Coinbase Global, Inc. (NASDAQ:COIN) fell 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. 376,836 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 11,805,190 shares. The stock had previously closed at $57.49.
A number of other research analysts also recently issued reports on the company. Cowen began coverage on Coinbase Global in a report on Thursday, May 26th. They set an “outperform” rating on the stock. Wedbush reduced their target price on Coinbase Global from $160.00 to $100.00 in a report on Wednesday, May 11th. Compass Point reduced their target price on Coinbase Global from $325.00 to $200.00 and set a “neutral” rating on the stock in a report on Monday, February 28th. Canaccord Genuity Group reduced their target price on Coinbase Global from $342.00 to $275.00 and set a “buy” rating on the stock in a report on Friday, February 25th. Finally, Canaccord Genuity Group reduced their target price on Coinbase Global from $275.00 to $120.00 in a report on Wednesday, May 11th. Five investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Coinbase Global has a consensus rating of “Moderate Buy” and an average target price of $203.65.
In other news, Director Frederick Ernest Ehrsam III purchased 706,554 shares of the stock in a transaction dated Friday, May 13th. The shares were purchased at an average cost of $70.77 per share, with a total value of $50,002,826.58. Following the acquisition, the director now directly 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 link. Also, insider Paul Grewal sold 1,090 shares of the 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 transaction, the insider now directly owns 43,220 shares in the company, valued at $2,906,977.20. The disclosure for this sale can be found here. Insiders purchased a total of 1,121,844 shares of company stock worth $76,837,576 over the last ninety days. 36.10% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. West Branch Capital LLC bought a new position in shares of Coinbase Global during the 4th quarter valued at $25,000. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Coinbase Global during the 4th quarter valued at $25,000. Wagner Wealth Management LLC bought a new position in shares of Coinbase Global during the 4th quarter valued at $27,000. Cornerstone Advisory LLC bought a new position in shares of Coinbase Global during the 4th quarter valued at $27,000. Finally, Gradient Investments LLC lifted its holdings in shares of Coinbase Global by 222.9% during the 4th quarter. Gradient Investments LLC now owns 113 shares of the cryptocurrency exchange’s stock valued at $29,000 after buying an additional 78 shares during the period. 39.01% of the stock is currently owned by hedge funds and other institutional investors.
The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $11.71 billion, a PE ratio of 5.65 and a beta of 3.17. The firm has a 50 day moving average price of $88.88 and a 200 day moving average price of $165.80.
Coinbase Global (NASDAQ:COIN – Get Rating) last posted its quarterly earnings data on Tuesday, May 10th. The cryptocurrency exchange reported ($1.98) EPS for the quarter, missing the consensus estimate of $0.74 by ($2.72). The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Coinbase Global had a return on equity of 42.39% and a net margin of 33.63%. The company’s revenue for the quarter was down 35.2% on a year-over-year basis. During the same quarter last year, the company earned $3.05 earnings per share. On average, equities research analysts expect that Coinbase Global, Inc. will post -8.16 EPS for the current year.
About Coinbase Global (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; 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.