Coinbase Global (NASDAQ:COIN) Shares Down 4.7% on Analyst Downgrade

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price traded down 4.7% during trading on Monday after Keefe, Bruyette & Woods lowered their price target on the stock from $275.00 to $255.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Coinbase Global traded as low as $240.77 and last traded at $246.55. 3,126,909 shares were traded during mid-day trading, a decline of 55% from the average session volume of 6,981,405 shares. The stock had previously closed at $258.78.

COIN has been the subject of several other research reports. JMP Securities reiterated a "market outperform" rating and issued a $320.00 target price on shares of Coinbase Global in a report on Wednesday, October 9th. Oppenheimer raised their target price on Coinbase Global from $265.00 to $358.00 and gave the company an "outperform" rating in a report on Monday, November 25th. Barclays boosted their price target on shares of Coinbase Global from $204.00 to $355.00 and gave the stock an "equal weight" rating in a research note on Monday, December 9th. Monness Crespi & Hardt raised their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Finally, Piper Sandler increased their target price on shares of Coinbase Global from $245.00 to $285.00 and gave the stock a "neutral" rating in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $284.17.

Insider Activity

In other Coinbase Global news, Director Gokul Rajaram sold 400 shares of the business's stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total transaction of $81,776.00. Following the completion of the sale, the director now directly owns 7,771 shares in the company, valued at $1,588,703.24. The trade was a 4.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Alesia J. Haas sold 5,250 shares of Coinbase Global stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following 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 position. The disclosure for this sale can be found here. Insiders sold 326,983 shares of company stock valued at $96,198,957 in the last ninety days. Company insiders own 23.43% of the company's stock.

Institutional Trading of Coinbase Global

Several large investors have recently modified their holdings of the business. Empowered Funds LLC grew its position in shares of Coinbase Global by 0.8% in the 3rd quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange's stock worth $924,000 after acquiring an additional 43 shares in the last quarter. Creative Financial Designs Inc. ADV lifted its stake in Coinbase Global by 9.4% in the third quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange's stock valued at $106,000 after buying an additional 51 shares during the last quarter. Pallas Capital Advisors LLC boosted its stake in Coinbase Global by 2.0% during the 4th quarter. Pallas Capital Advisors LLC now owns 2,625 shares of the cryptocurrency exchange's stock valued at $652,000 after purchasing an additional 51 shares during the period. Benjamin Edwards Inc. boosted its position in shares of Coinbase Global by 3.1% during the second quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange's stock worth $446,000 after buying an additional 61 shares during the period. Finally, Brooklyn Investment Group grew its stake in shares of Coinbase Global by 3.9% in the third quarter. Brooklyn Investment Group now owns 1,760 shares of the cryptocurrency exchange's stock worth $314,000 after purchasing an additional 66 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Stock Down 2.9 %

The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a market cap of $62.89 billion, a P/E ratio of 42.87 and a beta of 3.59. The stock's 50-day moving average is $288.55 and its 200-day moving average is $229.90.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate 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%. The business's revenue for the quarter was up 78.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.01) EPS. As a group, research analysts anticipate that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal 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.