Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded down 7.8% on Monday after BTIG Research lowered their price target on the stock from $220.00 to $110.00. The company traded as low as $54.24 and last traded at $54.26. 289,030 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 10,548,600 shares. The stock had previously closed at $58.82.
Other equities analysts also recently issued research reports about the company. Piper Sandler dropped their price target on Coinbase Global from $120.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 10th. Wedbush dropped their price target on Coinbase Global from $100.00 to $75.00 in a research report on Friday. Barclays dropped their price target on Coinbase Global from $77.00 to $63.00 and set an “equal weight” rating on the stock in a research report on Friday. Keefe, Bruyette & Woods downgraded Coinbase Global from a “market perform” rating to an “underperform” rating and set a $45.00 price target on the stock. in a research report on Wednesday, August 10th. Finally, Cowen dropped their price target on Coinbase Global from $85.00 to $75.00 in a research report on Friday. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, Coinbase Global has a consensus rating of “Moderate Buy” and a consensus price target of $142.13.
Insider Buying and Selling at Coinbase Global
In other news, Director Tobias Lutke acquired 3,930 shares of Coinbase Global stock in a transaction dated Thursday, August 11th. The stock was purchased at an average cost of $97.24 per share, for a total transaction of $382,153.20. Following the completion of the purchase, the director now directly owns 29,430 shares in the company, valued at approximately $2,861,773.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Tobias Lutke acquired 3,930 shares of Coinbase Global stock in a transaction dated Thursday, August 11th. The stock was purchased at an average cost of $97.24 per share, for a total transaction of $382,153.20. Following the completion of the purchase, the director now directly owns 29,430 shares in the company, valued at approximately $2,861,773.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Jennifer N. Jones sold 4,512 shares of the firm’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $97.24, for a total value of $438,746.88. Following the completion of the transaction, the chief accounting officer now owns 27,417 shares of the company’s stock, valued at $2,666,029.08. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 67,951 shares of company stock worth $4,858,987. 36.10% of the stock is owned by insiders.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the stock. Huntington National Bank raised its position in Coinbase Global by 346.4% during the first quarter. Huntington National Bank now owns 683 shares of the cryptocurrency exchange’s stock valued at $130,000 after acquiring an additional 530 shares in the last quarter. Gladstone Institutional Advisory LLC grew its holdings in Coinbase Global by 10.5% in the first quarter. Gladstone Institutional Advisory LLC now owns 2,638 shares of the cryptocurrency exchange’s stock valued at $501,000 after purchasing an additional 250 shares during the period. Brown Advisory Inc. grew its holdings in Coinbase Global by 15.2% in the first quarter. Brown Advisory Inc. now owns 15,880 shares of the cryptocurrency exchange’s stock valued at $3,015,000 after purchasing an additional 2,093 shares during the period. Toronto Dominion Bank grew its holdings in Coinbase Global by 25.6% in the first quarter. Toronto Dominion Bank now owns 12,627 shares of the cryptocurrency exchange’s stock valued at $2,397,000 after purchasing an additional 2,573 shares during the period. Finally, J.W. Cole Advisors Inc. grew its holdings in Coinbase Global by 39.5% in the second quarter. J.W. Cole Advisors Inc. now owns 8,594 shares of the cryptocurrency exchange’s stock valued at $404,000 after purchasing an additional 2,432 shares during the period. 49.31% of the stock is currently owned by hedge funds and other institutional investors.
Coinbase Global Stock Performance
The company has a debt-to-equity ratio of 0.58, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a fifty day simple moving average of $68.12 and a 200 day simple moving average of $71.82. The company has a market capitalization of $12.05 billion, a price-to-earnings ratio of -8.99 and a beta of 2.50.
Coinbase Global (NASDAQ:COIN – Get Rating) last issued its quarterly earnings data on Tuesday, August 9th. The cryptocurrency exchange reported ($4.95) EPS for the quarter, missing the consensus estimate of ($3.04) by ($1.91). Coinbase Global had a negative net margin of 24.25% and a negative return on equity of 19.71%. The business had revenue of $808.33 million during the quarter, compared to analyst estimates of $877.32 million. On average, analysts anticipate that Coinbase Global, Inc. will post -11.14 earnings per share for the current fiscal year.
Coinbase Global Company Profile
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.