Coinbase Global (NASDAQ:COIN) Trading Down 4.7% After Analyst Downgrade

Coinbase Global, Inc. (NASDAQ:COIN) shares fell 4.7% on Monday after The Goldman Sachs Group lowered their price target on the stock from $397.00 to $340.00. The Goldman Sachs Group currently has a neutral rating on the stock. Coinbase Global traded as low as $240.77 and last traded at $246.55. 3,126,909 shares traded hands during trading, a decline of 55% from the average session volume of 6,981,405 shares. The stock had previously closed at $258.78.

A number of other research firms have also weighed in on COIN. Bank of America upped their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Oppenheimer raised their target price on Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a report on Monday, November 25th. Keefe, Bruyette & Woods upped their price target on Coinbase Global from $165.00 to $275.00 and gave the stock a “market perform” rating in a report on Friday, December 20th. Needham & Company LLC increased their price target on Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $285.28.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at $172,528. This represents a 99.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Friday, October 25th. The shares were sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the completion of the sale, the insider now owns 74,956 shares in the company, valued at approximately $15,739,260.88. This trade represents a 11.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 326,983 shares of company stock worth $96,198,957 in the last three months. 23.43% of the stock is owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently modified their holdings of the stock. Banco Santander S.A. raised its stake in Coinbase Global by 12.7% in the third quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock worth $26,531,000 after buying an additional 16,737 shares in the last quarter. Global Retirement Partners LLC grew its holdings in shares of Coinbase Global by 135.1% during the 3rd quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after acquiring an additional 1,540 shares during the period. CloudAlpha Capital Management Limited Hong Kong bought a new position in shares of Coinbase Global in the 3rd quarter worth approximately $29,756,000. Lindbrook Capital LLC lifted its stake in shares of Coinbase Global by 30.2% in the 3rd quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock valued at $5,347,000 after purchasing an additional 6,963 shares during the period. Finally, Sanctuary Advisors LLC bought a new stake in shares of Coinbase Global during the second quarter valued at approximately $2,908,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Stock Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $61.53 billion, a PE ratio of 41.94 and a beta of 3.59. The company has a 50 day moving average of $287.26 and a two-hundred day moving average of $229.71.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the previous year, the business earned ($0.01) earnings per share. The firm’s revenue was up 78.8% compared to the same quarter last year. As a group, equities research analysts predict that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

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.