Coinbase Global (NASDAQ:COIN) Shares Gap Down to $74.00

Coinbase Global, Inc. (NASDAQ:COIN)’s share price gapped down before the market opened on Monday . The stock had previously closed at $74.00, but opened at $70.38. Coinbase Global shares last traded at $70.74, with a volume of 62,038 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. BTIG Research decreased their price objective on shares of Coinbase Global to $220.00 in a research report on Monday, August 15th. Piper Sandler lowered their target price on shares of Coinbase Global from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, August 10th. DA Davidson lifted their target price on shares of Coinbase Global from $90.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, August 11th. JMP Securities decreased their price objective on shares of Coinbase Global from $205.00 to $195.00 and set a “market outperform” rating on the stock in a report on Wednesday, August 10th. Finally, Atlantic Securities upped their price target on shares of Coinbase Global from $54.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, September 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $164.14.

Coinbase Global Stock Performance

The stock has a market cap of $14.91 billion, a P/E ratio of -33.63 and a beta of 3.31. The firm’s 50-day moving average is $72.81 and its two-hundred day moving average is $96.70. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.58.

Coinbase Global (NASDAQ:COINGet Rating) last issued its quarterly earnings data 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 net margin of 4.79% and a negative return on equity of 4.61%. The business had revenue of $808.33 million for the quarter, compared to the consensus estimate of $877.32 million. As a group, research analysts expect that Coinbase Global, Inc. will post -10.99 EPS for the current year.

Insider Activity

In related news, Director Tobias Lutke acquired 4,482 shares of the stock in a transaction dated Tuesday, September 13th. The shares were acquired at an average price of $75.39 per share, for a total transaction of $337,897.98. Following the completion of the purchase, the director now owns 54,583 shares in the company, valued at approximately $4,115,012.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Jennifer N. Jones sold 2,177 shares of Coinbase Global stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $72.00, for a total value of $156,744.00. Following the completion of the transaction, the chief accounting officer now directly owns 27,417 shares of the company’s stock, valued at $1,974,024. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Tobias Lutke purchased 4,482 shares of the business’s stock in a transaction that occurred on Tuesday, September 13th. The stock was acquired at an average cost of $75.39 per share, with a total value of $337,897.98. Following the completion of the acquisition, the director now directly owns 54,583 shares of the company’s stock, valued at $4,115,012.37. The disclosure for this purchase can be found here. Insiders have bought a total of 29,083 shares of company stock valued at $2,201,152 over the last 90 days. 36.10% of the stock is currently owned by company insiders.

Institutional Trading of Coinbase Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Coinbase Global during the 4th quarter worth approximately $25,000. Tradewinds Capital Management LLC raised its stake in Coinbase Global by 1,210.0% in the 2nd quarter. Tradewinds Capital Management LLC now owns 524 shares of the cryptocurrency exchange’s stock valued at $25,000 after acquiring an additional 484 shares during the period. Wagner Wealth Management LLC bought a new stake in Coinbase Global in the 4th quarter valued at $27,000. Cornerstone Advisory LLC bought a new position in Coinbase Global during the 4th quarter worth $27,000. Finally, Creative Financial Designs Inc. ADV bought a new position in Coinbase Global during the 1st quarter worth $28,000. 49.31% of the stock is owned by institutional investors.

About Coinbase Global

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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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