Coinbase Global (NASDAQ:COIN) Shares Down 1.6% - Here's Why

Key Points

• Coinbase Global shares dropped by 1.6% on Monday, trading between $305.10 and $314.65 with a significant decline in trading volume.
• Analysts have varied opinions on the stock, with price targets ranging from $260.00 to $440.00, and an average target price of $352.72.
• Coinbase's latest earnings report revealed an EPS of $0.12, missing expectations, while revenue for the quarter was reported at $1.50 billion, below the consensus estimate of $1.68 billion.

Coinbase Global, Inc. (NASDAQ:COIN) shares fell 1.6% on Monday . The stock traded as low as $305.10 and last traded at $314.65. 3,436,951 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 11,496,444 shares. The stock had previously closed at $319.85.

Analysts Set New Price Targets

Several brokerages recently weighed in on COIN. Jefferies Financial Group lifted their price objective on Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. Argus began coverage on Coinbase Global in a report on Monday, July 14th. They issued a "buy" rating and a $400.00 price objective for the company. JMP Securities lifted their price objective on Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a report on Monday, July 14th. HC Wainwright reissued a "sell" rating and issued a $300.00 price objective on shares of Coinbase Global in a report on Friday, August 1st. Finally, The Goldman Sachs Group lifted their price objective on Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a report on Monday, July 7th. Thirteen research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $352.72.

Coinbase Global Trading Down 3.3%

The stock has a market cap of $79.50 billion, a P/E ratio of 29.93 and a beta of 3.70. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The stock has a 50-day moving average price of $346.00 and a 200-day moving average price of $261.98.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The business had revenue of $1.50 billion for 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 16.02%. The business'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. On average, equities research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Transactions at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total transaction of $3,486,400.00. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at approximately $28,702,833.92. This trade represents a 10.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $326.71, for a total value of $8,167,750.00. Following the sale, the chief executive officer owned 526 shares of the company's stock, valued at approximately $171,849.46. This trade represents a 97.94% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,185,704 shares of company stock valued at $438,918,732. Corporate insiders own 23.43% of the company's stock.

Institutional Trading of Coinbase Global

A number of hedge funds have recently bought and sold shares of the company. Carter Financial Group INC. bought a new stake in Coinbase Global in the 2nd quarter worth approximately $563,000. Cim Investment Management Inc. lifted its position in Coinbase Global by 99.6% in the 2nd quarter. Cim Investment Management Inc. now owns 8,998 shares of the cryptocurrency exchange's stock worth $3,154,000 after buying an additional 4,491 shares during the last quarter. Newbridge Financial Services Group Inc. lifted its position in Coinbase Global by 101.4% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 3,083 shares of the cryptocurrency exchange's stock worth $1,081,000 after buying an additional 1,552 shares during the last quarter. Marex Group plc bought a new stake in Coinbase Global in the 2nd quarter worth approximately $5,554,000. Finally, Advisory Services Network LLC lifted its position in Coinbase Global by 48.0% in the 2nd quarter. Advisory Services Network LLC now owns 14,580 shares of the cryptocurrency exchange's stock worth $5,508,000 after buying an additional 4,728 shares during the last quarter. Institutional investors own 68.84% of the company's stock.

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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