Coinbase Global (NASDAQ:COIN) Stock Price Down 3.2%

Coinbase Global, Inc. (NASDAQ:COIN)’s share price dropped 3.2% during trading on Tuesday . The company traded as low as $163.81 and last traded at $164.71. Approximately 2,294,718 shares changed hands during trading, a decline of 78% from the average daily volume of 10,413,919 shares. The stock had previously closed at $170.22.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a research note on Friday, August 2nd. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a report on Friday, August 2nd. Bank of America cut their price objective on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Barclays upgraded shares of Coinbase Global from an “underweight” rating to an “equal weight” rating and cut their price target for the company from $206.00 to $169.00 in a report on Friday, September 6th. Finally, Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and raised their price target for the company from $260.00 to $345.00 in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $246.06.

Coinbase Global Price Performance

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $41.60 billion, a P/E ratio of 33.54 and a beta of 3.36. The business has a 50 day simple moving average of $197.39 and a 200-day simple moving average of $221.00.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm earned ($0.42) earnings per share. Coinbase Global’s revenue for the quarter was up 104.8% compared to the same quarter last year. Analysts predict that Coinbase Global, Inc. will post 3.96 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In related news, CAO Jennifer N. Jones sold 450 shares of Coinbase Global stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $225.70, for a total transaction of $101,565.00. Following the transaction, the chief accounting officer now directly owns 1,686 shares of the company’s stock, valued at $380,530.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $220.31, for a total value of $5,083,653.25. Following the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $115,883.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jennifer N. Jones sold 450 shares of Coinbase Global stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $225.70, for a total value of $101,565.00. Following the transaction, the chief accounting officer now directly owns 1,686 shares in the company, valued at approximately $380,530.20. The disclosure for this sale can be found here. Insiders have sold a total of 101,562 shares of company stock worth $20,920,899 over the last ninety days. 23.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently bought and sold shares of the business. Jump Financial LLC acquired a new stake in shares of Coinbase Global during the 4th quarter valued at about $220,000. PNC Financial Services Group Inc. lifted its holdings in shares of Coinbase Global by 12.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,640 shares of the cryptocurrency exchange’s stock valued at $981,000 after buying an additional 610 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Coinbase Global by 25.1% during the 4th quarter. Wells Fargo & Company MN now owns 45,785 shares of the cryptocurrency exchange’s stock valued at $7,963,000 after buying an additional 9,194 shares during the last quarter. D.A. Davidson & CO. lifted its holdings in Coinbase Global by 12.0% in the 4th quarter. D.A. Davidson & CO. now owns 5,299 shares of the cryptocurrency exchange’s stock worth $922,000 after purchasing an additional 566 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its holdings in Coinbase Global by 1.1% in the 4th quarter. Corient Private Wealth LLC now owns 8,813 shares of the cryptocurrency exchange’s stock worth $1,533,000 after purchasing an additional 94 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

About Coinbase Global

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.