Coinbase Global (NASDAQ:COIN) Trading Down 8.4% After Analyst Downgrade

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

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:COINGet 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

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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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