Emilie Choi, President and Chief Operating Officer of Coinbase Global Inc. (NASDAQ:COIN), recently executed a series of stock transactions involving the company's Class A common stock. According to a Form 4 filing with the Securities and Exchange Commission, Choi sold a total of 134,181 shares over two days, with the transactions yielding approximately $46.8 million. The sales were conducted at weighted average prices ranging from $349.0621 to $349.1587 per share, near the stock's 52-week high of $349.75. The cryptocurrency exchange company, now valued at approximately $78.6 billion, has seen its stock surge over 134% in the past year. According to InvestingPro analysis, the stock is currently trading above its Fair Value, with 14 additional ProTips available for subscribers.
On December 5 and 6, Choi exercised options to acquire a total of 134,181 shares at a price of $18.71 per share, before subsequently selling the same number of shares. Following these transactions, Choi holds 141,692 shares directly. Additionally, Choi has indirect holdings through entities such as Sixers LLC and the Starvurst Trusts, though she disclaims beneficial ownership except for her pecuniary interest.
The transactions were part of a previously established Rule 10b5-1 trading plan, allowing for pre-scheduled stock sales.
In other recent news, Coinbase Global Inc. has been the center of several analyst adjustments due to recent developments in the cryptocurrency market. Mizuho (NYSE:MFG) Securities has maintained an Underperform rating on Coinbase, despite raising the price target from $215 to $250, following a significant increase in Bitcoin's value. This adjustment also takes into account a shift in retail crypto market share from Coinbase to Robinhood (NASDAQ:HOOD), a trend observed in recent months.
US Tiger Securities has downgraded Coinbase from Buy to Hold, citing changes in the risk-reward profile due to the recent surge in Bitcoin value. This adjustment reflects a shift in strategy in response to Bitcoin's recent price surge.
Oppenheimer, on the other hand, raised its price target for Coinbase from $265 to $358, maintaining an Outperform rating. This adjustment is tied to recent political developments perceived as favorable for the cryptocurrency industry.
In other company news, shares of AppLovin (NASDAQ:APP) and The Trade Desk Inc . (NASDAQ:TTD) experienced declines after not being included in the latest S&P 500 Index rebalance. The changes in the index reflect ongoing shifts in the market and the continuous effort to maintain the S&P 500's representation of the large-cap market space.
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