Coinbase Global (NASDAQ:COIN) Stock Price Down 2.6% - Should You Sell?

Key Points

• Coinbase Global's stock fell by 2.6% during mid-day trading, reaching a low of $303.95, with trading volume dropping significantly to about 3.27 million shares.
• Despite the recent decline, several analysts have raised their price targets for Coinbase, with Citigroup increasing their target from $270.00 to $505.00 and Benchmark lifting theirs to $421.00.
• In a recent earnings report, Coinbase missed consensus estimates with an EPS of $0.12 compared to the expected $0.91, while revenue was also below expectations at $1.50 billion.

Coinbase Global, Inc. (NASDAQ:COIN) shares dropped 2.6% during mid-day trading on Friday . The stock traded as low as $303.95 and last traded at $302.59. Approximately 3,269,631 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 11,585,367 shares. The stock had previously closed at $310.79.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on COIN shares. Benchmark raised their price objective on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Piper Sandler restated a "neutral" rating and issued a $350.00 price target on shares of Coinbase Global in a research note on Thursday, July 31st. Citigroup increased their target price on Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Oppenheimer reissued an "outperform" rating and issued a $417.00 price objective on shares of Coinbase Global in a report on Thursday, July 31st. Finally, Argus started coverage on shares of Coinbase Global in a research note on Monday, July 14th. They set a "buy" rating and a $400.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $352.18.

Coinbase Global Stock Performance

The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The company's 50-day moving average is $331.59 and its two-hundred day moving average is $260.21. The firm has a market cap of $78.18 billion, a P/E ratio of 29.80, a PEG ratio of 26.26 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data 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). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%. The firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the company posted $0.14 earnings per share. The company's revenue for the quarter was up 3.3% on a year-over-year basis. As a group, equities analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Alesia J. Haas sold 3,000 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer directly owned 97,366 shares of the company's stock, valued at approximately $35,071,233.20. This trade represents a 2.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total value of $3,486,400.00. Following the completion of the transaction, the insider owned 82,328 shares of the company's stock, valued at approximately $28,702,833.92. This represents a 10.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,208,340 shares of company stock valued at $442,911,206. 17.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in Coinbase Global by 46.1% in the second quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange's stock valued at $1,940,805,000 after acquiring an additional 1,755,146 shares during the last quarter. Groupama Asset Managment boosted its holdings in shares of Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock worth $516,690,000 after purchasing an additional 1,500,000 shares during the period. Vanguard Group Inc. grew its position in shares of Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after buying an additional 875,359 shares during the last quarter. Nuveen LLC purchased a new position in Coinbase Global during the 1st quarter valued at $83,454,000. Finally, Amundi raised its stake in Coinbase Global by 44.1% in the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock worth $268,850,000 after buying an additional 481,786 shares in 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.

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.