Coinbase Global (NASDAQ:COIN) Given New $203.00 Price Target at B. Riley Financial

Key Points

• B. Riley Financial cut its price target on Coinbase Global from $243 to $203 while keeping a neutral rating, implying modest upside from the current share price.
• Analyst sentiment remains mixed overall: MarketBeat shows 19 Buy, 11 Hold, and 3 Sell ratings, with a consensus target price of $250.81.
• Coinbase recently reported a wider-than-expected quarterly loss, posting EPS of ($1.49) versus estimates of $0.06 and revenue of $1.41 billion, which was below forecasts and down 30.5% from a year earlier.

Coinbase Global (NASDAQ:COIN) had its price target dropped by equities researchers at B. Riley Financial from $243.00 to $203.00 in a research note issued on Monday,MarketScreener reports. The brokerage presently has a "neutral" rating on the cryptocurrency exchange's stock. B. Riley Financial's target price suggests a potential upside of 13.61% from the company's current price.

Several other brokerages also recently weighed in on COIN. President Capital increased their price target on shares of Coinbase Global from $236.00 to $264.00 and gave the stock a "buy" rating in a report on Tuesday, May 12th. Barclays decreased their price objective on shares of Coinbase Global from $140.00 to $107.00 and set an "underweight" rating for the company in a research note on Friday, May 8th. Bank of America cut their price objective on shares of Coinbase Global from $288.00 to $234.00 in a research note on Thursday, April 2nd. Sanford C. Bernstein decreased their target price on shares of Coinbase Global from $440.00 to $330.00 and set an "outperform" rating for the company in a research report on Monday, March 30th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Coinbase Global from $206.00 to $205.00 and set a "buy" rating on the stock in a report on Friday, May 8th. Nineteen analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, Coinbase Global has an average rating of "Hold" and a consensus price target of $250.81.

Coinbase Global Stock Performance

Shares of NASDAQ COIN traded down $10.34 during mid-day trading on Monday, hitting $178.69. The stock had a trading volume of 2,759,950 shares, compared to its average volume of 11,333,151. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.14 and a current ratio of 2.14. The company has a 50 day moving average of $188.59 and a two-hundred day moving average of $211.43. Coinbase Global has a twelve month low of $139.36 and a twelve month high of $444.64. The firm has a market cap of $47.08 billion, a PE ratio of 66.93, a PEG ratio of 6.67 and a beta of 3.32.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the firm posted $0.24 EPS. The business's revenue was down 30.5% compared to the same quarter last year. Research analysts predict that Coinbase Global will post 1.74 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Alesia J. Haas sold 10,020 shares of Coinbase Global stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $200.00, for a total value of $2,004,000.00. Following the completion of the transaction, the chief financial officer owned 397,171 shares in the company, valued at $79,434,200. The trade was a 2.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 1,960 shares of the company's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total value of $346,684.80. Following the completion of the transaction, the insider directly owned 84,753 shares of the company's stock, valued at $14,991,110.64. The trade was a 2.26% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 38,566 shares of company stock worth $7,611,095. Company insiders own 16.66% of the company's stock.

Institutional Trading of Coinbase Global

A number of institutional investors and hedge funds have recently made changes to their positions in the business. REAP Financial Group LLC acquired a new stake in Coinbase Global in the 3rd quarter valued at $25,000. MV Capital Management Inc. acquired a new stake in shares of Coinbase Global in the fourth quarter valued at about $27,000. Palisade Asset Management LLC acquired a new stake in shares of Coinbase Global in the third quarter valued at about $29,000. Osbon Capital Management LLC purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $30,000. Finally, Glen Eagle Advisors LLC increased its stake in shares of Coinbase Global by 101.1% during the first quarter. Glen Eagle Advisors LLC now owns 175 shares of the cryptocurrency exchange's stock worth $31,000 after purchasing an additional 88 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Coinbase Global

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Coinbase expanded its India presence by enabling direct INR deposits and withdrawals through IMPS, giving retail users faster bank-to-crypto transfers and access to spot, futures, and advanced trading tools. Coinbase launches rupee bank rails in India after FIU nod
• Positive Sentiment: The company’s re-entry into India after FIU registration could broaden Coinbase’s addressable market in one of the world’s fastest-growing crypto regions. Coinbase Gives Indian Traders Direct INR Access to Crypto Markets
• Neutral Sentiment: Additional reports repeated the India expansion news, reinforcing the same strategic theme rather than adding new catalyst value. Coinbase launches direct INR bank transfers for crypto users in India
• Negative Sentiment: COIN is falling along with other crypto-related stocks after the Bitcoin-linked selloff hit risk appetite across the sector. Strategy Slides 6%, Coinbase Drops 5% as Saylor's First Bitcoin Sale in Nearly 4 Years Triggers Crypto Selloff

Coinbase Global Company Profile

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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