Coinbase Global (NASDAQ:COIN) Price Target Cut to $335.00 by Analysts at Keefe, Bruyette & Woods

Coinbase Global (NASDAQ:COIN) had its target price cut by Keefe, Bruyette & Woods from $355.00 to $335.00 in a research report report published on Monday,Benzinga reports. They currently have a market perform rating on the cryptocurrency exchange’s stock.

Several other equities research analysts have also recently weighed in on COIN. Monness Crespi & Hardt cut Coinbase Global from a “buy” rating to a “neutral” rating in a research note on Monday, July 28th. Wall Street Zen raised Coinbase Global from a “sell” rating to a “hold” rating in a research report on Saturday. Oppenheimer reaffirmed an “outperform” rating and set a $417.00 price target on shares of Coinbase Global in a research report on Thursday. Argus began coverage on Coinbase Global in a research report on Monday, July 14th. They set a “buy” rating and a $400.00 price target on the stock. Finally, Compass Point reaffirmed a “sell” rating and set a $248.00 price target (down previously from $330.00) on shares of Coinbase Global in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $352.18.

Coinbase Global Price Performance

COIN stock opened at $318.17 on Monday. The business has a 50 day moving average price of $328.73 and a 200 day moving average price of $259.54. The stock has a market cap of $80.78 billion, a price-to-earnings ratio of 30.77, a PEG ratio of 21.92 and a beta of 3.70. Coinbase Global has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). The business had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%. Coinbase Global’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.14 EPS. Equities research analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total value of $3,486,400.00. Following the sale, the insider directly owned 82,328 shares in the company, valued at $28,702,833.92. The trade was a 10.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian Armstrong sold 198,300 shares of Coinbase Global stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total value of $78,897,621.00. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at approximately $209,279.62. This trade represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 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

A number of institutional investors have recently modified their holdings of COIN. Cadent Capital Advisors LLC boosted its position in 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 purchasing an additional 30 shares in the last quarter. Ameriflex Group Inc. boosted its position in 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 purchasing an additional 30 shares in the last quarter. Pettinga Financial Advisors LLC boosted its position in 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 purchasing an additional 34 shares in the last quarter. Hemington Wealth Management boosted its position in 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 purchasing an additional 38 shares in the last quarter. Finally, Capital Advisors Ltd. LLC boosted its position in 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 purchasing an additional 39 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Company Profile

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.