Coinbase Global (NASDAQ:COIN) Stock Price Down 2.4% Following Analyst Downgrade

Coinbase Global, Inc. (NASDAQ:COIN)'s share price dropped 2.4% during trading on Friday after The Goldman Sachs Group lowered their price target on the stock from $397.00 to $340.00. The Goldman Sachs Group currently has a neutral rating on the stock. Coinbase Global traded as low as $248.05 and last traded at $253.66. Approximately 2,448,686 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 7,146,333 shares. The stock had previously closed at $260.01.

Several other equities research analysts have also weighed in on the company. Oppenheimer lifted their price target on Coinbase Global from $265.00 to $358.00 and gave the company an "outperform" rating in a research report on Monday, November 25th. Needham & Company LLC raised their price objective on Coinbase Global from $375.00 to $420.00 and gave the company a "buy" rating in a research report on Monday, December 9th. Keefe, Bruyette & Woods increased their price target on shares of Coinbase Global from $165.00 to $275.00 and gave the stock a "market perform" rating in a research note on Friday, December 20th. Mizuho boosted their price objective on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an "underperform" rating in a research note on Thursday, October 31st. Finally, Barclays upped their price objective on shares of Coinbase Global from $204.00 to $355.00 and gave the stock an "equal weight" rating in a report on Monday, December 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $285.28.

Insider Transactions at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 22,842 shares of the business's stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $281.94, for a total transaction of $6,440,073.48. Following the completion of the sale, the director now directly owns 10,417 shares in the company, valued at approximately $2,936,968.98. The trade was a 68.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Alesia J. Haas sold 5,250 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the completion of the transaction, the chief financial officer now owns 169,786 shares in the company, valued at $33,150,716.50. The trade was a 3.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 328,483 shares of company stock worth $96,470,997 over the last three months. 23.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

A number of hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. increased its position in Coinbase Global by 23.7% in the second quarter. Victory Capital Management Inc. now owns 60,761 shares of the cryptocurrency exchange's stock worth $13,503,000 after buying an additional 11,627 shares in the last quarter. Los Angeles Capital Management LLC increased its holdings in Coinbase Global by 24.2% in the 2nd quarter. Los Angeles Capital Management LLC now owns 1,376 shares of the cryptocurrency exchange's stock worth $306,000 after acquiring an additional 268 shares in the last quarter. Acadian Asset Management LLC bought a new stake in Coinbase Global during the 2nd quarter worth approximately $422,000. Quest Partners LLC lifted its holdings in Coinbase Global by 233.7% during the second quarter. Quest Partners LLC now owns 297 shares of the cryptocurrency exchange's stock valued at $66,000 after purchasing an additional 208 shares in the last quarter. Finally, PFG Investments LLC lifted its holdings in Coinbase Global by 38.9% during the second quarter. PFG Investments LLC now owns 1,150 shares of the cryptocurrency exchange's stock valued at $256,000 after purchasing an additional 322 shares in the last quarter. Institutional investors own 68.84% of the company's stock.

Coinbase Global Trading Down 0.5 %

The stock has a market capitalization of $64.79 billion, a PE ratio of 44.16 and a beta of 3.59. The stock's 50 day moving average price is $287.26 and its 200-day moving average price is $229.55. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts' consensus estimates of $0.41 by ($0.13). The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. Coinbase Global's revenue was up 78.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.01) earnings per share. On average, sell-side analysts expect that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal year.

Coinbase Global Company Profile

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.