Coinbase Global (NASDAQ:COIN) Hits New 12-Month Low – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN) shares hit a new 52-week low during mid-day trading on Friday. The stock traded as low as $126.90 and last traded at $127.8920, with a volume of 1,386,203 shares trading hands. The stock had previously closed at $130.67.

Key Stories Impacting Coinbase Global

Investors following COIN have been watching these stories:

• Positive Sentiment: PNC is piloting a service that converts eligible businesses’ incoming USDC payments into dollar deposits, expanding a Coinbase-powered use case for stablecoins and potentially supporting payment-related revenue. PNC’s Coinbase Pilot Turns Incoming USDC Into Business Bank Deposits
• Neutral Sentiment: Coinbase is defending the ability to offer perpetual futures tied to U.S. stocks. The product could broaden its derivatives business, but the legal dispute leaves its availability uncertain. Arthur Hayes ‘flattered’ as Coinbase backs US stock perps
• Negative Sentiment: Analyst estimates have moved lower: B. Riley reaffirmed a neutral rating while cutting its price target to $150 from $203, and a separate fair-value estimate fell to $196.56 from $211.12. B. Riley rating and price target Coinbase Stock Fair Value Moves Lower

Analysts Set New Price Targets

Several research firms have recently weighed in on COIN. Cantor Fitzgerald set a $200.00 price target on Coinbase Global and gave the stock an “overweight” rating in a research note on Thursday. Jefferies Financial Group restated a “hold” rating and issued a $174.00 price objective on shares of Coinbase Global in a research note on Friday, October 30th. BTIG Research restated a “buy” rating and issued a $240.00 price objective on shares of Coinbase Global in a research note on Friday, October 30th. Keefe, Bruyette & Woods dropped their price objective on shares of Coinbase Global from $237.00 to $221.00 and set an “outperform” rating on the stock in a report on Tuesday, November 3rd. Finally, B. Riley Financial reiterated a “neutral” rating and set a $150.00 target price (down from $203.00) on shares of Coinbase Global in a research report on Thursday. Twenty-one investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $207.92.

Coinbase Global Stock Performance

The company has a quick ratio of 2.42, a current ratio of 2.42 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $33.88 billion, a PE ratio of -45.00 and a beta of 3.35. The company has a 50-day moving average price of $171.69 and a two-hundred day moving average price of $174.54.

Insider Buying and Selling

In other Coinbase Global news, CAO Jennifer Jones sold 2,062 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $188.75, for a total value of $389,202.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alesia Haas sold 39,030 shares of Coinbase Global stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $205.24, for a total value of $8,010,517.20. Following the transaction, the chief financial officer directly owned 345,376 shares of the company’s stock, valued at $70,884,970.24. The trade was a 10.15% 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 have sold 92,120 shares of company stock worth $17,968,544 in the last 90 days. 16.66% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp purchased a new stake in Coinbase Global in the 2nd quarter worth approximately $142,995,000. Southpoint Capital Advisors LP bought a new position in Coinbase Global in the 1st quarter valued at $104,766,000. National Pension Service grew its position in shares of Coinbase Global by 117.1% during the 2nd quarter. National Pension Service now owns 641,518 shares of the cryptocurrency exchange’s stock valued at $93,784,000 after purchasing an additional 346,045 shares in the last quarter. Partners Wealth Management LLC purchased a new position in shares of Coinbase Global during the 3rd quarter valued at $42,554,000. Finally, Assenagon Asset Management S.A. grew its position in shares of Coinbase Global by 103.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 314,338 shares of the cryptocurrency exchange’s stock valued at $58,889,000 after purchasing an additional 159,636 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

About Coinbase Global

Coinbase Global operates a cryptocurrency platform serving individual consumers, businesses and institutional clients. Its services include buying, selling and holding digital assets, as well as trading tools and cryptocurrency custody services. The company also offers products for developers and businesses building on blockchain networks, including Base, its Ethereum layer-2 network. Coinbase supports the USDC stablecoin through its partnership with Circle and provides services such as staking and payment infrastructure.