Coinbase Global (NASDAQ: COIN) Trading Down 7.5% After Analyst Downgrade


Coinbase Global, Inc. (NASDAQ: COIN) shares were down 7.5% on Wednesday after BTIG Research lowered their price target on the stock from $ 380.00 to $ 290.00. BTIG Research currently has a buy rating on the stock. Coinbase Global traded as low as $ 51.68 and last traded at $ 53.18. Approximately 376,836 shares were traded during trading, a decline of 97% from the average daily volume of 11,805,190 shares. The stock had closed yesterday at $ 57.49.

A number of other equities research analysts have also recently weighed in on COIN. JPMorgan Chase & Co. Cut shares of Coinbase Global from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $ 171.00 to $ 68.00 in a research report on Tuesday, June 14th. The Goldman Sachs Group dropped their price target on shares of Coinbase Global from $ 80.00 to $ 70.00 and set a “neutral” rating for the company in a research report on Wednesday, June 15th. Cowen began coverage on shares of Coinbase Global in a research report on Thursday, May 26th. They set an “outperform” rating and a $ 85.00 price target for the company. Mizuho dropped their price target on shares of Coinbase Global from $ 60.00 to $ 45.00 and set a “neutral” rating for the company in a research report on Wednesday, June 15th. Finally, Compass Point dropped their price objective on shares of Coinbase Global from $ 325.00 to $ 200.00 and set a “neutral” rating for the company in a report on Monday, February 28th. Five equities research analysts have rated the stock with a hold rating and eighteen have been issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $ 203.65.

In related news, Director Frederick Ernest Ehrsam III acquired 706,554 shares of Coinbase Global stock in a transaction dated Friday, May 13th. The stock was acquired at an average price of $ 70.77 per share, for a total transaction of $ 50,002,826.58. Following the transaction, the director now owns 706,554 shares of the company’s stock, valued at $ 50,002,826.58. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 1,090 shares of the business’s stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $ 67.26, for a total transaction of $ 73,313.40. Following the sale, the insider now owns 43,220 shares of the company’s stock, valued at approximately $ 2,906,977.20. The disclosure for this sale can be found here. Insiders purchased 1,121,844 shares of company stock valued at $ 76,837,576 in the last quarter. 36.10% of the stock is owned by insiders.

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Coinbase Global by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 6,025,188 shares of the cryptocurrency exchange’s stock worth $ 1,143,942,000 after purchasing an additional 260,538 shares during the last quarter. Nikko Asset Management Americas Inc. Coinbase Global increased its holdings in Coinbase Global by 13.5% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 4,904,434 shares of the cryptocurrency exchange’s stock valued at $ 927,428,000 after acquiring an additional 583,576 shares during the period. IDG Technology Venture Investment IV LLC acquired a new position in shares of Coinbase Global in the 4th quarter valued at $ 431,538,000. Renaissance Technologies LLC acquired a new position in shares of Coinbase Global in the 4th quarter valued at $ 337,747,000. Finally, Sozo Ventures GP II LP acquired a new position in shares of Coinbase Global in the 4th quarter valued at $ 273,832,000. Institutional investors and hedge funds own 39.01% of the company’s stock.

The business’s fifty-day moving average price is $ 86.82 and its 200 day moving average price is $ 165.01. The firm has a market capitalization of $ 11.39 billion, a price-to-earnings ratio of 5.53 and a beta of 3.17. 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 (NASDAQ: COIN – Get Rating) last announced its earnings results on Tuesday, May 10th. The cryptocurrency exchange reported ($ 1.98) for EPS for the quarter, missing analysts’ consensus estimates of $ 0.74 by ($ 2.72). The business had revenue of $ 1.17 billion during the quarter, compared to analyst estimates of $ 1.48 billion. Coinbase Global had a net margin of 33.63% and a return on equity of 42.39%. The business’s revenue was down 35.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $ 3.05 earnings per share. As a group, sell-side analysts forecast that Coinbase Global, Inc. will post -8.16 earnings per share for the current fiscal year.

Coinbase Global Company Profile (NASDAQ: COIN)

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; Transacting for liquidity of a pool with a marketplace 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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