Coinbase Global (NASDAQ:COIN) Trading Down 2.4% Following Analyst Downgrade

Shares of Coinbase Global, Inc. (NASDAQ:COIN) were down 2.4% during trading on Friday after The Goldman Sachs Group lowered their price target on the stock from $397.00 to $340.00. The Goldman Sachs Group currently has a neutral rating on the stock. Coinbase Global traded as low as $248.05 and last traded at $253.66. Approximately 2,448,686 shares changed hands during trading, a decline of 66% from the average daily volume of 7,146,333 shares. The stock had previously closed at $260.01.

A number of other brokerages have also recently issued reports on COIN. Bank of America raised their price objective on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Mizuho raised their price target on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. Needham & Company LLC boosted their price objective on Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Oppenheimer raised their target price on shares of Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a report on Monday, November 25th. Finally, HC Wainwright reiterated a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $285.28.

Insider Buying and Selling

In other Coinbase Global news, CFO Alesia J. Haas sold 5,250 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the completion of the sale, the chief financial officer now directly owns 169,786 shares in the company, valued at approximately $33,150,716.50. This trade represents a 3.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $181.36, for a total transaction of $272,040.00. Following the completion of the transaction, the chief operating officer now owns 176,601 shares of the company’s stock, valued at approximately $32,028,357.36. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 328,483 shares of company stock worth $96,470,997 in the last three months. 23.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in COIN. RPg Family Wealth Advisory LLC bought a new stake in Coinbase Global in the third quarter worth about $25,000. ORG Wealth Partners LLC bought a new stake in Coinbase Global during the 3rd quarter valued at $32,000. Brown Brothers Harriman & Co. lifted its holdings in shares of Coinbase Global by 408.0% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after buying an additional 204 shares during the period. Abich Financial Wealth Management LLC grew its position in shares of Coinbase Global by 548.5% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock worth $48,000 after buying an additional 181 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in shares of Coinbase Global during the third quarter valued at $55,000. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Price Performance

The firm has a fifty day moving average of $287.26 and a two-hundred day moving average of $229.61. The stock has a market capitalization of $64.79 billion, a P/E ratio of 44.16 and a beta of 3.59. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same period last year, the business posted ($0.01) EPS. On average, analysts predict that Coinbase Global, Inc. will post 4.44 EPS for the current 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.