Coinbase Global (NASDAQ:COIN) Price Target Lowered to $223.20 at China Renaissance

Coinbase Global (NASDAQ:COIN) had its price target reduced by equities research analysts at China Renaissance from $301.50 to $223.20 in a note issued to investors on Monday,MarketScreener reports. The brokerage presently has a “buy” rating on the cryptocurrency exchange’s stock. China Renaissance’s target price suggests a potential upside of 35.45% from the company’s current price.

A number of other brokerages have also issued reports on COIN. HC Wainwright dropped their target price on shares of Coinbase Global from $425.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. Barclays decreased their target price on Coinbase Global from $258.00 to $148.00 and set an “equal weight” rating on the stock in a research report on Friday, February 13th. Raymond James Financial reaffirmed a “market perform” rating on shares of Coinbase Global in a report on Thursday, January 8th. Zacks Research cut Coinbase Global from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 17th. Finally, JPMorgan Chase & Co. reduced their target price on Coinbase Global from $399.00 to $290.00 and set an “overweight” rating for the company in a research report on Tuesday, February 10th. Nineteen equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $278.54.

Coinbase Global Price Performance

Shares of COIN opened at $164.79 on Monday. The stock’s fifty day moving average is $213.86 and its 200-day moving average is $278.05. The firm has a market capitalization of $43.52 billion, a price-to-earnings ratio of 37.70, a price-to-earnings-growth ratio of 2.62 and a beta of 3.70. Coinbase Global has a one year low of $139.36 and a one year high of $444.64. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.34 and a current ratio of 2.34.

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

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 4,125 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $274.06, for a total value of $1,130,497.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Grewal sold 11,955 shares of Coinbase Global stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $246.18, for a total transaction of $2,943,081.90. Following the transaction, the insider directly owned 75,811 shares in the company, valued at approximately $18,663,151.98. This represents a 13.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 566,706 shares of company stock valued at $108,535,334. 16.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Institutional investors have recently added to or reduced their stakes in the stock. REAP Financial Group LLC acquired a new position in Coinbase Global during the third quarter worth $25,000. Evelyn Partners Investment Management Europe Ltd boosted its stake in shares of Coinbase Global by 92.3% during the 2nd quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock worth $29,000 after buying an additional 36 shares during the last quarter. Palisade Asset Management LLC acquired a new position in shares of Coinbase Global during the 3rd quarter worth about $29,000. Cullen Frost Bankers Inc. bought a new position in shares of Coinbase Global in the 2nd quarter valued at about $30,000. Finally, Salomon & Ludwin LLC increased its position in shares of Coinbase Global by 4,400.0% in the third quarter. Salomon & Ludwin LLC now owns 90 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 88 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

Coinbase Global Company Profile

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.