Rosenblatt Securities Issues Pessimistic Forecast for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its target price cut by Rosenblatt Securities from $290.00 to $260.00 in a research note released on Friday,Benzinga reports. They currently have a buy rating on the cryptocurrency exchange's stock.

Several other brokerages also recently commented on COIN. Sanford C. Bernstein raised shares of Coinbase Global to a "strong-buy" rating in a research note on Tuesday, March 18th. Bank of America lowered their target price on Coinbase Global from $363.00 to $311.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. Cantor Fitzgerald began coverage on Coinbase Global in a report on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 target price for the company. Mizuho reduced their target price on shares of Coinbase Global from $280.00 to $217.00 and set a "neutral" rating for the company in a research note on Tuesday, March 11th. Finally, JMP Securities reduced their price objective on shares of Coinbase Global from $475.00 to $400.00 and set a "market outperform" rating for the company in a research note on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Coinbase Global has a consensus rating of "Moderate Buy" and an average price target of $285.95.

Coinbase Global Trading Down 2.7 %

COIN traded down $5.53 during trading on Friday, hitting $199.40. The company's stock had a trading volume of 5,098,599 shares, compared to its average volume of 9,595,845. The stock has a market cap of $50.62 billion, a PE ratio of 20.99 and a beta of 3.62. The firm's 50 day moving average price is $188.51 and its 200-day moving average price is $243.68. Coinbase Global has a twelve month low of $142.58 and a twelve month high of $349.75. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. On average, analysts expect that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Paul Grewal sold 10,978 shares of Coinbase Global stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total value of $2,326,567.54. Following the completion of the transaction, the insider now owns 83,313 shares of the company's stock, valued at $17,656,524.09. The trade was a 11.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alesia J. Haas sold 7,575 shares of Coinbase Global stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the sale, the chief financial officer now directly owns 114,866 shares of the company's stock, valued at approximately $22,973,200. This trade represents a 6.19 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 143,970 shares of company stock worth $31,897,865. Insiders own 23.43% of the company's stock.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds have recently modified their holdings of COIN. Mascagni Wealth Management Inc. acquired a new stake in Coinbase Global during the 4th quarter valued at approximately $25,000. Copia Wealth Management acquired a new position in Coinbase Global in the fourth quarter valued at about $26,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Coinbase Global in the 4th quarter valued at $27,000. Atala Financial Inc acquired a new stake in shares of Coinbase Global in the fourth quarter valued at $27,000. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in Coinbase Global by 365.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange's stock worth $34,000 after acquiring an additional 106 shares in the last quarter. Hedge funds and other 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.