Sanford C. Bernstein Has Lowered Expectations for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its target price decreased by stock analysts at Sanford C. Bernstein from $440.00 to $330.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the cryptocurrency exchange’s stock. Sanford C. Bernstein’s price target points to a potential upside of 104.79% from the company’s current price.

Other research analysts have also issued reports about the company. President Capital reduced their price target on Coinbase Global from $472.00 to $236.00 and set a “buy” rating on the stock in a research report on Wednesday, February 25th. Piper Sandler cut their target price on Coinbase Global from $270.00 to $150.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. Raymond James Financial restated a “market perform” rating on shares of Coinbase Global in a report on Thursday, January 8th. Rosenblatt Securities decreased their target price on Coinbase Global from $325.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Finally, Rothschild & Co Redburn boosted their target price on Coinbase Global from $277.00 to $281.00 and gave the stock a “buy” rating in a research report on Friday, March 20th. Nineteen investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $267.47.

Coinbase Global Stock Performance

COIN opened at $161.14 on Monday. The firm has a 50 day simple moving average of $187.42 and a 200 day simple moving average of $256.71. Coinbase Global has a fifty-two week low of $139.36 and a fifty-two week high of $444.64. The company has a market cap of $42.55 billion, a price-to-earnings ratio of 36.71, a price-to-earnings-growth ratio of 2.79 and a beta of 3.70. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.34 and a quick ratio of 2.34.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, February 12th. The cryptocurrency exchange reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.17). The business had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.86 billion. Coinbase Global had a net margin of 17.55% and a return on equity of 8.68%. Coinbase Global’s revenue was down 21.6% compared to the same quarter last year. During the same period in the previous year, the business posted $4.68 earnings per share. On average, sell-side analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Alesia J. Haas sold 9,950 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $201.60, for a total transaction of $2,005,920.00. Following the sale, the chief financial officer owned 387,221 shares of the company’s stock, valued at approximately $78,063,753.60. This trade represents a 2.51% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Frederick Ernest Ehrsam III sold 1,375 shares of Coinbase Global stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $250.27, for a total value of $344,121.25. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 438,120 shares of company stock valued at $73,878,750. 16.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC raised its holdings in Coinbase Global by 24.2% during the 1st quarter. Integrated Wealth Concepts LLC now owns 2,119 shares of the cryptocurrency exchange’s stock worth $365,000 after buying an additional 413 shares during the period. Empowered Funds LLC boosted its holdings in shares of Coinbase Global by 25.8% in the first quarter. Empowered Funds LLC now owns 8,581 shares of the cryptocurrency exchange’s stock valued at $1,478,000 after buying an additional 1,761 shares during the period. Focus Partners Wealth increased its position in shares of Coinbase Global by 9.9% during the first quarter. Focus Partners Wealth now owns 5,202 shares of the cryptocurrency exchange’s stock worth $896,000 after acquiring an additional 467 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Coinbase Global during the second quarter worth $285,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Coinbase Global by 17.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 62,336 shares of the cryptocurrency exchange’s stock worth $21,848,000 after acquiring an additional 9,256 shares during the period. Institutional investors own 68.84% of the company’s stock.

About Coinbase Global

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.