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Coinbase Global (NASDAQ:COIN) Releases Quarterly Earnings Results, Misses Expectations By $0.79 EPS

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Key Points

  • Coinbase Global reported a quarterly earnings per share (EPS) of $0.12, significantly missing the consensus estimate of $0.91 by $0.79.
  • The company generated $1.50 billion in revenue for the quarter, falling short of the expected $1.68 billion, but showed a 3.3% increase compared to the same quarter last year.
  • Insider trading activity included CEO Brian Armstrong selling 198,300 shares for approximately $78.9 million, reducing his stake by 99.74%.
  • MarketBeat previews the top five stocks to own by September 1st.

Coinbase Global, Inc. (NASDAQ:COIN) released its quarterly earnings data on Thursday. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79), Zacks reports. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.95%. The business's revenue was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.14 EPS.

Coinbase Global Price Performance

NASDAQ COIN traded down $63.07 during mid-day trading on Friday, hitting $314.69. The stock had a trading volume of 31,265,570 shares, compared to its average volume of 12,904,831. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The stock has a market capitalization of $79.89 billion, a price-to-earnings ratio of 30.43, a PEG ratio of 26.32 and a beta of 3.70. The firm's 50 day moving average is $327.63 and its 200 day moving average is $259.64. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52.

Analysts Set New Price Targets

Several analysts have recently issued reports on COIN shares. Cantor Fitzgerald began coverage on shares of Coinbase Global in a research note on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 target price for the company. Sanford C. Bernstein increased their target price on shares of Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Argus assumed coverage on shares of Coinbase Global in a research report on Monday, July 14th. They issued a "buy" rating and a $400.00 price objective for the company. Canaccord Genuity Group reiterated a "buy" rating and set a $400.00 target price on shares of Coinbase Global in a research report on Friday. Finally, Benchmark lifted their target price on shares of Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $344.55.

Get Our Latest Stock Analysis on Coinbase Global

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 198,300 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $209,279.62. This trade represents a 99.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alesia J. Haas sold 3,000 shares of the firm's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $360.20, for a total value of $1,080,600.00. Following the transaction, the chief financial officer owned 97,366 shares of the company's stock, valued at $35,071,233.20. This trade represents a 2.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,208,340 shares of company stock valued at $439,997,456 in the last three months. 17.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Institutional investors have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC increased its position in Coinbase Global by 24.2% during the first quarter. Integrated Wealth Concepts LLC now owns 2,119 shares of the cryptocurrency exchange's stock worth $365,000 after buying an additional 413 shares during the period. Empowered Funds LLC increased its position in Coinbase Global by 25.8% during the first quarter. Empowered Funds LLC now owns 8,581 shares of the cryptocurrency exchange's stock worth $1,478,000 after buying an additional 1,761 shares during the period. Finally, Focus Partners Wealth increased its position in Coinbase Global by 9.9% during the first quarter. Focus Partners Wealth now owns 5,202 shares of the cryptocurrency exchange's stock worth $896,000 after buying an additional 467 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Company Profile

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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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Earnings History for Coinbase Global (NASDAQ:COIN)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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