Coinbase Global (NASDAQ:COIN) Stock Price Down 7.5% Following Analyst Downgrade

Coinbase Global, Inc. (NASDAQ:COIN) dropped 7.5% during trading on Wednesday after Redburn Partners downgraded the stock from a buy rating to a neutral rating. The company traded as low as $51.68 and last traded at $53.18. Approximately 376,836 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 11,805,190 shares. The stock had previously closed at $57.49.

COIN has been the subject of a number of other reports. BTIG Research lowered their price target on shares of Coinbase Global from $380.00 to $290.00 and set a “buy” rating for the company in a report on Wednesday. Moffett Nathanson reduced their price objective on shares of Coinbase Global from $600.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, May 24th. Cowen assumed coverage on shares of Coinbase Global in a research note on Thursday, May 26th. They set an “outperform” rating on the stock. DA Davidson reduced their price objective on shares of Coinbase Global from $225.00 to $160.00 in a research note on Tuesday, May 10th. Finally, Needham & Company LLC reduced their price objective on shares of Coinbase Global from $173.00 to $89.00 and set a “buy” rating on the stock in a research note on Wednesday, June 15th. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $203.65.

In related news, insider Paul Grewal sold 1,090 shares of the firm’s stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $67.26, for a total transaction of $73,313.40. Following the completion of the sale, the insider now directly owns 43,220 shares of the company’s stock, valued at approximately $2,906,977.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Frederick Ernest Ehrsam III purchased 706,554 shares of the stock in a transaction that occurred on Friday, May 13th. The shares were purchased at an average cost of $70.77 per share, with a total value of $50,002,826.58. Following the completion of the acquisition, the director now owns 706,554 shares in the company, valued at approximately $50,002,826.58. The disclosure for this purchase can be found here. Insiders bought 1,121,844 shares of company stock valued at $76,837,576 in the last three months. Company insiders own 36.10% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in COIN. West Branch Capital LLC acquired a new position in Coinbase Global during the 4th quarter worth $25,000. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Coinbase Global during the 4th quarter worth $25,000. Wagner Wealth Management LLC acquired a new position in Coinbase Global during the 4th quarter worth $27,000. Cornerstone Advisory LLC acquired a new position in Coinbase Global during the 4th quarter worth $27,000. Finally, Creative Financial Designs Inc. ADV acquired a new position in Coinbase Global during the 1st quarter worth $28,000. 39.01% of the stock is owned by institutional investors and hedge funds.

The company has a market capitalization of $12.92 billion, a price-to-earnings ratio of 6.28 and a beta of 3.17. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.55 and a current ratio of 1.55. The company’s fifty day simple moving average is $85.05 and its two-hundred day simple moving average is $163.59.

Coinbase Global (NASDAQ:COINGet Rating) last announced its quarterly earnings data on Tuesday, May 10th. The cryptocurrency exchange reported ($1.98) earnings per share for the quarter, missing the consensus estimate of $0.74 by ($2.72). Coinbase Global had a return on equity of 42.39% and a net margin of 33.63%. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the prior year, the business earned $3.05 earnings per share. Coinbase Global’s revenue was down 35.2% on a year-over-year basis. Sell-side analysts anticipate that Coinbase Global, Inc. will post -8.16 EPS for the current year.

Coinbase Global Company Profile (NASDAQ:COIN)

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.

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