Mizuho Has Lowered Expectations for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its price objective cut by investment analysts at Mizuho from $280.00 to $217.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the cryptocurrency exchange’s stock. Mizuho’s target price indicates a potential upside of 21.07% from the stock’s previous close.

COIN has been the subject of several other research reports. Keefe, Bruyette & Woods lifted their price target on Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a research note on Tuesday, February 18th. Bank of America cut their price objective on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. Rosenblatt Securities began coverage on Coinbase Global in a research note on Friday. They set a “buy” rating and a $305.00 target price for the company. JMP Securities lifted their price target on shares of Coinbase Global from $400.00 to $475.00 and gave the company a “market outperform” rating in a research note on Friday, February 14th. Finally, Monness Crespi & Hardt set a $420.00 price objective on shares of Coinbase Global in a research report on Tuesday, February 18th. Ten research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $307.89.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $179.23 on Tuesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. The stock has a market capitalization of $45.50 billion, a price-to-earnings ratio of 18.87 and a beta of 3.66. The firm’s 50 day simple moving average is $260.68 and its 200-day simple moving average is $241.57. Coinbase Global has a 12 month low of $146.12 and a 12 month high of $349.75.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. Analysts expect that Coinbase Global will post 7.22 EPS for the current year.

Insider Activity

In other news, Director Frederick Ernest Ehrsam III sold 11,421 shares of Coinbase Global stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $273.23, for a total transaction of $3,120,559.83. Following the sale, the director now owns 10,417 shares of the company’s stock, valued at approximately $2,846,236.91. The trade was a 52.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alesia J. Haas sold 5,700 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $266.87, for a total value of $1,521,159.00. Following the completion of the transaction, the chief financial officer now owns 144,470 shares of the company’s stock, valued at $38,554,708.90. The trade was a 3.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 219,455 shares of company stock valued at $60,955,968. 23.43% of the stock is currently owned by insiders.

Institutional Trading of Coinbase Global

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Banco Santander S.A. increased its position in shares of Coinbase Global by 12.7% during the third quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock valued at $26,531,000 after acquiring an additional 16,737 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong acquired a new position in Coinbase Global during the third quarter worth $29,756,000. Wellington Management Group LLP boosted its position in shares of Coinbase Global by 168.2% during the third quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock worth $4,648,000 after buying an additional 16,363 shares during the period. McElhenny Sheffield Capital Management LLC purchased a new position in shares of Coinbase Global during the fourth quarter worth $252,000. Finally, Virtu Financial LLC acquired a new stake in shares of Coinbase Global in the third quarter valued at $3,866,000. 68.84% of the stock is currently owned by hedge funds and other 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.