Coinbase Global (NASDAQ:COIN) Trading Down 1.9% – What’s Next?

23 Oct 2024, 19:40 by Kim Johansen · The Markets Daily

Coinbase Global, Inc. (NASDAQ:COIN) fell 1.9% during mid-day trading on Wednesday . The company traded as low as $204.82 and last traded at $206.76. 2,425,248 shares changed hands during trading, a decline of 77% from the average session volume of 10,356,761 shares. The stock had previously closed at $210.72.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on COIN shares. Bank of America decreased their price objective on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Barclays raised their price target on Coinbase Global from $169.00 to $175.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. JMP Securities reiterated a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a research report on Wednesday, October 9th. Needham & Company LLC reissued a “buy” rating and issued a $260.00 target price on shares of Coinbase Global in a research report on Monday, August 5th. Finally, Compass Point reduced their price target on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Coinbase Global currently has an average rating of “Hold” and a consensus price target of $242.82.

View Our Latest Report on Coinbase Global

Coinbase Global Stock Down 6.1 %

The firm has a market capitalization of $48.62 billion, a PE ratio of 39.31 and a beta of 3.35. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.03 and a quick ratio of 1.03. The company has a 50-day moving average price of $180.85 and a 200 day moving average price of $210.69.

Coinbase Global (NASDAQ:COIN – Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm posted ($0.42) earnings per share. The business’s revenue was up 104.8% on a year-over-year basis. Analysts forecast that Coinbase Global, Inc. will post 3.92 earnings per share for the current year.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $235.75, for a total value of $2,357,500.00. Following the completion of the transaction, the insider now directly owns 71,195 shares of the company’s stock, valued at approximately $16,784,221.25. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $233.00, for a total transaction of $349,500.00. Following the sale, the chief operating officer now directly owns 194,971 shares in the company, valued at approximately $45,428,243. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $235.75, for a total transaction of $2,357,500.00. Following the completion of the transaction, the insider now directly owns 71,195 shares of the company’s stock, valued at approximately $16,784,221.25. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 81,187 shares of company stock valued at $15,515,794. Insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Crewe Advisors LLC raised its stake in shares of Coinbase Global by 547.4% in the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after acquiring an additional 104 shares during the period. Lynx Investment Advisory bought a new stake in Coinbase Global in the second quarter worth about $29,000. Concord Wealth Partners boosted its position in shares of Coinbase Global by 322.2% during the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after buying an additional 87 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of Coinbase Global by 833.3% during the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after buying an additional 100 shares during the period. Finally, Versant Capital Management Inc grew its stake in shares of Coinbase Global by 75.0% during the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after buying an additional 57 shares during the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

About Coinbase Global

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