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

Coinbase Global, Inc. (NASDAQ:COIN) traded down 4.7% during mid-day 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. 3,126,909 shares traded hands during trading, a decline of 55% from the average session volume of 6,981,405 shares. The stock had previously closed at $258.78.

COIN has been the topic of a number of other reports. Monness Crespi & Hardt lifted their target price on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. HC Wainwright reiterated a “buy” rating and issued a $295.00 target price on shares of Coinbase Global in a report on Tuesday, October 29th. Needham & Company LLC lifted their target price on shares of Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. JMP Securities restated a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a research report on Wednesday, October 9th. Finally, Bank of America lifted their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the stock 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 issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $284.17.

Insider Activity at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the transaction, the insider now owns 74,956 shares in the company, valued at $15,739,260.88. This trade represents a 11.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $172,528. The trade was a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 321,333 shares of company stock valued at $95,092,118. 23.43% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. RPg Family Wealth Advisory LLC acquired a new stake in shares of Coinbase Global in the third quarter valued at about $25,000. ORG Wealth Partners LLC bought a new stake in Coinbase Global during the 3rd quarter valued at approximately $32,000. Brown Brothers Harriman & Co. grew its holdings in Coinbase Global by 408.0% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after buying an additional 204 shares during the last quarter. Abich Financial Wealth Management LLC increased its position in Coinbase Global by 548.5% in 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 during the period. Finally, V Square Quantitative Management LLC bought a new stake in shares of Coinbase Global in the third quarter valued at approximately $55,000. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Performance

The firm has a market cap of $63.93 billion, a price-to-earnings ratio of 43.58 and a beta of 3.59. The firm’s 50 day moving average price is $289.78 and its 200-day moving average price is $230.14. 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 quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate 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 the consensus estimate of $1.26 billion. During the same quarter in the previous year, the firm posted ($0.01) EPS. The business’s revenue for the quarter was up 78.8% compared to the same quarter last year. On average, analysts anticipate that Coinbase Global, Inc. will post 4.44 earnings per share 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.