Coinbase Global (NASDAQ:COIN) Hits New 1-Year Low on Analyst Downgrade

Shares of Coinbase Global, Inc. (NASDAQ:COIN) reached a new 52-week low on Monday after Barclays lowered their price target on the stock from $328.00 to $169.00. Barclays currently has an equal weight rating on the stock. Coinbase Global traded as low as $142.58 and last traded at $142.88, with a volume of 2020140 shares trading hands. The stock had previously closed at $160.55.

Several other research firms have also issued reports on COIN. Mizuho lowered their price target on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Canaccord Genuity Group upped their target price 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. Needham & Company LLC reiterated a “buy” rating and set a $330.00 price target on shares of Coinbase Global in a report on Thursday, February 13th. The Goldman Sachs Group began coverage on shares of Coinbase Global in a report on Thursday, March 20th. They issued a “neutral” rating and a $195.00 price objective for the company. Finally, Keefe, Bruyette & Woods lifted their target price on Coinbase Global from $255.00 to $305.00 and gave the stock a “market perform” rating in a report on Tuesday, February 18th. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Coinbase Global currently has a consensus rating of “Moderate Buy” and an average target price of $305.89.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $270.99, for a total value of $6,774,750.00. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $142,540.74. This trade represents a 97.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 5,262 shares of the business’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $300.09, for a total transaction of $1,579,073.58. Following the sale, the director now directly owns 10,417 shares of the company’s stock, valued at approximately $3,126,037.53. The trade was a 33.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 167,767 shares of company stock worth $45,798,184 in the last quarter. Company insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Mascagni Wealth Management Inc. bought a new position in shares of Coinbase Global during the 4th quarter valued at approximately $25,000. Copia Wealth Management bought a new position in shares of Coinbase Global in the fourth quarter worth approximately $26,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Coinbase Global in the fourth quarter worth $27,000. Atala Financial Inc purchased a new stake in shares of Coinbase Global in the fourth quarter worth $27,000. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in shares of Coinbase Global by 365.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after buying an additional 106 shares in the last quarter. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Performance

The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. The company has a market cap of $39.93 billion, a PE ratio of 16.56 and a beta of 3.65. The business’s 50 day moving average is $224.58 and its two-hundred day moving average is $243.09.

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