Coinbase Global (NASDAQ:COIN) Shares Down 4.7% Following Analyst Downgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price was down 4.7% during 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 traded hands during trading, a decline of 55% from the average daily volume of 6,981,405 shares. The stock had previously closed at $258.78.

Other analysts have also issued research reports about the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a research report on Thursday, October 31st. Mizuho boosted their price objective on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. B. Riley started coverage on Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price on the stock. Oppenheimer boosted their price target on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. Finally, HC Wainwright restated a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $284.17.

Insiders Place Their Bets

In related news, Director Frederick Ernest Ehrsam III sold 22,842 shares of Coinbase Global stock in a transaction on Monday, January 6th. The shares were sold at an average price of $281.94, for a total value of $6,440,073.48. Following the transaction, the director now directly owns 10,417 shares in the company, valued at $2,936,968.98. This trade represents a 68.68 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $203.30, for a total transaction of $304,950.00. Following the transaction, the chief operating officer now owns 175,101 shares in the company, valued at approximately $35,598,033.30. This trade represents a 0.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 321,733 shares of company stock valued at $95,173,894 over the last quarter. Company insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC increased its stake in Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after purchasing an additional 314,388 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Coinbase Global by 2.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after acquiring an additional 71,398 shares in the last quarter. Clear Street Derivatives LLC acquired a new stake in Coinbase Global during the 3rd quarter valued at approximately $409,919,000. Renaissance Technologies LLC increased its stake in shares of Coinbase Global by 185.9% in the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after buying an additional 691,288 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Coinbase Global by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock valued at $163,752,000 after acquiring an additional 52,856 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Down 2.9 %

The stock’s 50 day simple moving average is $288.55 and its 200 day simple moving average is $229.90. The stock has a market capitalization of $62.89 billion, a P/E ratio of 42.87 and a beta of 3.59. 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 announced its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the firm earned ($0.01) earnings per share. The firm’s quarterly revenue was up 78.8% compared to the same quarter last year. As a group, research 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.