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

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price fell 2.4% during 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 changed 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.

A number of other analysts have also recently weighed in on the company. Keefe, Bruyette & Woods increased their price objective on Coinbase Global from $165.00 to $275.00 and gave the stock a “market perform” rating in a research report on Friday, December 20th. Oppenheimer increased their price target on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a report on Monday, November 25th. Barclays boosted their price objective on shares of Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. Mizuho raised their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. Finally, HC Wainwright reiterated a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $285.28.

Insider Buying and Selling at Coinbase Global

In other news, CAO Jennifer N. Jones sold 1,837 shares of Coinbase Global stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $295.02, for a total transaction of $541,951.74. Following the completion of the sale, the chief accounting officer now directly owns 1,160 shares in the company, valued at $342,223.20. The trade was a 61.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 22,842 shares of the company’s stock in a transaction that occurred on 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 directly owns 10,417 shares in the company, valued at $2,936,968.98. The trade was a 68.68 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 328,483 shares of company stock valued at $96,470,997. Insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several hedge funds and other institutional investors have recently bought and sold shares of the company. RPg Family Wealth Advisory LLC purchased a new stake in shares of Coinbase Global in the third quarter valued at $25,000. ORG Wealth Partners LLC acquired a new stake in Coinbase Global in the 3rd quarter worth about $32,000. Brown Brothers Harriman & Co. grew its holdings in Coinbase Global by 408.0% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after buying an additional 204 shares during the period. Abich Financial Wealth Management LLC lifted its holdings 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 worth $48,000 after acquiring an additional 181 shares during the period. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Coinbase Global in the third quarter worth approximately $55,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Trading Down 0.5 %

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 has a market capitalization of $64.79 billion, a PE ratio of 44.16 and a beta of 3.59. The business’s fifty day moving average is $287.26 and its 200-day moving average is $229.55.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the company earned ($0.01) earnings per share. The company’s quarterly revenue was up 78.8% on a year-over-year basis. As a group, analysts anticipate that Coinbase Global, Inc. will post 4.44 EPS 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.