Coinbase Global (NASDAQ:COIN) had its price objective cut by investment analysts at Piper Sandler from $120.00 to $115.00 in a note issued to investors on Wednesday, The Fly reports. The firm presently has an “overweight” rating on the cryptocurrency exchange’s stock. Piper Sandler’s target price would suggest a potential upside of 36.90% from the company’s previous close.
A number of other equities analysts have also recently commented on the company. The Goldman Sachs Group cut Coinbase Global from a “neutral” rating to a “sell” rating and reduced their target price for the company from $70.00 to $45.00 in a report on Monday, June 27th. Atlantic Securities cut Coinbase Global from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $95.00 to $54.00 in a report on Wednesday, July 6th. BTIG Research reduced their target price on Coinbase Global from $380.00 to $290.00 and set a “buy” rating for the company in a report on Wednesday, June 22nd. JMP Securities reduced their target price on Coinbase Global from $250.00 to $205.00 and set a “market outperform” rating for the company in a report on Tuesday, July 12th. Finally, Cowen initiated coverage on Coinbase Global in a report on Thursday, May 26th. They set an “outperform” rating and a $85.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $170.52.
Coinbase Global Stock Performance
NASDAQ COIN opened at $84.00 on Wednesday. Coinbase Global has a twelve month low of $40.83 and a twelve month high of $368.90. The company has a quick ratio of 1.55, a current ratio of 1.06 and a debt-to-equity ratio of 0.58. The stock has a 50-day moving average of $62.84 and a 200 day moving average of $119.84.
Coinbase Global (NASDAQ:COIN – Get Rating) last released its quarterly earnings results on Tuesday, May 10th. The cryptocurrency exchange reported ($1.98) earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($2.33). Coinbase Global had a negative return on equity of 4.61% and a negative net margin of 4.79%. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same period in the previous year, the company posted $3.05 EPS. The business’s revenue for the quarter was down 35.2% compared to the same quarter last year. As a group, equities research analysts expect that Coinbase Global will post -8.46 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, Director Frederick Ernest Ehrsam III purchased 30,030 shares of the firm’s stock in a transaction on Tuesday, May 24th. The shares were bought at an average cost of $60.60 per share, for a total transaction of $1,819,818.00. Following the completion of the purchase, the director now directly owns 1,121,844 shares of the company’s stock, valued at $67,983,746.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Frederick Ernest Ehrsam III purchased 30,030 shares of the firm’s stock in a transaction on Tuesday, May 24th. The shares were bought at an average cost of $60.60 per share, for a total transaction of $1,819,818.00. Following the completion of the purchase, the director now directly owns 1,121,844 shares of the company’s stock, valued at $67,983,746.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Grewal sold 1,090 shares of the stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $67.26, for a total value of $73,313.40. Following the completion of 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. 36.10% of the stock is owned by insiders.
Institutional Investors Weigh In On Coinbase Global
A number of institutional investors have recently added to or reduced their stakes in the business. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Coinbase Global during the 4th quarter valued at approximately $25,000. Tradewinds Capital Management LLC lifted its position in shares of Coinbase Global by 1,210.0% during the 2nd quarter. Tradewinds Capital Management LLC now owns 524 shares of the cryptocurrency exchange’s stock valued at $25,000 after acquiring an additional 484 shares during the period. Wagner Wealth Management LLC acquired a new stake in shares of Coinbase Global during the 4th quarter valued at approximately $27,000. Cornerstone Advisory LLC acquired a new stake in shares of Coinbase Global during the 4th quarter valued at approximately $27,000. Finally, Creative Financial Designs Inc. ADV acquired a new position in shares of Coinbase Global during the 1st quarter worth approximately $28,000. Hedge funds and other institutional investors own 39.01% of the company’s stock.
About Coinbase Global
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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