Coinbase Global (NASDAQ:COIN) Shares Down 2.4% on Analyst Downgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares traded down 2.4% during mid-day trading on Friday after The Goldman Sachs Group lowered their price target on the stock from $397.00 to $340.00. The Goldman Sachs Group currently has a neutral rating on the stock. Coinbase Global traded as low as $248.05 and last traded at $253.66. 2,448,686 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 7,146,333 shares. The stock had previously closed at $260.01.

Other equities research analysts have also recently issued reports about the stock. Monness Crespi & Hardt raised their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Keefe, Bruyette & Woods raised their price target on shares of Coinbase Global from $165.00 to $275.00 and gave the stock a “market perform” rating in a report on Friday, December 20th. HC Wainwright reiterated a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a report on Tuesday, October 29th. Mizuho raised their target price on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. Finally, Needham & Company LLC upped their price target on Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a research note on Monday, December 9th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $285.28.

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $261.07, for a total transaction of $6,526,750.00. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $137,322.82. The trade was a 97.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 22,842 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $281.94, for a total value of $6,440,073.48. Following the completion of the transaction, the director now directly owns 10,417 shares in the company, valued at $2,936,968.98. This trade represents a 68.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 328,483 shares of company stock worth $96,470,997 in the last ninety days. 23.43% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in COIN. RPg Family Wealth Advisory LLC acquired a new stake in Coinbase Global during the third quarter worth approximately $25,000. ORG Wealth Partners LLC acquired a new stake in Coinbase Global during the 3rd quarter worth $32,000. Brown Brothers Harriman & Co. lifted its position in Coinbase Global by 408.0% in the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after acquiring an additional 204 shares during the last quarter. Abich Financial Wealth Management LLC boosted its stake in Coinbase Global by 548.5% in the second quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock valued at $48,000 after acquiring an additional 181 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in shares of Coinbase Global during the third quarter worth about $55,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Price Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $64.79 billion, a price-to-earnings ratio of 44.16 and a beta of 3.59. The stock has a 50-day moving average price of $287.26 and a 200 day moving average price of $229.55.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company’s quarterly revenue was up 78.8% on a year-over-year basis. During the same period last year, the firm earned ($0.01) EPS. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal year.

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.