Coinbase Global (NASDAQ:COIN) Stock Price Down 5.8% – What’s Next?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) fell 5.8% on Tuesday . The company traded as low as $144.10 and last traded at $142.8530. Approximately 2,553,457 shares changed hands during trading, a decline of 77% from the average daily volume of 10,914,867 shares. The stock had previously closed at $151.65.

Coinbase Global News Roundup

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

• Positive Sentiment: Coinbase partnered with Spiko to enable USDC and EURC payments for European UCITS treasury funds, making Coinbase Payments and the Base network the first direct stablecoin rails for these regulated fund products. Article Title
• Positive Sentiment: Coinbase is positioned to benefit from Europe’s MiCA rollout as users leave exchanges that failed to win approval, with Coinbase cited as one of the authorized platforms trying to attract those displaced customers. Article Title
• Positive Sentiment: Ark Invest bought $16.9 million worth of Coinbase shares along with other crypto names, signaling continued institutional confidence in the sector. Article Title
• Positive Sentiment: Bernstein said Coinbase could be a beneficiary as Robinhood, Coinbase, and DraftKings build prediction-market exchanges, creating another potential growth avenue beyond core trading fees. Article Title
• Neutral Sentiment: Coinbase also drew trader attention after recent market coverage highlighted that it had been outperforming the market on a short-term basis. Article Title
• Negative Sentiment: Some commentary remains skeptical on Coinbase’s fundamentals and argues the stock’s bullish narrative may be running ahead of the underlying business reality. Article Title

Analysts Set New Price Targets

COIN has been the subject of several research reports. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 target price on shares of Coinbase Global in a research report on Wednesday, June 17th. Weiss Ratings raised Coinbase Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, May 29th. HC Wainwright dropped their price objective on shares of Coinbase Global from $350.00 to $310.00 and set a “buy” rating for the company in a report on Friday, May 8th. Piper Sandler cut their target price on shares of Coinbase Global from $180.00 to $170.00 and set a “neutral” rating on the stock in a research report on Friday, May 8th. Finally, Zacks Research raised shares of Coinbase Global from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 14th. Eighteen research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Coinbase Global has a consensus rating of “Hold” and an average price target of $250.65.

Coinbase Global Stock Down 4.3%

The company has a debt-to-equity ratio of 0.44, a current ratio of 2.14 and a quick ratio of 2.14. The company has a market capitalization of $38.25 billion, a P/E ratio of 54.57, a P/E/G ratio of 5.26 and a beta of 3.32. The stock has a 50-day moving average price of $180.78 and a 200-day moving average price of $195.43.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing the consensus estimate of $0.06 by ($1.55). The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.49 billion. Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The business’s revenue was down 30.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.24 earnings per share. On average, research analysts predict that Coinbase Global, Inc. will post 1.74 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, CFO Alesia J. Haas sold 10,020 shares of the business’s stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $200.00, for a total value of $2,004,000.00. Following the transaction, the chief financial officer owned 377,201 shares in the company, valued at $75,440,200. The trade was a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer N. Jones sold 2,051 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $158.15, for a total transaction of $324,365.65. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 30,647 shares of company stock worth $5,740,941. Company insiders own 16.66% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Coinbase Global by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 26,400,836 shares of the cryptocurrency exchange’s stock valued at $5,970,285,000 after purchasing an additional 184,043 shares during the period. Geode Capital Management LLC increased its holdings in Coinbase Global by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 6,098,062 shares of the cryptocurrency exchange’s stock worth $1,374,080,000 after purchasing an additional 189,080 shares in the last quarter. Paradigm Operations LP increased its holdings in Coinbase Global by 3.3% in the fourth quarter. Paradigm Operations LP now owns 4,262,458 shares of the cryptocurrency exchange’s stock worth $963,912,000 after purchasing an additional 134,425 shares in the last quarter. Norges Bank acquired a new position in Coinbase Global in the fourth quarter valued at approximately $656,744,000. Finally, ARK Investment Management LLC boosted its holdings in shares of Coinbase Global by 6.1% during the 4th quarter. ARK Investment Management LLC now owns 2,541,928 shares of the cryptocurrency exchange’s stock worth $574,832,000 after buying an additional 146,388 shares in the last quarter. 68.84% of the stock is owned by institutional investors.

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.