Coinbase Global (NASDAQ:COIN) Shares Down 6.7%

Coinbase Global, Inc. (NASDAQ:COIN) traded down 6.7% during mid-day trading on Tuesday . The stock traded as low as $74.77 and last traded at $77.00. 102,575 shares traded hands during trading, a decline of 99% from the average session volume of 9,101,462 shares. The stock had previously closed at $82.55.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods downgraded shares of Coinbase Global from a “market perform” rating to an “underperform” rating and set a $45.00 price objective for the company. in a report on Wednesday, August 10th. Redburn Partners downgraded shares of Coinbase Global from a “buy” rating to a “neutral” rating in a report on Thursday, June 23rd. JMP Securities decreased their price objective on shares of Coinbase Global from $205.00 to $195.00 and set a “market outperform” rating for the company in a report on Wednesday, August 10th. Piper Sandler cut their target price on shares of Coinbase Global from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, August 10th. Finally, DA Davidson upped their target price on shares of Coinbase Global from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, August 11th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Coinbase Global currently has an average rating of “Moderate Buy” and a consensus target price of $164.14.

Coinbase Global Trading Up 4.6 %

The company’s fifty day moving average price is $71.54 and its two-hundred day moving average price is $100.44. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.58. The firm has a market cap of $17.27 billion, a P/E ratio of -38.96 and a beta of 3.31.

Coinbase Global (NASDAQ:COINGet Rating) last posted its earnings results on Tuesday, August 9th. The cryptocurrency exchange reported ($4.95) earnings per share for the quarter, missing the consensus estimate of ($3.04) by ($1.91). Coinbase Global had a negative return on equity of 4.61% and a negative net margin of 4.79%. The firm had revenue of $808.33 million during the quarter, compared to the consensus estimate of $877.32 million. As a group, sell-side analysts predict that Coinbase Global, Inc. will post -11.02 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, Director Tobias Lutke bought 5,894 shares of the stock in a transaction dated Wednesday, September 7th. The shares were acquired at an average price of $62.00 per share, with a total value of $365,428.00. Following the acquisition, the director now owns 50,101 shares in the company, valued at $3,106,262. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Tobias Lutke bought 5,894 shares of the stock in a transaction dated Wednesday, September 7th. The shares were acquired at an average price of $62.00 per share, with a total value of $365,428.00. Following the acquisition, the director now owns 50,101 shares in the company, valued at $3,106,262. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Jennifer N. Jones sold 2,177 shares of the company’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $72.00, for a total transaction of $156,744.00. Following the completion of the sale, the chief accounting officer now directly owns 27,417 shares in the company, valued at approximately $1,974,024. The disclosure for this sale can be found here. In the last quarter, insiders have bought 24,601 shares of company stock valued at $1,863,254. 36.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Coinbase Global

A number of hedge funds have recently added to or reduced their stakes in COIN. Principal Financial Group Inc. bought a new stake in Coinbase Global during the 4th quarter worth about $231,000. WINTON GROUP Ltd bought a new stake in Coinbase Global during the 4th quarter worth about $304,000. Aviva PLC bought a new position in shares of Coinbase Global in the 4th quarter valued at about $903,000. Teacher Retirement System of Texas bought a new position in shares of Coinbase Global in the 4th quarter valued at about $1,921,000. Finally, TD Asset Management Inc. boosted its stake in shares of Coinbase Global by 149.5% in the 4th quarter. TD Asset Management Inc. now owns 22,612 shares of the cryptocurrency exchange’s stock valued at $5,707,000 after purchasing an additional 13,548 shares during the last quarter. Institutional investors own 49.31% of the company’s stock.

Coinbase Global Company Profile

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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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