Coinbase Global, Inc. (NASDAQ:COIN)’s share price fell 2.5% during mid-day trading on Wednesday . The company traded as low as $289.04 and last traded at $286.89. 2,251,778 shares were traded during mid-day trading, a decline of 71% from the average session volume of 7,778,332 shares. The stock had previously closed at $294.19.
Analyst Ratings Changes
A number of analysts have issued reports on the company. Mizuho boosted their target price on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research report on Thursday, October 31st. Bank of America increased their target price on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. The Goldman Sachs Group dropped their target price on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. B. Riley started coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target on the stock. Finally, JMP Securities restated a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $282.83.
View Our Latest Analysis on COIN
Coinbase Global Price Performance
Coinbase Global (NASDAQ:COIN – Get Free Report) last released its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter last year, the business posted ($0.01) EPS. The firm’s revenue was up 78.8% on a year-over-year basis. Sell-side analysts expect that Coinbase Global, Inc. will post 4.81 EPS for the current fiscal year.
Insider Buying and Selling at Coinbase Global
In other news, COO Emilie Choi sold 1,500 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $203.30, for a total value of $304,950.00. Following the completion of the transaction, the chief operating officer now owns 175,101 shares in the company, valued at $35,598,033.30. This trade represents a 0.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Lawrence J. Brock sold 4,635 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $250.00, for a total transaction of $1,158,750.00. Following the sale, the insider now directly owns 18,525 shares in the company, valued at approximately $4,631,250. This represents a 20.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 347,033 shares of company stock valued at $102,613,277. 23.43% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in COIN. Envestnet Asset Management Inc. lifted its holdings in shares of Coinbase Global by 14.8% in the second quarter. Envestnet Asset Management Inc. now owns 44,847 shares of the cryptocurrency exchange’s stock valued at $9,966,000 after purchasing an additional 5,767 shares in the last quarter. Amalgamated Bank lifted its stake in Coinbase Global by 32.0% in the 2nd quarter. Amalgamated Bank now owns 12,935 shares of the cryptocurrency exchange’s stock valued at $2,875,000 after buying an additional 3,133 shares in the last quarter. AE Wealth Management LLC grew its holdings in Coinbase Global by 17.9% during the 2nd quarter. AE Wealth Management LLC now owns 941 shares of the cryptocurrency exchange’s stock valued at $209,000 after buying an additional 143 shares during the last quarter. Sei Investments Co. increased its position in Coinbase Global by 22.3% during the second quarter. Sei Investments Co. now owns 12,128 shares of the cryptocurrency exchange’s stock worth $2,694,000 after buying an additional 2,212 shares in the last quarter. Finally, Frank Rimerman Advisors LLC raised its holdings in shares of Coinbase Global by 342.6% in the second quarter. Frank Rimerman Advisors LLC now owns 1,412 shares of the cryptocurrency exchange’s stock worth $314,000 after acquiring an additional 1,093 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.
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.
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