The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Coinbase Global Inc. shares valued at $1,819,830 were purchased by Ehrsam Frederick Ernest III on May 24. At $60.60 per share, Ehrsam Frederick Ernest III acquired 30,030 shares. The insider’s holdings grew to 1,121,844 shares worth approximately $66.05 million following the completion of this transaction.
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Also, Grewal Paul sold 1,090 shares, netting a total of over 73,313 in proceeds. Following the sale of shares at $67.26 each, the insider now holds 43,220 shares.
Before that, Ehrsam Frederick Ernest III had added 385,260 shares to its account. In a trade valued at $25,013,665, the Director bought Coinbase Global Inc. shares for $64.93 each. Upon closing the transaction, the insider’s holdings increased to 385,260 shares, worth approximately $64.29 million.
As published in a research note from Redburn on June 23, 2022, Coinbase Global Inc. [COIN] has been rated down from a Buy to a Neutral. Analysts at Needham resumed the stock at ‘”a Buy”‘ outlook in a report released in mid June. As of June 14, 2022, JP Morgan has decreased its “an Overweight” rating to a “Neutral” for COIN. Earlier on May 26, 2022, Cowen initiated its rating. Their recommendation was “an Outperform” for COIN stock.
Analyzing COIN’s Price Performance
On Thursday, Coinbase Global Inc. [NASDAQ: COIN] rose 13.43% to $58.88. The stock’s lowest price that day was $51.83, but it reached a high of $59.62 in the same session. During the last five days, there has been a surge of approximately 7.04%. Over the course of the year, Coinbase Global Inc. shares have dropped approximately -76.67%. Shares of the company reached a 52-week high of $258.81 on 01/04/22 and a 52-week low of $40.83 on 05/12/22. A 50-day SMA is recorded $88.61, while a 200-day SMA reached $202.21. Nevertheless, trading volume fell to 15.77 million shares from 18.95 million shares the previous day.
Support And Resistance Levels for Coinbase Global Inc. (COIN)
According to the 24-hour chart, there is a support level at 53.93, which, if violated, would cause prices to drop to 48.99. In the upper region, resistance lies at 61.72. The next price resistance is at 64.57. RSI (Relative Strength Index) is 42.65 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -3.03, which suggests the price will decrease in the coming days. Percent R is at 54.18%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Which companies own the most shares of Coinbase Global Inc. (COIN)?
According to ARK Investment Management LLC filings, the company currently owns 6,982,749 shares, which is about 4.02% of the total COIN shares outstanding. The investor’s shares have appreciated by 1,529,241 from its previous 13-F filing of 5453508.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $467,874,451. Nikko Asset Management Americas, acquire a 13.51% interest valued at $383.04 million while Morgan Stanley Investment Managem purchased a 774,320 stake. A total of -1,969,923 shares of Coinbase Global Inc. were bought by Fidelity Management & Research Co during the quarter, and -70,595 were sold by JPMorgan Investment Management, I. In its current portfolio, Renaissance Technologies LLC holds 1,052,000 shares valued at $82.16 million.
In terms of Coinbase Global Inc. share price expectations, FactSet research, analysts set an average price target of $124.62 in the next 12 months, up nearly 92.64% from the previous closing price of $51.91. Analysts anticipate Coinbase Global Inc. stock to reach $290.00 by 2022, with the lowest price target being $45.00. In spite of this, 26 analysts ranked Coinbase Global Inc. stock as an Overweight at the end of 2022.