Coinbase Global (NASDAQ:COIN) Stock Price Down 1.9% Following Analyst Downgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price dropped 1.9% during mid-day trading on Wednesday after The Goldman Sachs Group lowered their price target on the stock from $255.00 to $215.00. The Goldman Sachs Group currently has a neutral rating on the stock. Coinbase Global traded as low as $215.46 and last traded at $215.69. Approximately 1,970,822 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 11,540,930 shares. The stock had previously closed at $219.97.

A number of other research analysts have also recently commented on COIN. HC Wainwright restated a “buy” rating and issued a $315.00 price target on shares of Coinbase Global in a report on Tuesday, June 18th. JPMorgan Chase & Co. raised their target price on shares of Coinbase Global from $95.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, March 15th. Needham & Company LLC reiterated a “buy” rating and issued a $260.00 price target on shares of Coinbase Global in a report on Wednesday, June 5th. Oppenheimer increased their price objective on Coinbase Global from $276.00 to $282.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. Finally, Bank of America raised Coinbase Global from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $110.00 to $217.00 in a research report on Friday, May 17th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global has an average rating of “Hold” and a consensus price target of $212.83.

Insider Buying and Selling at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $221.47, for a total value of $2,214,700.00. Following the completion of the transaction, the insider now owns 66,122 shares of the company’s stock, valued at approximately $14,644,039.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Coinbase Global news, insider Lawrence J. Brock sold 16,456 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $223.34, for a total value of $3,675,283.04. Following the transaction, the insider now owns 16,140 shares in the company, valued at approximately $3,604,707.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $221.47, for a total transaction of $2,214,700.00. Following the sale, the insider now directly owns 66,122 shares of the company’s stock, valued at approximately $14,644,039.34. The disclosure for this sale can be found here. Over the last quarter, insiders sold 314,136 shares of company stock valued at $68,855,464. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

A number of hedge funds and other institutional investors have recently made changes to their positions in COIN. Vanguard Group Inc. raised its position in Coinbase Global by 18.4% in the first quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after purchasing an additional 2,624,989 shares during the period. Morgan Stanley raised its holdings in shares of Coinbase Global by 18.5% in the 3rd quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock valued at $246,250,000 after buying an additional 511,397 shares during the period. Norges Bank acquired a new position in Coinbase Global during the 4th quarter worth about $202,936,000. a16z Perennial Management L.P. purchased a new position in Coinbase Global during the 4th quarter valued at about $147,646,000. Finally, Charles Schwab Investment Management Inc. grew its position in Coinbase Global by 6.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 656,689 shares of the cryptocurrency exchange’s stock valued at $114,211,000 after acquiring an additional 37,847 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Price Performance

The company’s 50-day moving average price is $227.73 and its 200-day moving average price is $205.56. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52. The firm has a market cap of $53.54 billion, a price-to-earnings ratio of 43.67 and a beta of 3.40.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 EPS for the quarter, topping the consensus estimate of $1.04 by $0.61. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. On average, equities research analysts forecast that Coinbase Global, Inc. will post 5 EPS for the current year.

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.