Coinbase Global (NASDAQ:COIN) Trading Down 5% After Analyst Downgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s share price dropped 5% during mid-day trading on Tuesday after Keefe, Bruyette & Woods lowered their price target on the stock from $355.00 to $335.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Coinbase Global traded as low as $300.10 and last traded at $302.33. Approximately 6,148,938 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 11,515,786 shares. The stock had previously closed at $318.17.

Several other analysts also recently issued reports on COIN. Barclays cut their target price on shares of Coinbase Global from $359.00 to $352.00 and set an “equal weight” rating on the stock in a research note on Friday, August 1st. JMP Securities boosted their target price on shares of Coinbase Global from $400.00 to $440.00 and gave the company a “market outperform” rating in a research note on Monday, July 14th. Sanford C. Bernstein boosted their target price on shares of Coinbase Global from $310.00 to $510.00 and gave the company an “outperform” rating in a research note on Wednesday, June 25th. Williams Trading set a $405.00 target price on shares of Coinbase Global in a research note on Thursday, July 31st. Finally, HC Wainwright reissued a “sell” rating and set a $300.00 target price on shares of Coinbase Global in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Coinbase Global presently has a consensus rating of “Hold” and an average target price of $352.18.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 198,300 shares of the company’s stock in a transaction 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 directly owned 526 shares in the company, valued at approximately $209,279.62. This represents a 99.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Alesia J. Haas sold 3,000 shares of the business’s stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $360.20, for a total transaction of $1,080,600.00. Following the transaction, the chief financial officer directly owned 97,366 shares of the company’s stock, valued at approximately $35,071,233.20. This represents a 2.99% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,183,340 shares of company stock worth $434,983,956. Corporate insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of COIN. Groupama Asset Managment lifted its position in Coinbase Global by 100.0% during the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after acquiring an additional 1,500,000 shares during the last quarter. Vanguard Group Inc. lifted its position in 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 during the last quarter. Nuveen LLC acquired a new position in Coinbase Global during the 1st quarter worth $83,454,000. Amundi lifted its position in Coinbase Global by 44.1% during the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock worth $268,850,000 after acquiring an additional 481,786 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its position in Coinbase Global by 445.4% during the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange’s stock worth $101,431,000 after acquiring an additional 333,600 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Price Performance

The stock’s 50-day moving average price is $329.37 and its 200 day moving average price is $259.80. The firm has a market cap of $75.65 billion, a price-to-earnings ratio of 28.82, a price-to-earnings-growth ratio of 24.46 and a beta of 3.70. 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 announced its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.79). The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.14 EPS. Equities research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current 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.