Coinbase Global (NASDAQ:COIN) Trading Down 1.6% - Here's Why

Key Points

• Coinbase Global's stock fell 1.6%, trading at $303.57, well below the previous close of $308.47, with trading volume down 80% from the average.
• Analyst ratings vary significantly, with 13 analysts recommending a Buy, while others have issued Sell ratings, impacting the stock's current consensus rating of "Hold" and average target price of $352.72.
• In its last earnings report, Coinbase missed expectations with earnings per share of $0.12 against a consensus of $0.91, alongside revenue of $1.50 billion, falling short of the $1.68 billion expectation.

Coinbase Global, Inc. (NASDAQ:COIN) fell 1.6% on Friday . The company traded as low as $301.80 and last traded at $303.57. 2,319,670 shares were traded during mid-day trading, a decline of 80% from the average session volume of 11,382,549 shares. The stock had previously closed at $308.47.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on COIN. Compass Point restated a "sell" rating and issued a $248.00 target price (down from $330.00) on shares of Coinbase Global in a research note on Monday, August 4th. Monness Crespi & Hardt lowered Coinbase Global from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. Needham & Company LLC upped their target price on Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Jefferies Financial Group upped their target price on Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a research note on Tuesday, July 29th. Finally, Barclays upped their target price on Coinbase Global from $352.00 to $365.00 and gave the stock an "equal weight" rating in a research note on Friday, August 15th. Thirteen analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $352.72.

Coinbase Global Trading Down 0.8%

The firm has a 50-day moving average of $348.51 and a 200-day moving average of $263.03. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The firm has a market capitalization of $78.64 billion, a P/E ratio of 29.63 and a beta of 3.70.

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

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 336,265 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 526 shares in the company, valued at $190,732.86. This trade represents a 99.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders sold 1,195,871 shares of company stock worth $442,626,576. 17.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Institutional investors and hedge funds have recently bought and sold shares of the business. Envestnet Asset Management Inc. lifted its holdings in Coinbase Global by 24.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock worth $8,861,000 after buying an additional 9,952 shares during the period. Amalgamated Bank lifted its holdings in Coinbase Global by 4.8% in the 1st quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock worth $2,368,000 after buying an additional 629 shares during the period. GAMMA Investing LLC lifted its holdings in Coinbase Global by 8.1% in the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock worth $193,000 after buying an additional 84 shares during the period. Kingswood Wealth Advisors LLC lifted its holdings in Coinbase Global by 124.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange's stock worth $453,000 after buying an additional 1,454 shares during the period. Finally, Wealthcare Advisory Partners LLC lifted its holdings in Coinbase Global by 87.0% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 3,355 shares of the cryptocurrency exchange's stock worth $578,000 after buying an additional 1,561 shares during the period. Hedge funds and other 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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