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

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price dropped 7.5% on Wednesday after Redburn Partners downgraded the stock from a buy rating to a neutral rating. The stock traded as low as $51.68 and last traded at $53.18. Approximately 376,836 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 11,805,190 shares. The stock had previously closed at $57.49.

Several other analysts also recently weighed in on the stock. Canaccord Genuity Group cut their price objective on shares of Coinbase Global from $275.00 to $120.00 in a research report on Wednesday, May 11th. Oppenheimer cut their price objective on shares of Coinbase Global from $377.00 to $314.00 and set an “outperform” rating on the stock in a research report on Monday, April 18th. Piper Sandler cut their price objective on shares of Coinbase Global from $180.00 to $120.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 15th. Canaccord Genuity Group cut their price objective on shares of Coinbase Global from $342.00 to $275.00 and set a “buy” rating on the stock in a research report on Friday, February 25th. Finally, Cowen initiated coverage on shares of Coinbase Global in a research note on Thursday, May 26th. They set an “outperform” rating on the stock. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $203.65.

In other news, insider Paul Grewal sold 1,090 shares of Coinbase Global stock in a transaction that occurred 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 of the company’s stock, valued at $2,906,977.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Frederick Ernest Ehrsam III bought 385,260 shares of the company’s stock in a transaction dated Tuesday, May 17th. The stock was purchased at an average cost of $64.93 per share, for a total transaction of $25,014,931.80. Following the completion of the transaction, the director now owns 1,091,814 shares of the company’s stock, valued at $70,891,483.02. The disclosure for this purchase can be found here. Insiders bought a total of 1,121,844 shares of company stock worth $76,837,576 in the last ninety days. Corporate insiders own 36.10% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in COIN. Dark Forest Capital Management LP purchased a new position in shares of Coinbase Global in the third quarter worth approximately $133,000. Tudor Investment Corp Et Al acquired a new stake in shares of Coinbase Global during the third quarter worth approximately $404,000. United Capital Financial Advisers LLC boosted its holdings in shares of Coinbase Global by 0.5% during the third quarter. United Capital Financial Advisers LLC now owns 7,453 shares of the cryptocurrency exchange’s stock worth $1,695,000 after purchasing an additional 37 shares during the period. Two Sigma Advisers LP boosted its holdings in shares of Coinbase Global by 140.9% during the third quarter. Two Sigma Advisers LP now owns 21,200 shares of the cryptocurrency exchange’s stock worth $4,823,000 after purchasing an additional 12,400 shares during the period. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of Coinbase Global by 10.0% during the third quarter. Thrivent Financial for Lutherans now owns 1,096 shares of the cryptocurrency exchange’s stock worth $249,000 after purchasing an additional 100 shares during the period. 39.01% of the stock is currently owned by institutional investors and hedge funds.

The company has a debt-to-equity ratio of 0.52, a current ratio of 1.55 and a quick ratio of 1.55. The firm has a market capitalization of $12.92 billion, a price-to-earnings ratio of 6.28 and a beta of 3.17. The firm’s fifty day moving average is $85.05 and its 200 day moving average is $163.59.

Coinbase Global (NASDAQ:COINGet Rating) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $1.48 billion. Coinbase Global had a return on equity of 42.39% and a net margin of 33.63%. The business’s revenue for the quarter was down 35.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.05 earnings per share. Equities research analysts forecast that Coinbase Global, Inc. will post -8.16 EPS 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; 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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