Oppenheimer Has Lowered Expectations for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its price target dropped by stock analysts at Oppenheimer from $358.00 to $334.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the cryptocurrency exchange’s stock. Oppenheimer’s target price suggests a potential upside of 13.04% from the stock’s previous close.

Several other equities research analysts also recently commented on the stock. Bank of America lifted their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Monness Crespi & Hardt lifted their price target on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a report on Thursday, October 31st. HC Wainwright reaffirmed a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a report on Tuesday, October 29th. Finally, The Goldman Sachs Group decreased their price target on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $282.83.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $295.48 on Friday. Coinbase Global has a one year low of $114.51 and a one year high of $349.75. 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 company has a market cap of $73.97 billion, a price-to-earnings ratio of 50.42 and a beta of 3.59. The firm has a 50 day simple moving average of $291.21 and a 200 day simple moving average of $231.26.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data 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). The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company’s revenue was up 78.8% compared to the same quarter last year. During the same period last year, the business earned ($0.01) EPS. Research analysts predict that Coinbase Global will post 4.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $209.98, for a total value of $2,099,800.00. Following the completion of the sale, the insider now directly owns 74,956 shares of the company’s stock, valued at $15,739,260.88. This represents a 11.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alesia J. Haas sold 20,000 shares of Coinbase Global stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $300.00, for a total value of $6,000,000.00. Following the transaction, the chief financial officer now directly owns 124,470 shares in the company, valued at approximately $37,341,000. The trade was a 13.84 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 347,033 shares of company stock valued at $102,613,277. 23.43% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors have recently added to or reduced their stakes in COIN. Envestnet Asset Management Inc. grew its stake in Coinbase Global by 14.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 44,847 shares of the cryptocurrency exchange’s stock valued at $9,966,000 after purchasing an additional 5,767 shares during the period. Wealth Alliance bought a new position in Coinbase Global during the second quarter valued at about $230,000. Mercer Global Advisors Inc. ADV increased its holdings in Coinbase Global by 26.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 12,118 shares of the cryptocurrency exchange’s stock worth $2,697,000 after buying an additional 2,565 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its holdings in Coinbase Global by 6.6% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,570 shares of the cryptocurrency exchange’s stock worth $571,000 after buying an additional 160 shares during the last quarter. Finally, Amalgamated Bank boosted its stake in Coinbase Global by 32.0% in the second quarter. Amalgamated Bank now owns 12,935 shares of the cryptocurrency exchange’s stock valued at $2,875,000 after acquiring an additional 3,133 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

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.