Coinbase Global, Inc. (NASDAQ:COIN) fell 15.5% on Friday following a weaker than expected earnings announcement. The company traded as low as $314.88 and last traded at $319.35. 14,393,652 shares changed hands during trading, an increase of 26% from the average session volume of 11,436,733 shares. The stock had previously closed at $377.76.
The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a return on equity of 16.95% and a net margin of 40.87%. The business's quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.14 EPS.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on COIN. Piper Sandler reaffirmed a "neutral" rating and set a $350.00 target price on shares of Coinbase Global in a research note on Thursday. Erste Group Bank initiated coverage on shares of Coinbase Global in a research note on Wednesday, July 23rd. They issued a "buy" rating on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a research note on Friday, May 9th. The Goldman Sachs Group boosted their price objective on shares of Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a research note on Monday, July 7th. Finally, Benchmark boosted their price objective on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global currently has a consensus rating of "Hold" and an average price target of $344.55.
Check Out Our Latest Stock Report on COIN
Insider Activity
In other news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the transaction, the director owned 10,417 shares in the company, valued at approximately $2,632,167.56. This represents a 74.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $121,933,051.65. Following the transaction, the chief executive officer owned 526 shares in the company, valued at $190,732.86. This represents a 99.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,208,340 shares of company stock worth $439,997,456 in the last quarter. Company insiders own 17.65% of the company's stock.
Hedge Funds Weigh In On Coinbase Global
Institutional investors have recently made changes to their positions in the stock. Mascagni Wealth Management Inc. acquired a new stake in shares of Coinbase Global in the 4th quarter worth about $25,000. Copia Wealth Management acquired a new stake in shares of Coinbase Global in the 4th quarter worth about $26,000. Bessemer Group Inc. raised its holdings in shares of Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after acquiring an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. acquired a new stake in shares of Coinbase Global in the 1st quarter worth about $30,000. Finally, Cullen Frost Bankers Inc. acquired a new stake in shares of Coinbase Global in the 2nd quarter worth about $30,000. Institutional investors and hedge funds own 68.84% of the company's stock.
Coinbase Global Stock Down 16.7%
The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52. The company has a market cap of $79.89 billion, a price-to-earnings ratio of 30.43, a price-to-earnings-growth ratio of 26.32 and a beta of 3.70. The stock's fifty day moving average is $327.63 and its two-hundred day moving average is $259.64.
About Coinbase Global
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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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