for informational purposes only and should not be construed as investment advice. It is recommended that investors consult with a qualified financial advisor before making any investment decisions.