Coinbase Global (NASDAQ:COIN) had its price target cut by DA Davidson from $135.00 to $90.00 in a research report released on Thursday, The Fly reports. They currently have a buy rating on the cryptocurrency exchange’s stock.
Several other research firms have also recently commented on COIN. JMP Securities cut their price target on Coinbase Global from $250.00 to $205.00 and set a market outperform rating for the company in a research note on Tuesday, July 12th. Citigroup cut their price target on Coinbase Global from $300.00 to $275.00 and set a buy rating for the company in a research note on Tuesday, March 22nd. Wedbush cut their price target on Coinbase Global from $160.00 to $100.00 in a research note on Wednesday, May 11th. Mizuho cut their price target on Coinbase Global from $45.00 to $42.00 and set a neutral rating for the company in a research note on Thursday. Finally, Cowen assumed coverage on Coinbase Global in a research note on Thursday, May 26th. They set an outperform rating for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $189.71.
Coinbase Global Price Performance
Shares of NASDAQ COIN opened at $53.79 on Thursday. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.52. Coinbase Global has a twelve month low of $40.83 and a twelve month high of $368.90. The stock has a 50 day moving average of $60.75 and a two-hundred day moving average of $139.00. The stock has a market cap of $11.81 billion, a P/E ratio of 5.73 and a beta of 3.31.
Coinbase Global (NASDAQ:COIN – Get Rating) last issued its quarterly earnings data on Tuesday, May 10th. The cryptocurrency exchange reported ($1.98) earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($2.33). Coinbase Global had a net margin of 33.63% and a return on equity of 42.39%. The firm had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the prior year, the firm posted $3.05 EPS. Coinbase Global’s quarterly revenue was down 35.2% compared to the same quarter last year. On average, research analysts forecast that Coinbase Global will post -8.46 earnings per share for the current year.
Insider Buying and Selling
In related news, Director Frederick Ernest Ehrsam III purchased 706,554 shares of the company’s stock in a transaction that occurred on Friday, May 13th. The stock was purchased at an average price of $70.77 per share, with a total value of $50,002,826.58. Following the completion of the transaction, the director now owns 706,554 shares of the company’s stock, valued at approximately $50,002,826.58. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Paul Grewal sold 1,090 shares of the company’s stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $67.26, for a total value of $73,313.40. Following the completion of the transaction, the insider now directly owns 43,220 shares in the company, valued at $2,906,977.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frederick Ernest Ehrsam III bought 706,554 shares of the firm’s stock in a transaction dated Friday, May 13th. The stock was purchased at an average price of $70.77 per share, with a total value of $50,002,826.58. Following the completion of the purchase, the director now directly owns 706,554 shares of the company’s stock, valued at approximately $50,002,826.58. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 1,121,844 shares of company stock valued at $76,837,576. Insiders own 36.10% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in COIN. West Branch Capital LLC bought a new stake in shares of Coinbase Global in the 4th quarter worth about $25,000. Kayne Anderson Rudnick Investment Management LLC bought a new stake in Coinbase Global in the fourth quarter valued at about $25,000. Wagner Wealth Management LLC bought a new stake in Coinbase Global in the fourth quarter valued at about $27,000. Cornerstone Advisory LLC bought a new stake in Coinbase Global in the fourth quarter valued at about $27,000. Finally, Kessler Investment Group LLC bought a new stake in Coinbase Global in the fourth quarter valued at about $32,000. 39.01% of the stock is currently owned by hedge funds and other institutional investors.
About Coinbase Global
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Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.
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