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

Coinbase Global, Inc. (NASDAQ:COIN) shares were down 2.4% 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. Approximately 2,448,686 shares were traded during trading, a decline of 66% from the average daily volume of 7,146,333 shares. The stock had previously closed at $260.01.

Other analysts have also recently issued reports about the company. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a research note on Thursday, October 31st. Needham & Company LLC lifted their price objective on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Bank of America upped their target price on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. B. Riley began coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective on the stock. Finally, Piper Sandler upped their price objective on shares of Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Coinbase Global currently has a consensus rating of “Hold” and a consensus price target of $285.28.

Insider Transactions at Coinbase Global

In related news, CFO Alesia J. Haas sold 5,250 shares of Coinbase Global stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total value of $1,025,062.50. Following the completion of the sale, the chief financial officer now directly owns 169,786 shares in the company, valued at approximately $33,150,716.50. This trade represents a 3.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 22,842 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $281.94, for a total transaction of $6,440,073.48. Following the transaction, the director now owns 10,417 shares in the company, valued at $2,936,968.98. This represents a 68.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 328,483 shares of company stock valued at $96,470,997 in the last quarter. 23.43% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in COIN. First Hawaiian Bank bought a new stake in Coinbase Global in the 4th quarter worth approximately $327,000. Fulton Bank N.A. grew its holdings in shares of Coinbase Global by 1.6% in the fourth quarter. Fulton Bank N.A. now owns 5,512 shares of the cryptocurrency exchange’s stock worth $1,369,000 after acquiring an additional 87 shares during the period. Silverleafe Capital Partners LLC purchased a new stake in Coinbase Global during the fourth quarter valued at $358,000. Nordea Investment Management AB lifted its holdings in Coinbase Global by 5.9% in the fourth quarter. Nordea Investment Management AB now owns 14,934 shares of the cryptocurrency exchange’s stock valued at $3,772,000 after acquiring an additional 836 shares during the period. Finally, Everence Capital Management Inc. purchased a new position in Coinbase Global in the fourth quarter worth about $1,207,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Trading Down 0.3 %

The firm has a market capitalization of $64.88 billion, a P/E ratio of 44.23 and a beta of 3.59. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a 50 day simple moving average of $285.74 and a 200-day simple moving average of $229.23.

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

Coinbase Global Company Profile

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.