Coinbase (COIN) Stock: Pre-Established Trading Plan Under Rule 10b5-1, Robust Q3 Earnings, And Strategic Positioning Within the Cryptocurrency Sector

Brock Lawrence J, the Chief People Officer at Coinbase Global, Inc. (NASDAQ:COIN), recently reported selling 4,635 shares of the company's Class A

Coinbase Global, Inc. (NASDAQ:COIN) Chief People Officer Brock Lawrence J recently sold 4,635 shares of the company's Class A common stock, according to a Form 4 filing on Friday with the Securities and Exchange Commission. The shares were sold at a price of $250 each, for a total transaction value of $1,163,500.

In addition to the sale, Lawrence exercised stock options to acquire 4,635 shares at a price of $74.63 per share, for a total transaction value of $345,910. Following these transactions, Lawrence now directly holds 18,525 shares of Coinbase.

Coinbase Global Inc also reported robust third-quarter financials with a positive adjusted EBITDA for the seventh consecutive quarter and a positive net income for the fourth consecutive quarter.

Subscription and services revenue is set to cross $2 billion in 2024, indicating a successful shift from dependence on transaction fee revenue. The company's balance sheet strength also supported a $1 billion stock buyback program.

In the recent U.S. congressional elections, the cryptocurrency industry, including Coinbase, saw substantial returns on its investment as most of its backed candidates won their races. The industry invested heavily in candidates who would support legislation favorable to digital assets.

Coinbase also saw a significant increase in stablecoin transaction volumes and the USDC market cap grew to $36 billion. The company is strategically focusing on driving revenue, increasing the utility of crypto, and achieving regulatory clarity.

Coinbase stock closed down marginally on Friday after the SEC charged former Coinbase product manager with insider trading. Shares of the company are now down by about 11% year-to-date.

Coinbase Global, Inc. (NASDAQ:COIN) stocksaw a significant rise on Thursday after the company reported better-than-expected earnings for the third quarter of 2024.

Coinbase reported a net loss of $0.04 per share on revenue of $2.4 billion. Analysts had expected a loss of $0.09 per share on revenue of $2.34 billion.

Coinbase also reported that its total trading volume was down by 28% from a year ago to $44 billion. However, this figure beat InvestingPro’s estimate of $42.2 billion.

Coinbase also said that its retail monthly transacting users (MTUs) fell by 16% from the third quarter of 2023 to 5.2 million. This also beat InvestingPro’s estimate of 4.91 million MTUs.

Coinbase shares closed up by 6.3% on Thursday after the earnings announcement. Shares of the company are now up by more than 200% over the last twelve months.

Coinbase stock also saw a price target increase from H.C. Wainwright and Monness, Crespi, Hardt to $255 and $300 from $225 and $225, respectively. Both firms maintained a Buy rating on the stock.

The price target adjustments come as cryptocurrency prices have declined and asset volatility has decreased.

Coinbase shares closed down marginally on Friday after the SEC charged a former Coinbase product manager with insider trading before the crypto exchange went public in a case that marks the first Web3-related insider trading charges by the federal regulator.

Coinbase shares are down by about 11% year-to-date following a massive rally in 2023.

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