Coinbase Global (NASDAQ:COIN) Stock Price Down 2.4% on Analyst Downgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares traded down 2.4% during mid-day 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. 2,448,686 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 7,146,333 shares. The stock had previously closed at $260.01.

A number of other research analysts also recently issued reports on COIN. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a research report on Thursday, October 31st. Mizuho lifted their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a report on Thursday, October 31st. Monness Crespi & Hardt upped their price target on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Oppenheimer raised their price objective 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, Bank of America upped their target price on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Coinbase Global currently has an average rating of “Hold” and a consensus price target of $285.28.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $261.07, for a total value of $6,526,750.00. Following the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $137,322.82. This represents a 97.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Frederick Ernest Ehrsam III sold 22,842 shares of Coinbase Global stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $281.94, for a total transaction of $6,440,073.48. Following the transaction, the director now directly owns 10,417 shares of the company’s stock, valued at approximately $2,936,968.98. This trade represents a 68.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 328,483 shares of company stock valued at $96,470,997. 23.43% of the stock is owned by insiders.

Institutional Trading of Coinbase Global

A number of hedge funds have recently added to or reduced their stakes in COIN. Empowered Funds LLC raised its position in shares of Coinbase Global by 0.8% in the third quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock worth $924,000 after acquiring an additional 43 shares during the period. Creative Financial Designs Inc. ADV raised its holdings in Coinbase Global by 9.4% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock worth $106,000 after purchasing an additional 51 shares during the period. Benjamin Edwards Inc. boosted its position in Coinbase Global by 3.1% during the second 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. Brooklyn Investment Group grew its holdings in Coinbase Global by 3.9% in the third quarter. Brooklyn Investment Group now owns 1,760 shares of the cryptocurrency exchange’s stock valued at $314,000 after purchasing an additional 66 shares during the period. Finally, Prospera Financial Services Inc increased its position in shares of Coinbase Global by 3.6% in the third quarter. Prospera Financial Services Inc now owns 1,979 shares of the cryptocurrency exchange’s stock valued at $353,000 after buying an additional 68 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Trading Down 0.5 %

The firm has a market capitalization of $64.79 billion, a price-to-earnings ratio of 44.16 and a beta of 3.59. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The company has a 50 day moving average price of $287.26 and a two-hundred day moving average price of $229.61.

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