Brian Armstrong, Chairman and CEO of Coinbase Global , Inc. (NASDAQ:COIN), has sold shares worth approximately $8.52 million, according to a recent SEC filing. The transactions, carried out by the Brian Armstrong Living Trust, took place on December 5, 2024. The sales involved multiple transactions of Class A Common Stock, with prices ranging from $339.36 to $342.82 per share. The timing is notable as Coinbase stock has delivered impressive returns, surging 134% over the past year and maintaining a robust market capitalization of $78.6 billion. According to InvestingPro analysis, the stock appears overvalued at current levels.
The transactions were conducted under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined schedule for selling stocks to avoid any allegations of insider trading. Following these sales, the trust retains ownership of 526 shares of Class A Common Stock. With a P/E ratio of 49.4 and significant revenue growth of 90% in the last twelve months, Coinbase shows strong operational momentum. InvestingPro subscribers have access to 14 additional key insights and a comprehensive Pro Research Report for deeper analysis of COIN's valuation metrics and growth prospects.
In other recent news, Coinbase Global Inc. experienced a variety of changes in analyst assessments. Mizuho (NYSE:MFG) Securities maintained its Underperform rating on the stock, albeit with a raised price target of $250, reflecting increased Bitcoin value and trading volumes. However, the firm also noted a shift in retail crypto market share from Coinbase to Robinhood (NASDAQ:HOOD). On the other hand, US Tiger Securities downgraded Coinbase from Buy to Hold, citing a change in the risk-reward profile due to Bitcoin's surge in value.
Conversely, Oppenheimer increased its price target for Coinbase from $265 to $358, maintaining an Outperform rating. This adjustment followed recent political developments perceived as favorable for the cryptocurrency industry. Meanwhile, H.C. Wainwright reduced its price target for Coinbase to $255 from the previous $265, despite maintaining a Buy rating. This change came after Coinbase reported a revenue shortfall for the third quarter of 2024.
In other company developments, Coinbase, along with AppLovin (NASDAQ:APP) and The Trade Desk Inc . (NASDAQ:TTD), experienced a dip after missing inclusion in the latest S&P 500 Index rebalance. This news came as the index underwent its periodic rebalancing, intended to ensure that the index remains a reliable indicator of the large-cap market segment. These are some of the recent developments for investors to consider.
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