Coinbase Global (NASDAQ:COIN) Stock Price Down 4.2% - Time to Sell?

Key Points

• Coinbase Global's shares fell by 4.2% to $307.27, significantly below the previous closing price of $320.73, with a dramatic decrease in trading volume of 74% compared to its average.
• Despite the drop in stock price, analysts have mixed opinions with thirteen holding a Buy rating and others adjusting target prices both upward and downward; the consensus target price is currently $352.72.
• Coinbase reported missed earnings in its last quarterly report, with earnings per share of $0.12 well below the expected $0.91, alongside revenue of $1.50 billion compared to estimates of $1.68 billion.

Coinbase Global, Inc. (NASDAQ:COIN)'s share price fell 4.2% during mid-day trading on Tuesday . The stock traded as low as $307.97 and last traded at $307.27. 2,964,931 shares traded hands during trading, a decline of 74% from the average session volume of 11,543,510 shares. The stock had previously closed at $320.73.

Wall Street Analyst Weigh In

A number of brokerages have commented on COIN. Barclays boosted their price objective on shares of Coinbase Global from $352.00 to $365.00 and gave the stock an "equal weight" rating in a report on Friday, August 15th. China Renaissance assumed coverage on Coinbase Global in a research note on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price target on the stock. Monness Crespi & Hardt lowered Coinbase Global from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. Benchmark lifted their price objective on Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $417.00 target price on shares of Coinbase Global in a research report on Thursday, July 31st. Thirteen investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $352.72.

Coinbase Global Stock Performance

The company has a 50-day moving average of $346.00 and a 200-day moving average of $262.13. The firm has a market capitalization of $82.18 billion, a price-to-earnings ratio of 30.93 and a beta of 3.70. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The business's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.14 EPS. On average, equities research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 336,265 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $190,732.86. This represents a 99.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 1,185,704 shares of company stock worth $438,918,732. Insiders own 17.65% of the company's stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Carter Financial Group INC. acquired a new position in Coinbase Global during the second quarter worth about $563,000. Cim Investment Management Inc. raised its holdings in shares of Coinbase Global by 99.6% during the second quarter. Cim Investment Management Inc. now owns 8,998 shares of the cryptocurrency exchange's stock valued at $3,154,000 after acquiring an additional 4,491 shares during the period. Newbridge Financial Services Group Inc. boosted its stake 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 purchasing an additional 1,552 shares during the period. Marex Group plc purchased a new position in Coinbase Global during the 2nd quarter worth approximately $5,554,000. Finally, Advisory Services Network LLC raised its stake in Coinbase Global by 48.0% during the 2nd quarter. Advisory Services Network LLC now owns 14,580 shares of the cryptocurrency exchange's stock valued at $5,508,000 after purchasing an additional 4,728 shares during the period. 68.84% of the stock is owned by 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.