Coinbase Global (NASDAQ:COIN) Price Target Cut to $99.00 by Analysts at Barclays

Key Points

• Barclays cut Coinbase’s price target from $107 to $99 and kept an underweight rating on the stock, implying roughly 37% downside from the prior close.
• Despite the bearish call, analyst sentiment is mixed overall: Goldman Sachs and Benchmark remain bullish, while the broader consensus on Coinbase is currently “Hold” with an average target price of $252.72.
• Coinbase recently reported a earnings miss, posting a loss of $1.49 per share versus expectations for a small profit, while revenue also came in below estimates and fell 30.5% year over year.

Coinbase Global (NASDAQ:COIN) had its target price cut by Barclays from $107.00 to $99.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "underweight" rating on the cryptocurrency exchange's stock. Barclays's price objective indicates a potential downside of 36.98% from the stock's previous close.

COIN has been the subject of a number of other reports. The Goldman Sachs Group boosted their price objective on shares of Coinbase Global from $226.00 to $228.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Robert W. Baird cut their price objective on Coinbase Global from $160.00 to $142.00 and set a "neutral" rating for the company in a research report on Friday, June 5th. Zacks Research raised Coinbase Global from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 14th. Benchmark reissued a "buy" rating and issued a $270.00 price objective on shares of Coinbase Global in a research report on Wednesday, June 17th. Finally, Citigroup restated a "market outperform" rating on shares of Coinbase Global in a research note on Thursday. Eighteen investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $252.72.

Coinbase Global Stock Down 1.4%

Shares of Coinbase Global stock opened at $157.09 on Thursday. The stock has a market capitalization of $41.39 billion, a price-to-earnings ratio of 58.94, a PEG ratio of 5.77 and a beta of 3.35. Coinbase Global has a twelve month low of $139.18 and a twelve month high of $444.64. 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 business's 50 day simple moving average is $175.05 and its 200-day simple moving average is $190.72.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($1.55). The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.49 billion. Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.Coinbase Global's quarterly revenue was down 30.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.24 earnings per share. Equities research analysts forecast that Coinbase Global will post 1.74 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In related news, Director Frederick R. Wilson sold 10,000 shares of the firm's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $159.09, for a total value of $1,590,900.00. Following the transaction, the director owned 20,000 shares in the company, valued at $3,181,800. This trade represents a 33.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alesia J. Haas sold 10,020 shares of the business's stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $200.00, for a total value of $2,004,000.00. Following the sale, the chief financial officer directly owned 377,201 shares of the company's stock, valued at $75,440,200. This represents a 2.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 40,647 shares of company stock valued at $7,331,841 over the last ninety days. Company insiders own 16.66% of the company's stock.

Hedge Funds Weigh In On Coinbase Global

Several large investors have recently bought and sold shares of COIN. Palisade Asset Management LLC acquired a new position in shares of Coinbase Global in the 3rd quarter valued at $29,000. MV Capital Management Inc. bought a new position in shares of Coinbase Global during the fourth quarter worth approximately $27,000. Osbon Capital Management LLC acquired a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $30,000. JPL Wealth Management LLC acquired a new stake in shares of Coinbase Global in the third quarter valued at approximately $49,000. Finally, Brooklands Fund Management Ltd bought a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $34,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Key Coinbase Global News

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

• Positive Sentiment: Coinbase received U.K. authorization to provide investment services, allowing it to offer equities and derivatives in addition to crypto in one platform. Investors may view this as a meaningful international growth catalyst and a sign Coinbase is broadening beyond transaction-heavy crypto trading. Coinbase restores prediction markets trading after technical issue
• Positive Sentiment: Coinbase also added new trading features, including margin support for Filecoin and spot trading for Wormhole, which suggests continued product expansion and more ways to drive engagement and fee revenue. Coinbase Filecoin Margin Trading Adds Leverage To The Storage Token Trade
• Positive Sentiment: Analyst commentary ahead of Coinbase’s quarterly report pointed to expectations for strong bottom-line growth, keeping attention on potential earnings upside if trading volumes improve. Coinbase Global Earnings Preview: What to Expect
• Neutral Sentiment: Coinbase restored prediction markets trading after a technical issue briefly prevented users from placing trades. The fix limits lasting damage, but the outage may remind investors that platform reliability remains important as Coinbase expands into more products. Coinbase restores prediction markets trading after technical issue
• Neutral Sentiment: Broader crypto sentiment has been weak, with bitcoin and other major tokens falling on geopolitical tensions. That can weigh on Coinbase because its trading revenue is closely tied to crypto market activity. Bitcoin, Ethereum, XRP, Dogecoin Slide as Trump Warns Iran Strikes Could Get 'Much Worse'
• Neutral Sentiment: Coinbase-backed Base is gaining traction, with strong DEX volume and a new token standard for stablecoins and tokenized assets. This supports the long-term ecosystem story, but it is still early-stage for earnings impact. Base to activate B20 standard for stablecoins, RWAs and other tokens

About Coinbase Global

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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