Coinbase Global, Inc. (NASDAQ:COIN) experienced notable insider trading activity as Paul Grewal, a key insider, divested 11,955 shares of the company on November 25th. This transaction was executed at an average price of $246.18 per share, culminating in a total value of approximately $2,943,081.90. Post-sale, Grewal retains ownership of 75,811 shares, which are valued at around $18,663,151.98. This recent sale marks a significant 13.62% reduction in his total holdings.
The transaction details have been formally disclosed in a filing with the Securities and Exchange Commission (SEC), which can be accessed through the provided legal channels. On the following day, Coinbase”s stock saw a rise of 4.3%, trading up by $10.85 to reach $264.97. During this trading session, 9,870,713 shares changed hands, slightly below the average volume of 10,950,419 shares.
Currently, Coinbase”s stock is situated within a broader price range, with a twelve-month low recorded at $142.58 and a high of $444.64. The company holds a market capitalization of $71.45 billion, accompanied by a price-to-earnings (P/E) ratio of 22.92. The stock also demonstrates a beta of 3.67, indicating higher volatility compared to the broader market.
Institutional investment dynamics surrounding Coinbase have seen shifts, with several major investors adjusting their holdings. For instance, REAP Financial Group LLC entered the scene by acquiring a new stake valued at approximately $25,000. Moreover, Evelyn Partners Investment Management Europe Ltd significantly increased its position by 92.3% during the second quarter, now holding 75 shares worth $29,000 after purchasing an additional 36 shares.
Other notable institutional players include Palisade Asset Management LLC, which also made a new investment in Coinbase valued at about $29,000, alongside McClarren Financial Advisors Inc. and Cullen Frost Bankers Inc., both of which established new positions in the second quarter, each valued around $30,000. Collectively, institutional investors and hedge funds command ownership of approximately 68.84% of Coinbase”s stock.
Wall Street analysts have been actively evaluating Coinbase”s stock, with various reports influencing market perceptions. Recently, JPMorgan Chase & Co. revised their target price for Coinbase shares from $404.00 to $399.00, maintaining an “overweight” rating. In contrast, Keefe, Bruyette & Woods adjusted their target from $355.00 to $335.00, issuing a “market perform” rating.
Analysts remain divided on Coinbase”s outlook, with one research analyst rating the stock as a Strong Buy, seventeen issuing Buy ratings, eleven advising Hold, and one recommending Sell. According to data from MarketBeat.com, Coinbase currently enjoys a consensus rating of “Moderate Buy” alongside a consensus price target of $398.08.
As Coinbase continues to navigate market fluctuations, the implications of insider trading, institutional investments, and analyst ratings will undoubtedly play pivotal roles in shaping its future trajectory within the cryptocurrency landscape.
