Coinbase Global (NASDAQ:COIN) Issues Quarterly Earnings Results, Misses Estimates By $2.72 EPS

Coinbase Global, Inc. (NASDAQ:COIN) issued its quarterly earnings results on Tuesday. The cryptocurrency exchange reported ($1.98) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($2.72), MarketWatch Earnings reports. Coinbase Global had a net margin of 46.23% and a return on equity of 77.65%. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the prior year, the firm earned $3.05 earnings per share. The company’s revenue was down 35.2% on a year-over-year basis.

Shares of COIN traded down $17.02 during trading hours on Wednesday, reaching $55.97. The stock had a trading volume of 1,173,666 shares, compared to its average volume of 5,315,141. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.53. Coinbase Global, Inc. has a 52 week low of $70.19 and a 52 week high of $368.90. The firm has a 50-day moving average of $156.20 and a 200 day moving average of $220.53. The company has a market cap of $12.28 billion and a P/E ratio of 3.92.

In related news, insider Paul Grewal sold 1,207 shares of the company’s stock in a transaction on Friday, February 25th. The shares were sold at an average price of $173.87, for a total value of $209,861.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Center for Financial Planning Inc. increased its position in shares of Coinbase Global by 182.2% in the 3rd quarter. Center for Financial Planning Inc. now owns 127 shares of the cryptocurrency exchange’s stock valued at $29,000 after buying an additional 82 shares in the last quarter. Ulland Investment Advisors LLC bought a new stake in shares of Coinbase Global in the 4th quarter valued at $34,000. Canada Pension Plan Investment Board acquired a new stake in shares of Coinbase Global in the fourth quarter valued at about $46,000. Zullo Investment Group Inc. acquired a new stake in shares of Coinbase Global in the fourth quarter valued at about $69,000. Finally, NEXT Financial Group Inc increased its position in shares of Coinbase Global by 7.9% in the fourth quarter. NEXT Financial Group Inc now owns 795 shares of the cryptocurrency exchange’s stock valued at $200,000 after acquiring an additional 58 shares during the last quarter. Institutional investors and hedge funds own 39.01% of the company’s stock.

COIN has been the topic of several research reports. JMP Securities lowered their price target on Coinbase Global from $394.00 to $250.00 in a research note on Wednesday. Canaccord Genuity Group decreased their price objective on Coinbase Global from $342.00 to $275.00 and set a “buy” rating on the stock in a report on Friday, February 25th. Daiwa Capital Markets assumed coverage on Coinbase Global in a report on Friday, April 22nd. They set a “buy” rating on the stock. Oppenheimer decreased their price objective on Coinbase Global from $377.00 to $314.00 and set an “outperform” rating on the stock in a report on Monday, April 18th. Finally, Compass Point decreased their price objective on Coinbase Global from $325.00 to $200.00 and set a “neutral” rating on the stock in a report on Monday, February 28th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $255.06.

About Coinbase Global (Get Rating)

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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Earnings History for Coinbase Global (NASDAQ:COIN)

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