Coinbase Global (NASDAQ:COIN) Trading Down 3.1% Following Analyst Downgrade

Coinbase Global, Inc. (NASDAQ:COIN) was down 3.1% during trading on Wednesday after Mizuho lowered their price target on the stock from $280.00 to $217.00. Mizuho currently has a neutral rating on the stock. Coinbase Global traded as low as $185.90 and last traded at $185.79. Approximately 3,428,742 shares were traded during trading, a decline of 63% from the average daily volume of 9,376,517 shares. The stock had previously closed at $191.69.

COIN has been the topic of a number of other reports. Needham & Company LLC reissued a “buy” rating and set a $330.00 price objective on shares of Coinbase Global in a research report on Thursday, February 13th. Monness Crespi & Hardt set a $420.00 price objective on shares of Coinbase Global in a research report on Tuesday, February 18th. Canaccord Genuity Group upped their price target on shares of Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. HC Wainwright reiterated a “buy” rating and issued a $350.00 price target on shares of Coinbase Global in a research note on Friday, February 21st. Finally, Keefe, Bruyette & Woods upped their target price on shares of Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a research note on Tuesday, February 18th. Nine equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $307.89.

Insiders Place Their Bets

In related news, CFO Alesia J. Haas sold 5,700 shares of Coinbase Global stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $266.87, for a total transaction of $1,521,159.00. Following the completion of the sale, the chief financial officer now owns 144,470 shares of the company’s stock, valued at $38,554,708.90. The trade was a 3.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $261.07, for a total value of $6,526,750.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $137,322.82. The trade was a 97.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 219,455 shares of company stock valued at $60,955,968. 23.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently modified their holdings of the business. Copia Wealth Management purchased a new position in shares of Coinbase Global in the fourth quarter worth about $26,000. IronOak Wealth LLC. acquired a new stake in Coinbase Global during the fourth quarter worth about $765,000. Siemens Fonds Invest GmbH increased its position in Coinbase Global by 2,578.0% during the fourth quarter. Siemens Fonds Invest GmbH now owns 54,095 shares of the cryptocurrency exchange’s stock worth $13,432,000 after purchasing an additional 52,075 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Coinbase Global during the fourth quarter worth about $27,749,000. Finally, Chelsea Counsel Co. increased its position in Coinbase Global by 176.5% during the fourth quarter. Chelsea Counsel Co. now owns 470 shares of the cryptocurrency exchange’s stock worth $117,000 after purchasing an additional 300 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Trading Up 0.0 %

The stock has a market capitalization of $48.68 billion, a price-to-earnings ratio of 20.18 and a beta of 3.66. The company’s 50-day moving average is $258.42 and its 200-day moving average is $241.08. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. Research analysts anticipate that Coinbase Global, Inc. will post 7.22 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.