Coinbase Global (NASDAQ:COIN) Stock Price Down 1.1% - Here's What Happened

Key Points

• Coinbase Global's stock price fell by 1.1% to $294.72, significantly below its previous closing average, with trading volume down 49% compared to its average session.
• Analyst ratings show a mixed sentiment towards Coinbase, with a consensus rating of "Hold" and a price target averaging $352.18, while JPMorgan lowered its target to $215.00.
• Coinbase reported earnings of $0.12 EPS, below the consensus estimate of $0.91 EPS, with quarterly revenue falling short at $1.50 billion against expected $1.68 billion.

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price traded down 1.1% during trading on Wednesday . The company traded as low as $293.31 and last traded at $294.72. 5,843,121 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 11,555,561 shares. The stock had previously closed at $297.99.

Analyst Ratings Changes

Several analysts have issued reports on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. JMP Securities lifted their price target on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a report on Monday, July 14th. Williams Trading set a $405.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. Piper Sandler reissued a "neutral" rating and set a $350.00 price objective on shares of Coinbase Global in a report on Thursday, July 31st. Finally, Compass Point reiterated a "sell" rating and issued a $248.00 price objective (down previously from $330.00) on shares of Coinbase Global in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $352.18.

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The firm's 50 day moving average price is $329.37 and its 200-day moving average price is $259.80. The firm has a market cap of $76.95 billion, a price-to-earnings ratio of 29.32, a P/E/G ratio of 24.46 and a beta of 3.70.

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

Insider Transactions at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 336,265 shares of the business's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the completion of the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $190,732.86. The trade was a 99.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value of $7,622,597.56. Following the completion of the transaction, the director owned 10,417 shares of the company's stock, valued at $2,632,167.56. This represents a 74.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,183,340 shares of company stock valued at $434,983,956 over the last ninety days. 23.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently made changes to their positions in COIN. Envestnet Asset Management Inc. grew its holdings in shares of Coinbase Global by 24.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock worth $8,861,000 after purchasing an additional 9,952 shares in the last quarter. Amalgamated Bank raised its position in shares of Coinbase Global by 4.8% during the first quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock worth $2,368,000 after acquiring an additional 629 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Coinbase Global by 8.1% during the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock worth $193,000 after acquiring an additional 84 shares during the last quarter. Kingswood Wealth Advisors LLC increased its holdings in Coinbase Global by 124.5% in the first quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange's stock worth $453,000 after purchasing an additional 1,454 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC increased its holdings in Coinbase Global by 87.0% in the first quarter. Wealthcare Advisory Partners LLC now owns 3,355 shares of the cryptocurrency exchange's stock worth $578,000 after purchasing an additional 1,561 shares in the last quarter. Institutional investors own 68.84% of the company's stock.

Coinbase Global Company Profile

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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