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

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price dropped 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 were traded during mid-day trading, a decline of 55% from the average daily volume of 6,981,405 shares. The stock had previously closed at $258.78.

Other equities analysts also recently issued research reports about the stock. Canaccord Genuity Group restated a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research report on Thursday, October 31st. HC Wainwright reissued a “buy” rating and issued a $295.00 target price on shares of Coinbase Global in a report on Tuesday, October 29th. Needham & Company LLC upped their target price on shares of Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Oppenheimer lifted their price target on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research note on Monday, November 25th. Finally, The Goldman Sachs Group dropped their price target on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. 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 data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $284.17.

Insider Activity

In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $203.30, for a total transaction of $304,950.00. Following the completion of the sale, the chief operating officer now owns 175,101 shares in the company, valued at $35,598,033.30. This trade represents a 0.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jennifer N. Jones sold 1,837 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $295.02, for a total value of $541,951.74. Following the completion of the transaction, the chief accounting officer now directly owns 1,160 shares in the company, valued at approximately $342,223.20. The trade was a 61.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 321,333 shares of company stock worth $95,092,118. 23.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Institutional investors and hedge funds have recently made changes to their positions in the company. RPg Family Wealth Advisory LLC acquired a new stake in shares of Coinbase Global during the third quarter worth $25,000. ORG Wealth Partners LLC acquired a new stake in shares of Coinbase Global during the 3rd quarter worth approximately $32,000. Abich Financial Wealth Management LLC lifted its holdings in shares of Coinbase Global by 548.5% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock worth $48,000 after purchasing an additional 181 shares during the last quarter. Brown Brothers Harriman & Co. grew its stake in 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 buying an additional 204 shares during the last quarter. Finally, Quest Partners LLC increased its position in Coinbase Global by 233.7% in the second quarter. Quest Partners LLC now owns 297 shares of the cryptocurrency exchange’s stock worth $66,000 after buying an additional 208 shares during the period. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Price Performance

The business has a 50 day simple moving average of $289.78 and a 200-day simple moving average of $230.14. The company has a market capitalization of $63.93 billion, a P/E ratio of 43.58 and a beta of 3.59. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data 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). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the prior year, the firm posted ($0.01) earnings per share. The business’s quarterly revenue was up 78.8% on a year-over-year basis. Analysts predict 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.