Coinbase Global, Inc. (NASDAQ:COIN) traded down 8.4% on Thursday after JMP Securities lowered their price target on the stock from $205.00 to $195.00. JMP Securities currently has a market outperform rating on the stock. Coinbase Global traded as low as $85.58 and last traded at $86.22. 371,131 shares traded hands during trading, a decline of 98% from the average session volume of 18,504,894 shares. The stock had previously closed at $94.14.
COIN has been the subject of several other reports. Daiwa Capital Markets assumed coverage on shares of Coinbase Global in a research note on Friday, April 22nd. They issued a “buy” rating for the company. Canaccord Genuity Group lowered their price target on shares of Coinbase Global from $275.00 to $120.00 in a report on Wednesday, May 11th. Needham & Company LLC cut their target price on shares of Coinbase Global from $173.00 to $89.00 and set a “buy” rating on the stock in a research report on Wednesday, June 15th. Cowen started coverage on shares of Coinbase Global in a research note on Thursday, May 26th. They issued an “outperform” rating for the company. Finally, Wedbush cut their price target on shares of Coinbase Global from $160.00 to $100.00 in a report on Wednesday, May 11th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $170.52.
Insider Activity
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In other news, Director Frederick Ernest Ehrsam III bought 706,554 shares of the firm’s stock in a transaction on Friday, May 13th. The shares were bought at an average cost of $70.77 per share, for a total transaction of $50,002,826.58. Following the completion of the transaction, the director now owns 706,554 shares in the company, valued at $50,002,826.58. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Frederick Ernest Ehrsam III acquired 706,554 shares of Coinbase Global stock in a transaction dated Friday, May 13th. The shares were acquired at an average cost of $70.77 per share, for a total transaction of $50,002,826.58. Following the completion of the transaction, the director now directly owns 706,554 shares of the company’s stock, valued at $50,002,826.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Grewal sold 1,090 shares of the firm’s stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $67.26, for a total value of $73,313.40. Following the sale, the insider now owns 43,220 shares in the company, valued at $2,906,977.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 1,121,844 shares of company stock valued at $76,837,576. Company insiders own 36.10% of the company’s stock.
Institutional Investors Weigh In On Coinbase Global
A number of large investors have recently bought and sold shares of the business. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Coinbase Global in the 4th quarter valued at about $25,000. Wagner Wealth Management LLC acquired a new position in Coinbase Global in the fourth quarter valued at $27,000. Cornerstone Advisory LLC acquired a new position in shares of Coinbase Global during the fourth quarter valued at about $27,000. Kessler Investment Group LLC acquired a new stake in shares of Coinbase Global in the 4th quarter worth about $32,000. Finally, Trustcore Financial Services LLC grew its position in Coinbase Global by 504.8% in the 4th quarter. Trustcore Financial Services LLC now owns 127 shares of the cryptocurrency exchange’s stock worth $32,000 after purchasing an additional 106 shares in the last quarter. 39.01% of the stock is currently owned by institutional investors.
Coinbase Global Stock Down 9.4 %
The stock’s 50-day moving average price is $62.64 and its two-hundred day moving average price is $120.59. The stock has a market capitalization of $18.71 billion, a P/E ratio of -42.68 and a beta of 3.59. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.52.
Coinbase Global (NASDAQ:COIN – Get Rating) last announced its quarterly earnings results on Tuesday, May 10th. The cryptocurrency exchange reported ($1.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($2.33). Coinbase Global had a negative return on equity of 4.56% and a negative net margin of 4.79%. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same period last year, the business earned $3.05 EPS. Coinbase Global’s revenue was down 35.2% on a year-over-year basis. As a group, research analysts expect that Coinbase Global, Inc. will post -8.46 earnings per share for the current fiscal year.
Coinbase Global Company Profile
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.
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