Coinbase Global (NASDAQ:COIN) Given "Sell" Rating at Compass Point

Key Points

• Coinbase Global received a "sell" rating from Compass Point analysts, with a revised price target of $248.00, indicating a potential downside of 21.19% from its current price.
• Other analysts have varied opinions, with Jefferies upgrading Coinbase to a "hold" rating and setting a price target of $405.00, while Canaccord Genuity maintains a "buy" rating" with a target of $400.00.
• CEO Brian Armstrong significantly reduced his holdings by selling over 336,000 shares, representing a 99.84% decrease in his position, suggesting potential insider concerns about the company's future performance.

Coinbase Global (NASDAQ:COIN)'s stock had its "sell" rating reiterated by stock analysts at Compass Point in a research note issued on Monday, MarketBeat reports. They presently have a $248.00 price objective on the cryptocurrency exchange's stock, down from their previous price objective of $330.00. Compass Point's price target points to a potential downside of 21.19% from the stock's current price.

Other equities research analysts have also issued research reports about the stock. Jefferies Financial Group raised their target price on shares of Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. Wall Street Zen upgraded shares of Coinbase Global from a "sell" rating to a "hold" rating in a report on Saturday. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $400.00 price target on shares of Coinbase Global in a research note on Friday. Rosenblatt Securities reaffirmed a "buy" rating and issued a $470.00 price target on shares of Coinbase Global in a research note on Friday. Finally, William Blair initiated coverage on shares of Coinbase Global in a research note on Wednesday, June 11th. They issued an "outperform" rating on the stock. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $346.76.

Coinbase Global Price Performance

Coinbase Global stock opened at $314.69 on Monday. The firm has a 50-day moving average price of $327.63 and a 200-day moving average price of $259.38. The firm has a market capitalization of $79.89 billion, a PE ratio of 30.43, a price-to-earnings-growth ratio of 21.92 and a beta of 3.70. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. Coinbase Global has a 12-month low of $142.58 and a 12-month high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.79). The firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%. Coinbase Global's revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.14 EPS. As a group, equities research analysts forecast that Coinbase Global will post 7.22 EPS for the current year.

Insider Buying and Selling

In other news, CEO Brian Armstrong sold 336,265 shares of Coinbase Global stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the transaction, the chief executive officer owned 526 shares of the company's stock, valued at $190,732.86. The trade was a 99.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of Coinbase Global stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the completion of the sale, the director owned 10,417 shares of the company's stock, valued at $2,632,167.56. This trade represents a 74.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,183,340 shares of company stock worth $434,983,956. Insiders own 23.43% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in COIN. Cullen Frost Bankers Inc. acquired a new stake in Coinbase Global during the 2nd quarter valued at approximately $30,000. City State Bank acquired a new stake in Coinbase Global during the 2nd quarter valued at approximately $33,000. Mascagni Wealth Management Inc. acquired a new stake in Coinbase Global during the 4th quarter valued at approximately $25,000. Copia Wealth Management acquired a new stake in Coinbase Global during the 4th quarter valued at approximately $26,000. Finally, Mpwm Advisory Solutions LLC acquired a new stake in Coinbase Global during the 4th quarter valued at approximately $35,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.

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