Coinbase Global (NASDAQ:COIN) Reaches New 52-Week Low Following Analyst Downgrade

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price hit a new 52-week low on Monday after JMP Securities lowered their price target on the stock from $475.00 to $400.00. JMP Securities currently has a market outperform rating on the stock. Coinbase Global traded as low as $142.58 and last traded at $142.88, with a volume of 2020140 shares trading hands. The stock had previously closed at $160.55.

A number of other equities analysts also recently issued reports on COIN. HC Wainwright reissued a "buy" rating and set a $350.00 target price on shares of Coinbase Global in a research note on Friday, February 21st. The Goldman Sachs Group began coverage on Coinbase Global in a report on Thursday, March 20th. They issued a "neutral" rating and a $195.00 target price for the company. Canaccord Genuity Group upped their price target on shares of Coinbase Global from $280.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Monness Crespi & Hardt set a $420.00 price objective on shares of Coinbase Global in a research note on Tuesday, February 18th. Finally, Barclays dropped their target price on shares of Coinbase Global from $328.00 to $169.00 and set an "equal weight" rating for the company in a report on Monday. Seven research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $298.74.

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 15,000 shares of Coinbase Global stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $168.53, for a total transaction of $2,527,950.00. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $88,646.78. The trade was a 96.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frederick Ernest Ehrsam III sold 25,194 shares of the firm's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $298.95, for a total value of $7,531,746.30. Following the completion of the transaction, the director now directly owns 10,417 shares in the company, valued at $3,114,162.15. This trade represents a 70.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 182,767 shares of company stock worth $48,326,134 in the last ninety days. Insiders own 23.43% of the company's stock.

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Institutional Investors Weigh In On Coinbase Global

A number of large investors have recently modified their holdings of the stock. Janus Henderson Group PLC boosted its holdings in Coinbase Global by 36.8% in the third quarter. Janus Henderson Group PLC now owns 15,524 shares of the cryptocurrency exchange's stock valued at $2,767,000 after purchasing an additional 4,177 shares during the last quarter. Quantinno Capital Management LP lifted its position in Coinbase Global by 5.6% in the 3rd quarter. Quantinno Capital Management LP now owns 3,700 shares of the cryptocurrency exchange's stock valued at $659,000 after purchasing an additional 195 shares during the last quarter. Stifel Financial Corp lifted its holdings in Coinbase Global by 45.4% in the third quarter. Stifel Financial Corp now owns 43,512 shares of the cryptocurrency exchange's stock worth $7,753,000 after purchasing an additional 13,591 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Coinbase Global by 168.2% in the third quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange's stock valued at $4,648,000 after acquiring an additional 16,363 shares in the last quarter. Finally, Orion Portfolio Solutions LLC raised its stake in shares of Coinbase Global by 28.3% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 6,105 shares of the cryptocurrency exchange's stock worth $1,088,000 after buying an additional 1,347 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Stock Up 3.5 %

The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The company has a market capitalization of $44.56 billion, a price-to-earnings ratio of 18.47 and a beta of 3.65. The stock's fifty day simple moving average is $212.12 and its two-hundred day simple moving average is $241.90.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS 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.