Coinbase Global (NASDAQ:COIN) Reaches New 52-Week Low on Analyst Downgrade

Shares of Coinbase Global, Inc. (NASDAQ:COIN) reached a new 52-week low during trading on Monday after Barclays lowered their price target on the stock from $328.00 to $169.00. Barclays currently has an equal weight rating on the stock. Coinbase Global traded as low as $142.58 and last traded at $142.88, with a volume of 2020140 shares. The stock had previously closed at $160.55.

A number of other equities research analysts have also recently commented on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $305.00 price objective on shares of Coinbase Global in a research note on Wednesday, March 26th. Sanford C. Bernstein raised shares of Coinbase Global to a “strong-buy” rating in a research note on Tuesday, March 18th. Needham & Company LLC restated a “buy” rating and set a $330.00 price objective on shares of Coinbase Global in a research report on Thursday, February 13th. JMP Securities increased their target price on Coinbase Global from $400.00 to $475.00 and gave the company a “market outperform” rating in a report on Friday, February 14th. Finally, Oppenheimer reissued an “outperform” rating on shares of Coinbase Global in a report on Monday, February 10th. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Coinbase Global has a consensus rating of “Moderate Buy” and an average price target of $305.89.

Insider Buying and Selling

In other news, CFO Alesia J. Haas sold 5,700 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $266.87, for a total transaction of $1,521,159.00. Following the completion of the sale, the chief financial officer now directly owns 144,470 shares in the company, valued at $38,554,708.90. This represents a 3.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Brian Armstrong sold 10,000 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $198.15, for a total value of $1,981,500.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares in the company, valued at $104,226.90. This trade represents a 95.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 167,767 shares of company stock valued at $45,798,184. Insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

A number of institutional investors have recently modified their holdings of COIN. Vanguard Group Inc. lifted its position in Coinbase Global by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange’s stock valued at $4,573,462,000 after buying an additional 128,802 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Coinbase Global by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock valued at $882,822,000 after acquiring an additional 127,075 shares during the period. Norges Bank acquired a new position in shares of Coinbase Global during the 4th quarter valued at $536,484,000. Groupama Asset Managment purchased a new stake in Coinbase Global during the 4th quarter worth $372,450,000. Finally, Northern Trust Corp boosted its position in Coinbase Global by 20.3% during the 4th quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange’s stock worth $321,488,000 after purchasing an additional 218,400 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Trading Down 0.6 %

The firm has a fifty day moving average of $226.99 and a 200-day moving average of $243.17. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The stock has a market capitalization of $40.52 billion, a price-to-earnings ratio of 16.79 and a beta of 3.65.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. As a group, equities analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

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.