Coinbase Global (NASDAQ:COIN) Trading Down 4.7% After Analyst Downgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s share price was down 4.7% during mid-day trading on Monday after Keefe, Bruyette & Woods lowered their price target on the stock from $275.00 to $255.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Coinbase Global traded as low as $240.77 and last traded at $246.55. Approximately 3,126,909 shares changed hands during trading, a decline of 55% from the average daily volume of 6,981,405 shares. The stock had previously closed at $258.78.

Several other analysts also recently issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $295.00 price target on shares of Coinbase Global in a research note on Tuesday, October 29th. Barclays boosted their target price on Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. B. Riley initiated coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. Piper Sandler boosted their price objective on shares of Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global presently has a consensus rating of “Hold” and an average price target of $284.17.

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $172,528. This represents a 99.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frederick R. Wilson sold 40,000 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $300.00, for a total value of $12,000,000.00. Following the completion of the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $15,000,000. This trade represents a 44.44 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 321,733 shares of company stock worth $95,173,894. Company insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. RPg Family Wealth Advisory LLC purchased a new position in shares of Coinbase Global during the third quarter valued at about $25,000. ORG Wealth Partners LLC bought a new stake in Coinbase Global in the 3rd quarter worth approximately $32,000. Brown Brothers Harriman & Co. raised its holdings in shares of Coinbase Global by 408.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after acquiring an additional 204 shares in the last quarter. Abich Financial Wealth Management LLC boosted its position in shares of Coinbase Global by 548.5% during the 2nd 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 during the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in shares of Coinbase Global in the third quarter valued at $55,000. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Trading Down 2.9 %

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock’s 50 day moving average is $288.55 and its 200-day moving average is $229.90. The company has a market cap of $62.89 billion, a PE ratio of 42.87 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The firm had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the prior year, the company posted ($0.01) earnings per share. Coinbase Global’s quarterly revenue was up 78.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Coinbase Global, Inc. will post 4.44 EPS for the current 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.