Coinbase Global (NASDAQ:COIN) Shares Down 0.2%

Coinbase Global, Inc. (NASDAQ:COIN)’s share price dropped 0.2% during mid-day trading on Monday . The stock traded as low as $169.70 and last traded at $169.71. Approximately 1,487,840 shares traded hands during trading, a decline of 86% from the average daily volume of 10,439,459 shares. The stock had previously closed at $170.09.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a research note on Friday, August 2nd. Bank of America decreased their price target on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. HC Wainwright lowered their price objective on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Finally, The Goldman Sachs Group lowered their target price on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $246.06.

Coinbase Global Stock Performance

The company has a market cap of $41.73 billion, a price-to-earnings ratio of 34.28 and a beta of 3.36. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The stock’s 50 day moving average price is $198.85 and its 200 day moving average price is $221.51.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the company earned ($0.42) earnings per share. The company’s quarterly revenue was up 104.8% on a year-over-year basis. On average, analysts expect that Coinbase Global, Inc. will post 3.96 EPS for the current fiscal year.

Insider Activity

In related news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $219.45, for a total transaction of $2,194,500.00. Following the completion of the sale, the insider now directly owns 71,195 shares of the company’s stock, valued at approximately $15,623,742.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CAO Jennifer N. Jones sold 450 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $225.70, for a total transaction of $101,565.00. Following the completion of the sale, the chief accounting officer now directly owns 1,686 shares of the company’s stock, valued at approximately $380,530.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $219.45, for a total transaction of $2,194,500.00. Following the completion of the transaction, the insider now owns 71,195 shares in the company, valued at approximately $15,623,742.75. The disclosure for this sale can be found here. Insiders have sold 111,562 shares of company stock valued at $23,115,399 in the last three months. Corporate insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Centaurus Financial Inc. boosted its stake in Coinbase Global by 42.2% during the 2nd quarter. Centaurus Financial Inc. now owns 657 shares of the cryptocurrency exchange’s stock valued at $146,000 after acquiring an additional 195 shares during the last quarter. Lazari Capital Management Inc. lifted its position in shares of Coinbase Global by 8.5% during the second quarter. Lazari Capital Management Inc. now owns 2,692 shares of the cryptocurrency exchange’s stock worth $598,000 after purchasing an additional 211 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in Coinbase Global in the second quarter worth about $2,908,000. SRN Advisors LLC increased its holdings in Coinbase Global by 10.9% in the second quarter. SRN Advisors LLC now owns 12,774 shares of the cryptocurrency exchange’s stock valued at $2,839,000 after buying an additional 1,259 shares during the last quarter. Finally, Heritage Oak Wealth Advisors LLC acquired a new stake in Coinbase Global during the second quarter valued at approximately $462,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.