Coinbase Global (NASDAQ:COIN) Trading Down 3.1% on Analyst Downgrade

Coinbase Global, Inc. (NASDAQ:COIN) traded down 3.1% on Wednesday after Mizuho lowered their price target on the stock from $280.00 to $217.00. Mizuho currently has a neutral rating on the stock. Coinbase Global traded as low as $185.90 and last traded at $185.79. 3,428,742 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 9,376,517 shares. The stock had previously closed at $191.69.

COIN has been the topic of a number of other reports. Keefe, Bruyette & Woods raised their target price on Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a research note on Tuesday, February 18th. Canaccord Genuity Group upped their price target on shares of Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. The Goldman Sachs Group reduced their price target on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Piper Sandler upped their price target on shares of Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Finally, Monness Crespi & Hardt set a $420.00 price target on shares of Coinbase Global in a research note on Tuesday, February 18th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $307.89.

Insiders Place Their Bets

In related news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the completion of the sale, the insider now owns 69,407 shares of the company’s stock, valued at approximately $17,816,082.83. This trade represents a 12.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 25,194 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $298.95, for a total transaction of $7,531,746.30. Following the completion of the sale, the director now owns 10,417 shares of the company’s stock, valued at $3,114,162.15. This represents a 70.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 219,455 shares of company stock worth $60,955,968. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors have recently bought and sold shares of the stock. Banco Santander S.A. grew its holdings in Coinbase Global by 12.7% during the third quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock valued at $26,531,000 after purchasing an additional 16,737 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong acquired a new position in Coinbase Global during the third quarter valued at approximately $29,756,000. Wellington Management Group LLP grew its holdings in Coinbase Global by 168.2% during the third quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock valued at $4,648,000 after purchasing an additional 16,363 shares during the last quarter. McElhenny Sheffield Capital Management LLC acquired a new position in Coinbase Global during the fourth quarter valued at approximately $252,000. Finally, Virtu Financial LLC acquired a new position in Coinbase Global during the third quarter valued at approximately $3,866,000. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. The firm has a fifty day simple moving average of $256.83 and a 200 day simple moving average of $240.64. The company has a market cap of $45.06 billion, a price-to-earnings ratio of 18.68 and a beta of 3.66.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. On average, sell-side analysts expect that Coinbase Global, Inc. will post 7.22 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.