Coinbase Global (NASDAQ:COIN) Trading Down 3.1% After Analyst Downgrade

Coinbase Global, Inc. (NASDAQ:COIN) traded down 3.1% during trading on Wednesday after Mizuho lowered their price target on the stock from $280.00 to $217.00. Mizuho currently has a neutral rating on the stock. Coinbase Global traded as low as $185.90 and last traded at $185.79. 3,428,742 shares changed hands during trading, a decline of 63% from the average session volume of 9,376,517 shares. The stock had previously closed at $191.69.

Several other research analysts have also recently commented on COIN. Bank of America decreased their target price on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. HC Wainwright reiterated a “buy” rating and set a $350.00 price objective on shares of Coinbase Global in a research report on Friday, February 21st. Rosenblatt Securities assumed coverage on shares of Coinbase Global in a research note on Friday, March 7th. They set a “buy” rating and a $305.00 target price on the stock. Keefe, Bruyette & Woods lifted their price target on Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a report on Tuesday, February 18th. Finally, JMP Securities increased their price objective on Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a research note on Friday, February 14th. Ten analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $307.89.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 7,614 shares of the stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $295.10, for a total value of $2,246,891.40. Following the completion of the sale, the director now directly owns 10,417 shares of the company’s stock, valued at $3,074,056.70. This represents a 42.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the transaction, the insider now owns 69,407 shares in the company, valued at approximately $17,816,082.83. The trade was a 12.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 219,455 shares of company stock worth $60,955,968 over the last ninety days. Company insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

A number of institutional investors and hedge funds have recently modified their holdings of COIN. Copia Wealth Management acquired a new stake in Coinbase Global during the fourth quarter worth $26,000. Wingate Wealth Advisors Inc. bought a new stake in Coinbase Global in the fourth quarter valued at about $27,000. Atala Financial Inc bought a new stake in Coinbase Global in the fourth quarter valued at about $27,000. MassMutual Private Wealth & Trust FSB raised its position in Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after purchasing an additional 106 shares in the last quarter. Finally, RPg Family Wealth Advisory LLC bought a new position in Coinbase Global during the third quarter worth about $25,000. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Stock Down 3.2 %

The company has a market capitalization of $47.12 billion, a price-to-earnings ratio of 19.56 and a beta of 3.66. The business has a fifty day simple moving average of $259.55 and a two-hundred day simple moving average of $241.43. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating 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%. Equities analysts expect 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.