Coinbase Global (NASDAQ:COIN) Downgraded by Zacks Research to “Strong Sell”

Zacks Research lowered shares of Coinbase Global (NASDAQ:COIN) from a hold rating to a strong sell rating in a research report report published on Wednesday morning,Zacks.com reports.

COIN has been the topic of a number of other reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $240.00 target price on shares of Coinbase Global in a research report on Tuesday, July 28th. The Goldman Sachs Group lowered their price target on Coinbase Global from $198.00 to $173.00 and set a “buy” rating for the company in a report on Friday, July 31st. Jefferies Financial Group increased their price objective on Coinbase Global from $151.00 to $181.00 and gave the stock a “hold” rating in a research note on Thursday, April 9th. Oppenheimer dropped their price objective on Coinbase Global from $209.00 to $193.00 and set an “outperform” rating on the stock in a research note on Friday, July 31st. Finally, BTIG Research reduced their price objective on Coinbase Global from $260.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Eighteen analysts have rated the stock with a Buy rating, nine have issued a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $215.11.

Coinbase Global Trading Down 3.0%

NASDAQ COIN opened at $145.41 on Wednesday. The company’s 50-day moving average price is $160.66 and its 200-day moving average price is $178.50. The company has a current ratio of 2.42, a quick ratio of 2.42 and a debt-to-equity ratio of 0.45. The stock has a market cap of $38.31 billion, a PE ratio of -37.87, a PEG ratio of 42.15 and a beta of 3.36. Coinbase Global has a 12 month low of $139.11 and a 12 month high of $402.16.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.92). Coinbase Global had a positive return on equity of 3.12% and a negative net margin of 15.72%.The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the prior year, the business earned $5.14 EPS. The company’s quarterly revenue was down 18.5% on a year-over-year basis. Equities research analysts forecast that Coinbase Global will post -0.05 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In related news, Director Frederick R. Wilson sold 35,068 shares of Coinbase Global stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $144.32, for a total transaction of $5,061,013.76. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Grewal sold 1,960 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total transaction of $346,684.80. Following the completion of the transaction, the insider directly owned 84,753 shares of the company’s stock, valued at $14,991,110.64. This trade represents a 2.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 65,695 shares of company stock worth $10,388,854 over the last quarter. 16.66% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new position in shares of Coinbase Global in the 2nd quarter worth $142,995,000. Trust Asset Management LLC boosted its position in Coinbase Global by 4.2% during the second quarter. Trust Asset Management LLC now owns 2,414 shares of the cryptocurrency exchange’s stock valued at $353,000 after purchasing an additional 97 shares in the last quarter. Annex Advisory Services LLC bought a new stake in Coinbase Global during the second quarter valued at about $549,000. Tema ETFs LLC grew its stake in Coinbase Global by 7.3% in the second quarter. Tema ETFs LLC now owns 4,265 shares of the cryptocurrency exchange’s stock valued at $624,000 after purchasing an additional 290 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC grew its stake in Coinbase Global by 2.1% in the second quarter. Wealthcare Advisory Partners LLC now owns 3,381 shares of the cryptocurrency exchange’s stock valued at $494,000 after purchasing an additional 69 shares during the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global News Summary

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Coinbase launched access to nearly 4,000 U.S. stocks for eligible U.K. customers, including fractional shares, zero-commission trading and funding through pounds or USDC. The move expands Coinbase beyond cryptocurrency trading and could create new revenue opportunities over time. Coinbase Brings Nearly 4,000 US Stocks to UK Users
• Positive Sentiment: Ark Invest, led by Cathie Wood, reportedly bought nearly $10 million of Coinbase and Circle shares after the recent crypto selloff. The purchases may signal confidence in COIN’s long-term valuation, although they do not change the company’s near-term fundamentals. Cathie Wood Buys the Dip in Coinbase and Circle
• Neutral Sentiment: Coinbase CEO Brian Armstrong continues lobbying for the CLARITY Act, which the company says would establish clearer crypto regulations. However, prediction-market odds and new Republican opposition suggest a vote or enactment this year is becoming less likely, delaying a potentially important regulatory catalyst. As Chance of Crypto Bill Vote Fades, Coinbase Stock Could Feel More Pain
• Negative Sentiment: Coinbase’s second-quarter results showed a $1.36 per-share loss versus the expected $0.44 loss, while revenue of $1.22 billion missed estimates and fell 18.5% year over year. The sharp reversal from a year-earlier profit reinforces concerns about crypto trading activity and earnings volatility. Coinbase Q2 Loss and Cathie Wood Buying
• Negative Sentiment: Zacks added COIN to its Rank #5 “Strong Sell” list, adding to bearish technical and fundamental sentiment. Separately, Cantor Fitzgerald lowered its Coinbase price target to $184, while a director sold 35,068 shares worth approximately $5.1 million under a pre-arranged Rule 10b5-1 plan. New Strong Sell Stocks for August 6th

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.