Coinbase Global (NASDAQ:COIN) Earns Sell Rating from Compass Point

Coinbase Global (NASDAQ:COIN)‘s stock had its “sell” rating reiterated by equities research analysts at Compass Point in a research report issued to clients and investors on Monday, MarketBeat.com reports. They currently have a $248.00 price objective on the cryptocurrency exchange’s stock, down from their previous price objective of $330.00. Compass Point’s target price suggests a potential downside of 16.78% from the company’s previous close.

Several other brokerages also recently weighed in on COIN. Keefe, Bruyette & Woods boosted their price objective on shares of Coinbase Global from $183.00 to $205.00 and gave the stock a “market perform” rating in a research report on Friday, May 9th. Jefferies Financial Group boosted their price target on shares of Coinbase Global from $260.00 to $405.00 and gave the company a “hold” rating in a research report on Tuesday, July 29th. Cantor Fitzgerald assumed coverage on Coinbase Global in a report on Tuesday, April 8th. They set an “overweight” rating and a $245.00 price objective on the stock. Sanford C. Bernstein lifted their target price on Coinbase Global from $310.00 to $510.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 25th. Finally, Benchmark upped their target price on Coinbase Global from $301.00 to $421.00 and gave the company a “buy” rating in a research report on Monday, June 23rd. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Coinbase Global currently has an average rating of “Hold” and a consensus target price of $352.18.

Coinbase Global Stock Down 6.3%

Coinbase Global stock opened at $297.99 on Monday. The stock has a market cap of $75.65 billion, a PE ratio of 28.82, a P/E/G ratio of 24.46 and a beta of 3.70. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The stock’s fifty day moving average is $329.37 and its two-hundred day moving average is $259.80. Coinbase Global has a 1-year low of $142.58 and a 1-year high of $444.64.

Coinbase Global (NASDAQ:COIN) last issued 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 analyst estimates 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 was up 3.3% on a year-over-year basis. During the same period last year, the business posted $0.14 EPS. On average, sell-side analysts expect that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total transaction of $3,486,400.00. Following the transaction, the insider owned 82,328 shares in the company, valued at approximately $28,702,833.92. The trade was a 10.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Brian Armstrong sold 198,300 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total value of $78,897,621.00. Following the transaction, the chief executive officer directly owned 526 shares of the company’s stock, 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 sold a total of 1,183,340 shares of company stock worth $434,983,956 over the last 90 days. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently made changes to their positions in the stock. Groupama Asset Managment grew its position in Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after buying an additional 1,500,000 shares during the period. Vanguard Group Inc. boosted its stake in shares of Coinbase Global by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock worth $3,323,084,000 after acquiring an additional 875,359 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Coinbase Global in the 1st quarter worth approximately $83,454,000. Amundi increased its stake in Coinbase Global by 44.1% in the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock valued at $268,850,000 after purchasing an additional 481,786 shares in the last quarter. Finally, Two Sigma Advisers LP increased its stake in Coinbase Global by 445.4% in the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange’s stock valued at $101,431,000 after purchasing an additional 333,600 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.