Coinbase Global (NASDAQ:COIN) Lowered to "Neutral" Rating by Monness Crespi & Hardt

Key Points

• Coinbase Global was downgraded from a "buy" rating to a "neutral" rating by Monness Crespi & Hardt, reflecting concerns about its current performance and market expectations.
• The company has seen a variety of differing opinions from analysts, with one calling for a price target of $470.00 while others have set targets as low as $195.00.
• Insider trading is notable, as Coinbase executives have sold substantial amounts of stock recently, including a 99.84% decrease in CEO Brian Armstrong's holdings.

Coinbase Global (NASDAQ:COIN) was downgraded by equities researchers at Monness Crespi & Hardt from a "buy" rating to a "neutral" rating in a research note issued on Monday,Finviz reports.

COIN has been the topic of several other research reports. Rosenblatt Securities lifted their target price on shares of Coinbase Global from $300.00 to $470.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Compass Point raised shares of Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 target price on the stock in a research report on Monday, May 12th. Needham & Company LLC lowered their price target on shares of Coinbase Global from $330.00 to $270.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Erste Group Bank assumed coverage on shares of Coinbase Global in a report on Wednesday, July 23rd. They issued a "buy" rating on the stock. Finally, Barclays lifted their price target on shares of Coinbase Global from $202.00 to $359.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $320.06.

Coinbase Global Price Performance

Coinbase Global stock opened at $391.66 on Monday. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $444.64. The company's 50 day moving average price is $317.61 and its two-hundred day moving average price is $255.89. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. The stock has a market cap of $99.43 billion, a P/E ratio of 73.34, a P/E/G ratio of 29.86 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The firm had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same period in the prior year, the business earned $2.53 EPS. Coinbase Global's quarterly revenue was up 24.2% compared to the same quarter last year. On average, equities analysts predict that Coinbase Global will post 7.22 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the completion of the transaction, the director directly owned 10,417 shares in the company, valued at $2,632,167.56. The trade was a 74.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian Armstrong sold 336,265 shares of the business's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction 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. This trade represents a 99.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,208,340 shares of company stock valued at $439,997,456 over the last 90 days. Company insiders own 23.43% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Cadent Capital Advisors LLC grew its position in Coinbase Global by 1.0% in the second quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange's stock worth $1,108,000 after acquiring an additional 30 shares in the last quarter. Ameriflex Group Inc. grew its position in Coinbase Global by 20.0% in the second quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange's stock worth $68,000 after acquiring an additional 30 shares in the last quarter. Hemington Wealth Management grew its position in Coinbase Global by 12.1% in the second quarter. Hemington Wealth Management now owns 352 shares of the cryptocurrency exchange's stock worth $123,000 after acquiring an additional 38 shares in the last quarter. Capital Advisors Ltd. LLC grew its position in Coinbase Global by 13.7% in the second quarter. Capital Advisors Ltd. LLC now owns 323 shares of the cryptocurrency exchange's stock worth $113,000 after acquiring an additional 39 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. grew its position in Coinbase Global by 4.2% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,015 shares of the cryptocurrency exchange's stock worth $356,000 after acquiring an additional 41 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

About Coinbase Global

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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