Coinbase Global, Inc. (NASDAQ:COIN) shares dropped 1.3% during mid-day trading on Thursday . The stock traded as low as $316.80 and last traded at $322.86. Approximately 4,093,665 shares were traded during trading, a decline of 65% from the average daily volume of 11,609,332 shares. The stock had previously closed at $327.01.
Analyst Ratings Changes
COIN has been the topic of several research reports. Needham & Company LLC increased their price target on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Benchmark raised their target price on shares of Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a report on Monday, June 23rd. William Blair started coverage on shares of Coinbase Global in a report on Wednesday, June 11th. They issued an "outperform" rating on the stock. Keefe, Bruyette & Woods reduced their target price on shares of Coinbase Global from $355.00 to $335.00 and set a "market perform" rating on the stock in a report on Monday, August 4th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $470.00 target price on shares of Coinbase Global in a report on Friday, August 1st. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $352.18.
Get Our Latest Stock Report on Coinbase Global
Coinbase Global Stock Down 2.5%
The firm's 50 day moving average is $337.03 and its two-hundred day moving average is $260.87. The stock has a market cap of $81.94 billion, a price-to-earnings ratio of 30.82 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 posted 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). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the company earned $0.14 EPS. The company's revenue was up 3.3% compared to the same quarter last year. On average, sell-side analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.
Insider Activity at Coinbase Global
In related news, CEO Brian Armstrong sold 336,265 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer owned 526 shares of the company's stock, 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 can be accessed through the SEC website. Over the last three months, insiders have sold 1,160,704 shares of company stock worth $430,750,982. Corporate insiders own 17.65% of the company's stock.
Institutional Trading of Coinbase Global
Institutional investors and hedge funds have recently bought and sold shares of the business. Evelyn Partners Investment Management Europe Ltd boosted its holdings in Coinbase Global by 92.3% in the 2nd quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange's stock worth $29,000 after acquiring an additional 36 shares during the period. Cullen Frost Bankers Inc. purchased a new position in shares of Coinbase Global during the 2nd quarter valued at approximately $30,000. City State Bank purchased a new position in shares of Coinbase Global during the 2nd quarter valued at approximately $33,000. Financial Gravity Companies Inc. purchased a new position in shares of Coinbase Global during the 2nd quarter valued at approximately $34,000. Finally, Mascagni Wealth Management Inc. purchased a new position in shares of Coinbase Global during the 4th quarter valued at approximately $25,000. Institutional investors and hedge funds own 68.84% of the company's stock.
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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