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

Coinbase Global (NASDAQ:COIN) had its target price lowered by stock analysts at BTIG Research from $280.00 to $260.00 in a research report issued to clients and investors on Monday, MarketBeat reports. The firm currently has a “buy” rating on the cryptocurrency exchange’s stock. BTIG Research’s price objective would indicate a potential upside of 63.45% from the company’s previous close.

COIN has been the topic of several other reports. The Goldman Sachs Group increased their price objective on shares of Coinbase Global from $226.00 to $228.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $208.00 price target on shares of Coinbase Global in a research report on Wednesday, June 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price target on shares of Coinbase Global in a research note on Wednesday, June 17th. B. Riley Financial lowered their price objective on Coinbase Global from $243.00 to $203.00 and set a “neutral” rating on the stock in a report on Monday, June 1st. Finally, Robert W. Baird cut their price objective on Coinbase Global from $160.00 to $142.00 and set a “neutral” rating for the company in a research note on Friday, June 5th. Eighteen equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $251.16.

Coinbase Global Price Performance

Coinbase Global stock opened at $159.07 on Monday. 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 stock has a market capitalization of $41.91 billion, a PE ratio of 59.80, a price-to-earnings-growth ratio of 6.10 and a beta of 3.35. The business has a 50 day simple moving average of $173.89 and a 200-day simple moving average of $189.48. Coinbase Global has a 12 month low of $139.18 and a 12 month high of $444.64.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($1.55). The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Coinbase Global had a net margin of 12.20% and a return on equity of 4.16%. The company’s quarterly revenue was down 30.5% on a year-over-year basis. During the same quarter last year, the business earned $0.24 EPS. On average, analysts anticipate that Coinbase Global will post 1.75 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, Director Frederick R. Wilson sold 10,000 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $159.09, for a total value of $1,590,900.00. Following the completion of the sale, the director owned 20,000 shares in the company, valued at approximately $3,181,800. This represents a 33.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lawrence J. Brock sold 6,616 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $189.01, for a total transaction of $1,250,490.16. Following the completion of the transaction, the insider directly owned 517 shares in the company, valued at $97,718.17. This trade represents a 92.75% decrease in their ownership of the stock. 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 quarter, insiders sold 40,647 shares of company stock valued at $7,331,841. Company insiders own 16.66% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

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

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.