Keefe, Bruyette & Woods Issues Pessimistic Forecast for Coinbase Global (NASDAQ:COIN) Stock Price

Key Points

• Keefe, Bruyette & Woods has lowered its target price for Coinbase Global from $355 to $335, maintaining a "market perform" rating.
• Despite varying analyst opinions, the consensus target price for Coinbase is $352.18, with two analysts rating the stock as a sell and 13 giving it a buy rating.
• Coinbase reported an earnings miss in their last quarterly results, with an EPS of $0.12 against expectations of $0.91, and revenue of $1.50 billion, falling short of the $1.68 billion forecast.

Coinbase Global (NASDAQ:COIN) had its target price lowered by stock analysts at Keefe, Bruyette & Woods from $355.00 to $335.00 in a research report issued on Monday,Benzinga reports. The firm presently has a "market perform" rating on the cryptocurrency exchange's stock. Keefe, Bruyette & Woods' target price would suggest a potential upside of 4.92% from the company's current price.

COIN has been the subject of a number of other research reports. Williams Trading set a $405.00 price target on Coinbase Global in a research report on Thursday. Barclays dropped their target price on Coinbase Global from $359.00 to $352.00 and set an "equal weight" rating on the stock in a report on Friday. Argus started coverage on Coinbase Global in a research note on Monday, July 14th. They issued a "buy" rating and a $400.00 price target for the company. Jefferies Financial Group upped their price target on Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a research report on Tuesday, July 29th. Finally, HC Wainwright reaffirmed a "sell" rating and issued a $300.00 price objective on shares of Coinbase Global in a research note on Friday. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $352.18.

Coinbase Global Price Performance

Coinbase Global stock traded up $4.60 during midday trading on Monday, reaching $319.29. The company's stock had a trading volume of 8,518,972 shares, compared to its average volume of 11,536,581. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $444.64. 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 business has a 50-day moving average price of $327.63 and a 200-day moving average price of $259.38. The stock has a market cap of $81.06 billion, a PE ratio of 30.88, a price-to-earnings-growth ratio of 21.92 and a beta of 3.70.

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 return on equity of 16.02% and a net margin of 40.87%. The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the firm earned $0.14 earnings per share. Coinbase Global's revenue was up 3.3% compared to the same quarter last year. On average, sell-side analysts predict that Coinbase Global will post 7.22 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 3,000 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $360.20, for a total transaction of $1,080,600.00. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on 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 sale, the insider directly owned 82,328 shares of the company's stock, valued at $28,702,833.92. The trade was a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,183,340 shares of company stock valued at $434,983,956 in the last ninety days. Insiders own 23.43% of the company's stock.

Hedge Funds Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cullen Frost Bankers Inc. acquired a new position in Coinbase Global during the second quarter worth $30,000. City State Bank acquired a new position in Coinbase Global during the second quarter worth $33,000. Mascagni Wealth Management Inc. acquired a new position in Coinbase Global during the fourth quarter worth $25,000. Copia Wealth Management acquired a new position in Coinbase Global during the fourth quarter worth $26,000. Finally, Mpwm Advisory Solutions LLC purchased a new position in Coinbase Global during the fourth quarter worth $35,000. 68.84% of the stock is owned by institutional investors and hedge funds.

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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