Coinbase Global, Inc. (NASDAQ:COIN)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $58.71, but opened at $51.27. Coinbase Global shares last traded at $50.21, with a volume of 235,367 shares.
COIN has been the subject of several research analyst reports. Canaccord Genuity Group cut their price objective on Coinbase Global from $342.00 to $275.00 and set a “buy” rating for the company in a research report on Friday, February 25th. Daiwa Capital Markets initiated coverage on Coinbase Global in a research report on Friday, April 22nd. They set a “buy” rating for the company. DA Davidson cut their price objective on Coinbase Global from $225.00 to $160.00 in a research report on Tuesday, May 10th. Wedbush cut their price objective on Coinbase Global from $160.00 to $100.00 in a research report on Wednesday, May 11th. Finally, The Goldman Sachs Group cut Coinbase Global from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 11th. Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global presently has an average rating of “Buy” and a consensus target price of $237.89.
The company has a market capitalization of $11.36 billion, a P/E ratio of 5.25 and a beta of 3.17. The firm has a 50 day moving average price of $104.81 and a two-hundred day moving average price of $176.92. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.55 and a current ratio of 1.55.
Coinbase Global (NASDAQ:COIN – Get Rating) last released 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 net margin of 33.63% and a return on equity of 42.39%. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the prior year, the company posted $3.05 earnings per share. The company’s revenue for the quarter was down 35.2% on a year-over-year basis. On average, equities analysts expect that Coinbase Global, Inc. will post -7.6 earnings per share for the current year.
In related news, insider Paul Grewal sold 1,090 shares of the stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $67.26, for a total transaction of $73,313.40. Following the sale, the insider now directly owns 43,220 shares in the company, valued at approximately $2,906,977.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Frederick Ernest Ehrsam III purchased 706,554 shares of the firm’s stock in a transaction that occurred on Friday, May 13th. The shares were acquired at an average price of $70.77 per share, for a total transaction of $50,002,826.58. Following the completion of the transaction, the director now owns 706,554 shares in the company, valued at $50,002,826.58. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 1,121,844 shares of company stock worth $76,837,576.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in COIN. West Branch Capital LLC bought a new stake in Coinbase Global during the 4th quarter worth approximately $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. Institutional investors and hedge funds own 39.01% of the company’s stock.
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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