Barclays Cuts Coinbase Global (NASDAQ:COIN) Price Target to $352.00

Coinbase Global (NASDAQ:COIN) had its target price trimmed by Barclays from $359.00 to $352.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has an equal weight rating on the cryptocurrency exchange’s stock.

A number of other research analysts have also weighed in on COIN. Piper Sandler reissued a “neutral” rating and set a $350.00 price target on shares of Coinbase Global in a research note on Thursday. Cantor Fitzgerald initiated coverage on Coinbase Global in a research note on Tuesday, April 8th. They set an “overweight” rating and a $245.00 price target on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $400.00 price target on shares of Coinbase Global in a research note on Friday. HC Wainwright reissued a “sell” rating and set a $300.00 price target on shares of Coinbase Global in a research note on Friday. Finally, JMP Securities increased their price target on Coinbase Global from $400.00 to $440.00 and gave the stock a “market outperform” rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $344.55.

Coinbase Global Price Performance

COIN stock opened at $314.69 on Friday. Coinbase Global has a 1 year low of $142.58 and a 1 year high of $444.64. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The stock’s 50 day moving average price is $327.63 and its 200 day moving average price is $259.38. The firm has a market cap of $79.89 billion, a P/E ratio of 30.43, a PEG ratio of 21.92 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%. The business had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same period in the prior year, the company earned $0.14 EPS. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, sell-side analysts expect that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Activity

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total value of $7,622,597.56. Following the transaction, the director directly owned 10,417 shares of the company’s stock, valued at $2,632,167.56. This trade represents a 74.33% 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 336,265 shares of the firm’s stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of the transaction, the chief executive officer directly owned 526 shares in the company, valued at $190,732.86. This trade represents a 99.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,183,340 shares of company stock worth $434,983,956 over the last three months. 23.43% of the stock is currently owned by corporate insiders.

Institutional Trading of Coinbase Global

Several large investors have recently modified their holdings of the business. Cadent Capital Advisors LLC increased its position in shares of Coinbase Global by 1.0% during the second quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange’s stock worth $1,108,000 after acquiring an additional 30 shares during the last quarter. Ameriflex Group Inc. increased its position in shares of Coinbase Global by 20.0% during the second quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange’s stock worth $68,000 after acquiring an additional 30 shares during the last quarter. Pettinga Financial Advisors LLC increased its position in shares of Coinbase Global by 2.6% during the second quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange’s stock worth $463,000 after acquiring an additional 34 shares during the last quarter. Hemington Wealth Management increased its position in shares of Coinbase Global by 12.1% during the second quarter. Hemington Wealth Management now owns 352 shares of the cryptocurrency exchange’s stock worth $123,000 after acquiring an additional 38 shares during the last quarter. Finally, Capital Advisors Ltd. LLC increased its position in shares of Coinbase Global by 13.7% during the second quarter. Capital Advisors Ltd. LLC now owns 323 shares of the cryptocurrency exchange’s stock worth $113,000 after acquiring an additional 39 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.