Coinbase Global (NASDAQ:COIN) Shares Gap Down to $191.23

Coinbase Global, Inc. (NASDAQ:COIN)’s share price gapped down prior to trading on Monday . The stock had previously closed at $191.23, but opened at $184.19. Coinbase Global shares last traded at $181.40, with a volume of 2,411,058 shares.

Analysts Set New Price Targets

COIN has been the subject of several analyst reports. Compass Point lowered their price target on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. HC Wainwright lowered their target price on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. The Goldman Sachs Group cut their price target on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 price objective on shares of Coinbase Global in a research report on Monday, August 5th. Finally, Bank of America cut their target price on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $246.06.

Coinbase Global Price Performance

The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $44.08 billion, a PE ratio of 35.73 and a beta of 3.36. The company’s 50-day simple moving average is $191.76 and its 200-day simple moving average is $218.82.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results 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). The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The business’s quarterly revenue was up 104.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.42) EPS. As a group, sell-side analysts anticipate that Coinbase Global, Inc. will post 3.96 earnings per share for the current year.

Insider Activity

In related news, insider Paul Grewal sold 10,000 shares of the 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 of the company’s stock, valued at $16,784,221.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $229.70, for a total transaction of $344,550.00. Following the transaction, the chief operating officer now owns 196,471 shares in the company, valued at approximately $45,129,388.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $235.75, for a total value of $2,357,500.00. Following the completion of the sale, the insider now directly owns 71,195 shares of the company’s stock, valued at $16,784,221.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 91,612 shares of company stock valued at $18,625,489. Company insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of COIN. Creekmur Asset Management LLC purchased a new position in shares of Coinbase Global in the 4th quarter valued at about $27,000. Crewe Advisors LLC lifted its position in shares of Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after acquiring an additional 104 shares during the period. Lynx Investment Advisory acquired a new stake in shares of Coinbase Global during the 2nd quarter valued at approximately $29,000. Concord Wealth Partners grew its holdings in shares of Coinbase Global by 322.2% in the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 87 shares during the period. Finally, Geneos Wealth Management Inc. increased its stake in Coinbase Global by 833.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors 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.