Coinbase Global (NASDAQ:COIN) Stock Price Down 4.7% on Analyst Downgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares dropped 4.7% during trading on Monday 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 $240.77 and last traded at $246.55. Approximately 3,126,909 shares were traded during trading, a decline of 55% from the average daily volume of 6,981,405 shares. The stock had previously closed at $258.78.

COIN has been the topic of several other reports. HC Wainwright reissued a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a report on Tuesday, October 29th. Piper Sandler increased their price objective on shares of Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Needham & Company LLC upped their price target on shares of Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Monness Crespi & Hardt lifted their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Oppenheimer boosted their price objective on shares of Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a research report on Monday, November 25th. One investment 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. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $285.28.

Insider Buying and Selling at Coinbase Global

In related news, CFO Alesia J. Haas sold 5,250 shares of Coinbase Global stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 169,786 shares of the company’s stock, valued at $33,150,716.50. The trade was a 3.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gokul Rajaram sold 400 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total transaction of $81,776.00. Following the sale, the director now directly owns 7,771 shares of the company’s stock, valued at $1,588,703.24. This represents a 4.90 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 326,983 shares of company stock worth $96,198,957. 23.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently bought and sold shares of the company. RPg Family Wealth Advisory LLC bought a new position in shares of Coinbase Global in the 3rd quarter worth about $25,000. ORG Wealth Partners LLC bought a new stake in Coinbase Global in the third quarter worth approximately $32,000. Brown Brothers Harriman & Co. lifted its stake in Coinbase Global by 408.0% in the third 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 boosted 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 buying an additional 181 shares in the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Coinbase Global during the 3rd quarter worth approximately $55,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Stock Down 5.0 %

The company has a market cap of $61.53 billion, a price-to-earnings ratio of 41.94 and a beta of 3.59. The stock’s 50-day moving average is $287.26 and its 200-day moving average is $229.71. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (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 company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period last year, the company earned ($0.01) EPS. Coinbase Global’s revenue for the quarter was up 78.8% compared to the same quarter last year. On average, analysts anticipate that Coinbase Global, Inc. will post 4.44 earnings per share 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.