Coinbase Global (NASDAQ:COIN) had its target price reduced by Citigroup from $400.00 to $235.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the cryptocurrency exchange's stock. Citigroup's target price indicates a potential upside of 44.89% from the company's previous close.
A number of other equities analysts have also recently issued reports on the stock. Needham & Company LLC restated a "buy" rating and issued a $220.00 price objective on shares of Coinbase Global in a research note on Wednesday, June 17th. Citizens Jmp lowered their target price on shares of Coinbase Global from $355.00 to $325.00 and set a "market outperform" rating on the stock in a research note on Thursday, July 9th. Benchmark reissued a "buy" rating on shares of Coinbase Global in a research report on Wednesday. Bank of America cut their price target on shares of Coinbase Global from $288.00 to $234.00 in a research note on Thursday, April 2nd. Finally, The Goldman Sachs Group upped their price objective on Coinbase Global from $226.00 to $228.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Eighteen research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $239.14.
Check Out Our Latest Analysis on COIN
Coinbase Global Stock Down 2.4%
Shares of COIN stock traded down $3.92 on Thursday, hitting $162.19. The company's stock had a trading volume of 3,575,059 shares, compared to its average volume of 10,510,869. The stock has a market capitalization of $42.73 billion, a price-to-earnings ratio of 60.78, a P/E/G ratio of 11.34 and a beta of 3.35. Coinbase Global has a fifty-two week low of $139.18 and a fifty-two week high of $405.31. The firm's fifty day moving average price is $167.94 and its 200-day moving average price is $185.46. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.14 and a quick ratio of 2.14.
Coinbase Global (NASDAQ:COIN - Get Free Report) last released 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 net margin of 12.20% and a return on equity of 4.16%. The firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the prior year, the business earned $0.24 EPS. The company's revenue for the quarter was down 30.5% compared to the same quarter last year. Research analysts anticipate that Coinbase Global will post 1.41 EPS for the current year.
Insider Buying and Selling
In other Coinbase Global news, insider Paul Grewal sold 1,960 shares of the firm's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total transaction of $346,684.80. Following the transaction, the insider owned 84,753 shares in the company, valued at approximately $14,991,110.64. This trade represents a 2.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer N. Jones sold 2,051 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $158.15, for a total transaction of $324,365.65. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 30,627 shares of company stock worth $5,327,841. Company insiders own 16.66% of the company's stock.
Institutional Investors Weigh In On Coinbase Global
Several institutional investors have recently bought and sold shares of COIN. Norges Bank purchased a new stake in Coinbase Global in the 4th quarter worth approximately $656,744,000. Capital World Investors grew its position in shares of Coinbase Global by 847.2% during the 4th quarter. Capital World Investors now owns 1,536,534 shares of the cryptocurrency exchange's stock valued at $347,472,000 after purchasing an additional 1,374,318 shares in the last quarter. Ruffer LLP bought a new position in shares of Coinbase Global in the fourth quarter worth $166,515,000. Southpoint Capital Advisors LP bought a new position in shares of Coinbase Global in the first quarter worth $104,766,000. Finally, Janus Henderson Group PLC raised its position in shares of Coinbase Global by 2,597.8% in the fourth quarter. Janus Henderson Group PLC now owns 549,304 shares of the cryptocurrency exchange's stock worth $124,221,000 after buying an additional 528,943 shares in the last quarter. Institutional investors own 68.84% of the company's stock.
Key Coinbase Global News
Here are the key news stories impacting Coinbase Global this week:
- Positive Sentiment: Momentum around the U.S. CLARITY Act remains a major tailwind. Coinbase CEO Brian Armstrong said the bill is ready for a full Senate vote, and crypto advocates are pushing hard for passage, which could be bullish because it would create clearer rules for the industry and potentially benefit Coinbase’s core trading business. Article Title
- Positive Sentiment: Coinbase is also expanding internationally, including a new Singapore office and plans to grow headcount there, while reports say it is targeting Canada for tokenized equities and other products. That suggests management is still investing in long-term growth beyond U.S. crypto trading. Article Title
- Positive Sentiment: The company disclosed work on a post-quantum Bitcoin custody system, which could reinforce Coinbase’s reputation as a secure institutional crypto infrastructure provider. Article Title
- Neutral Sentiment: Coinbase settled its FOIA lawsuit with the SEC for $150,000, ending a symbolic dispute over missing records. The win is politically favorable, but the dollar amount is too small to matter financially. Article Title
- Neutral Sentiment: Analysts and preview pieces note that Coinbase reports earnings next week and expectations call for growth, but some coverage says the setup does not strongly favor an earnings beat. That keeps investors cautious ahead of the report. Article Title
- Negative Sentiment: Some of the recent rally has cooled as investors worry that the CLARITY Act could still face ethics-related political hurdles, and one article notes Coinbase shares fell sharply after a big jump the prior day. Article Title
- Negative Sentiment: Coverage also points to a recent outage caused by a configuration error, which disrupted transfers and card purchases for about 50 minutes. Even though the issue was fixed, outages can raise concerns about platform reliability. Article Title
About Coinbase Global
(
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.
Further Reading
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