Coinbase Global (NASDAQ:COIN) Stock Price Down 3.2%

Coinbase Global, Inc. (NASDAQ:COIN) shares were down 3.2% during mid-day trading on Tuesday . The company traded as low as $163.81 and last traded at $164.71. Approximately 2,294,718 shares were traded during trading, a decline of 78% from the average daily volume of 10,413,919 shares. The stock had previously closed at $170.22.

Analyst Ratings Changes

A number of brokerages have weighed in on COIN. The Goldman Sachs Group lowered their price target on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. HC Wainwright cut their price target on Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 price target on shares of Coinbase Global in a research note on Monday, August 5th. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and increased their target price for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. Finally, JMP Securities reissued a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Coinbase Global presently has a consensus rating of “Hold” and an average target price of $246.06.

Coinbase Global Stock Performance

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The stock has a 50 day simple moving average of $197.39 and a two-hundred day simple moving average of $221.00. The stock has a market capitalization of $41.60 billion, a P/E ratio of 33.54 and a beta of 3.36.

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

Insider Activity

In related news, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $220.31, for a total transaction of $5,083,653.25. Following the completion of the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $115,883.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $235.75, for a total transaction of $2,357,500.00. Following the completion of the sale, the insider now directly owns 71,195 shares in the company, valued at approximately $16,784,221.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 23,075 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $220.31, for a total value of $5,083,653.25. Following the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $115,883.06. The disclosure for this sale can be found here. Insiders sold a total of 101,562 shares of company stock valued at $20,920,899 over the last three months. Insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp raised its holdings in shares of Coinbase Global by 0.4% during the 2nd quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock worth $2,777,000 after buying an additional 55 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Coinbase Global by 75.0% during the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 57 shares in the last quarter. Larson Financial Group LLC raised its holdings in shares of Coinbase Global by 12.1% during the 2nd quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock worth $118,000 after buying an additional 57 shares in the last quarter. Benjamin Edwards Inc. increased its holdings in Coinbase Global by 3.1% in the 2nd quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock worth $446,000 after purchasing an additional 61 shares in the last quarter. Finally, Capital Advisors Wealth Management LLC increased its holdings in Coinbase Global by 4.6% in the 2nd quarter. Capital Advisors Wealth Management LLC now owns 1,413 shares of the cryptocurrency exchange’s stock worth $314,000 after purchasing an additional 62 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors.

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.