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

Coinbase Global, Inc. (NASDAQ:COIN) shares 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 traded 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.

COIN has been the topic of several other research reports. HC Wainwright reissued a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research report on Tuesday, October 29th. Barclays boosted their price target on shares of Coinbase Global from $204.00 to $355.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. Keefe, Bruyette & Woods raised their price objective on shares of Coinbase Global from $165.00 to $275.00 and gave the stock a “market perform” rating in a report on Friday, December 20th. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a research note on Thursday, October 31st. Finally, Monness Crespi & Hardt raised their price target on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Coinbase Global has an average rating of “Hold” and an average price target of $285.28.

Insider Activity

In related news, CFO Alesia J. Haas sold 5,250 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the completion of the transaction, the chief financial officer now directly owns 169,786 shares in the company, valued at $33,150,716.50. The trade was a 3.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gokul Rajaram sold 400 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total value of $81,776.00. Following the completion of the sale, the director now directly owns 7,771 shares in the company, valued at approximately $1,588,703.24. The trade was a 4.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 328,483 shares of company stock worth $96,470,997 over the last ninety days. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Institutional investors have recently made changes to their positions in the stock. RPg Family Wealth Advisory LLC bought a new stake in shares of Coinbase Global during the 3rd quarter worth $25,000. ORG Wealth Partners LLC bought a new stake in Coinbase Global during the third quarter worth about $32,000. Brown Brothers Harriman & Co. boosted 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 purchasing an additional 204 shares in the last quarter. Abich Financial Wealth Management LLC increased 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 valued at $48,000 after purchasing an additional 181 shares during the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in shares of Coinbase Global during the 3rd quarter valued at about $55,000. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Down 0.3 %

The company has a market cap of $64.88 billion, a P/E ratio of 44.23 and a beta of 3.59. The stock has a 50-day moving average of $285.74 and a two-hundred day moving average of $229.23. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The business had revenue of $1.21 billion during 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%. Coinbase Global’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same period last year, the company posted ($0.01) EPS. On average, research analysts anticipate that Coinbase Global, Inc. will post 4.44 EPS 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.