Coinbase Global (NASDAQ:COIN) had its price target cut by equities researchers at Benchmark from $270.00 to $230.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the cryptocurrency exchange's stock. Benchmark's target price suggests a potential upside of 64.81% from the company's current price.
COIN has been the topic of a number of other research reports. Needham & Company LLC decreased their price objective on shares of Coinbase Global from $220.00 to $177.00 and set a "buy" rating on the stock in a research report on Friday. UBS Group set a $235.00 target price on shares of Coinbase Global in a report on Thursday, July 23rd. The Goldman Sachs Group set a $173.00 target price on Coinbase Global in a research note on Friday. Cantor Fitzgerald restated an "overweight" rating and set a $250.00 price target on shares of Coinbase Global in a report on Wednesday, June 17th. Finally, Citizens Jmp dropped their price objective on Coinbase Global from $355.00 to $325.00 and set a "market outperform" rating for the company in a report on Thursday, July 9th. Eighteen investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $226.41.
View Our Latest Analysis on COIN
Coinbase Global Trading Down 14.7%
COIN stock traded down $24.03 during midday trading on Friday, hitting $139.55. The company had a trading volume of 4,062,482 shares, compared to its average volume of 10,317,523. The stock has a market cap of $36.77 billion, a price-to-earnings ratio of 52.97, a PEG ratio of 10.30 and a beta of 3.35. Coinbase Global has a 52 week low of $139.18 and a 52 week high of $402.16. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 0.44. The stock's 50 day moving average price is $164.00 and its 200 day moving average price is $181.97.
Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($1.55). Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the prior year, the business posted $0.24 EPS. The firm's revenue for the quarter was down 30.5% on a year-over-year basis. As a group, equities research analysts expect that Coinbase Global will post 1.42 earnings per share for the current fiscal year.
Insider Activity at Coinbase Global
In related news, Director Frederick R. Wilson sold 10,000 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $181.54, for a total value of $1,815,400.00. Following the completion of the transaction, the director directly owned 30,000 shares of the company's stock, valued at $5,446,200. This represents a 25.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lawrence J. Brock sold 6,616 shares of the firm's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $189.01, for a total transaction of $1,250,490.16. Following the completion of the sale, the insider owned 517 shares of the company's stock, valued at $97,718.17. This trade represents a 92.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 30,627 shares of company stock worth $5,327,841 over the last ninety days. Corporate insiders own 16.66% of the company's stock.
Institutional Investors Weigh In On Coinbase Global
Several hedge funds have recently made changes to their positions in COIN. Vanguard Group Inc. grew its position in shares of Coinbase Global by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 26,400,836 shares of the cryptocurrency exchange's stock worth $5,970,285,000 after buying an additional 184,043 shares during the period. Geode Capital Management LLC lifted its position in Coinbase Global by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 6,098,062 shares of the cryptocurrency exchange's stock valued at $1,374,080,000 after acquiring an additional 189,080 shares during the period. Paradigm Operations LP lifted its position in Coinbase Global by 3.3% during the 4th quarter. Paradigm Operations LP now owns 4,262,458 shares of the cryptocurrency exchange's stock valued at $963,912,000 after acquiring an additional 134,425 shares during the period. Norges Bank bought a new stake in Coinbase Global during the fourth quarter worth about $656,744,000. Finally, ARK Investment Management LLC boosted its stake in Coinbase Global by 6.1% during the fourth quarter. ARK Investment Management LLC now owns 2,541,928 shares of the cryptocurrency exchange's stock worth $574,832,000 after acquiring an additional 146,388 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors.
Key Coinbase Global News
Here are the key news stories impacting Coinbase Global this week:
- Positive Sentiment: Coinbase captured a record 10.3% share of global crypto trading volume, up from 9.1% in the first quarter, despite weaker industry activity. Growth in derivatives, stablecoins, prediction markets, subscriptions and Base could make the business less dependent on spot-crypto trading. Coinbase Hits Record Market Share Despite Loss
- Positive Sentiment: Several analysts maintained Buy ratings, including Canaccord with a $300 price target and H.C. Wainwright with a $265 target, citing diversification, regulatory clarity and potential upside in a future crypto recovery. Analyst Sees Coinbase as Beneficiary of Crypto Upswing
- Positive Sentiment: A federal judge dismissed much of a customer lawsuit alleging Coinbase illegally sold unregistered securities, including claims involving matched customer transactions. The ruling reduces a significant legal overhang, though remaining claims may still create risk. Coinbase Beats Much of Customer Lawsuit
- Neutral Sentiment: CEO Brian Armstrong said Coinbase would continue operating normally if the Senate does not pass the CLARITY Act before its August recess. Passage could nevertheless provide clearer rules and support customer growth. Brian Armstrong Discusses the CLARITY Act
- Negative Sentiment: Coinbase reported a $359 million GAAP net loss, or $1.36 per share, versus an expected loss of about $122 million, while revenue fell 18.5% year over year to $1.22 billion and missed estimates. This marked the company’s third consecutive quarterly loss. Coinbase Reports Third Straight Quarterly Loss
- Negative Sentiment: Transaction revenue declined 21% to $599 million as crypto trading volumes and volatility weakened. Fading expectations for Federal Reserve rate cuts, falling bitcoin prices and outflows from spot crypto ETFs are adding pressure to the broader sector. Coinbase Shares Take Hit on Quarterly Loss
- Negative Sentiment: Brokerages including Needham, Barclays, Goldman Sachs, BTIG and Clear Street cut price targets after the earnings miss. Needham still rates the shares Buy but reduced its target to $177, signaling diminished near-term expectations. COIN Price Target Cuts
Coinbase Global Company Profile
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Get Free Report)
Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.
Coinbase's product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.
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