Coinbase Global (NASDAQ:COIN) Stock Price Down 0.9%

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price was down 0.9% on Wednesday . The stock traded as low as $253.95 and last traded at $264.54. Approximately 6,346,896 shares changed hands during trading, a decline of 58% from the average daily volume of 14,997,183 shares. The stock had previously closed at $266.81.

Analyst Ratings Changes

A number of brokerages recently issued reports on COIN. JMP Securities reissued a “market outperform” rating on shares of Coinbase Global in a report on Friday, March 22nd. Keefe, Bruyette & Woods raised shares of Coinbase Global from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $93.00 to $160.00 in a research note on Friday, February 16th. Mizuho lifted their price target on Coinbase Global from $60.00 to $84.00 and gave the company an “underperform” rating in a research note on Thursday, February 22nd. JPMorgan Chase & Co. raised their price objective on Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Finally, Oppenheimer upped their target price on Coinbase Global from $160.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $136.30.

Coinbase Global Price Performance

The stock has a fifty day moving average of $182.99 and a 200-day moving average of $135.63. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $62.90 billion, a price-to-earnings ratio of 965.85 and a beta of 3.36.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $1.13. The company had revenue of $953.80 million for the quarter, compared to analyst estimates of $826.10 million. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. The business’s quarterly revenue was up 51.6% compared to the same quarter last year. During the same quarter last year, the company posted ($2.46) earnings per share. On average, equities research analysts predict that Coinbase Global, Inc. will post 1.68 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $121.02, for a total value of $1,210,200.00. Following the sale, the insider now directly owns 61,665 shares in the company, valued at approximately $7,462,698.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Jennifer N. Jones sold 1,624 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $168.75, for a total transaction of $274,050.00. Following the completion of the sale, the chief accounting officer now directly owns 29,236 shares in the company, valued at $4,933,575. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $121.02, for a total value of $1,210,200.00. Following the completion of the transaction, the insider now owns 61,665 shares of the company’s stock, valued at $7,462,698.30. The disclosure for this sale can be found here. Insiders sold 732,470 shares of company stock valued at $109,889,483 in the last ninety days. Corporate insiders own 33.16% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

A number of hedge funds have recently added to or reduced their stakes in the stock. Barrett & Company Inc. bought a new position in Coinbase Global in the 4th quarter worth about $26,000. Ancora Advisors LLC increased its holdings in shares of Coinbase Global by 144.0% during the fourth quarter. Ancora Advisors LLC now owns 737 shares of the cryptocurrency exchange’s stock valued at $26,000 after purchasing an additional 435 shares during the period. Creekmur Asset Management LLC bought a new position in Coinbase Global in the 4th quarter valued at about $27,000. Tyler Stone Wealth Management acquired a new stake in Coinbase Global in the second quarter worth approximately $31,000. Finally, Quarry LP bought a new stake in shares of Coinbase Global in the 4th quarter worth $32,000. 68.84% of the stock is currently owned by institutional investors.

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.