Keefe, Bruyette & Woods Lowers Coinbase Global (NASDAQ:COIN) Price Target to $255.00

Coinbase Global (NASDAQ:COIN) had its price objective decreased by research analysts at Keefe, Bruyette & Woods from $275.00 to $255.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “market perform” rating on the cryptocurrency exchange’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 2.64% from the company’s current price.

Several other analysts have also weighed in on COIN. JMP Securities restated a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a report on Wednesday, October 9th. Mizuho upped their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. Oppenheimer lifted their price objective on shares of Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research note on Monday, November 25th. Needham & Company LLC increased their target price on shares of Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, The Goldman Sachs Group cut their price objective on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $284.17.

Coinbase Global Stock Performance

Shares of NASDAQ:COIN traded down $10.34 on Monday, hitting $248.44. The company’s stock had a trading volume of 4,121,801 shares, compared to its average volume of 7,181,045. The company has a market capitalization of $62.20 billion, a price-to-earnings ratio of 42.40 and a beta of 3.59. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. Coinbase Global has a 12 month low of $114.51 and a 12 month high of $349.75. The stock’s 50-day moving average is $287.26 and its two-hundred day moving average is $229.71.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the business posted ($0.01) EPS. The firm’s quarterly revenue was up 78.8% on a year-over-year basis. On average, equities research analysts forecast that Coinbase Global will post 4.44 EPS for the current year.

Insider Activity

In other Coinbase Global news, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at $172,528. This represents a 99.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III sold 22,842 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $281.94, for a total value of $6,440,073.48. Following the transaction, the director now directly owns 10,417 shares of the company’s stock, valued at $2,936,968.98. This represents a 68.68 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 326,983 shares of company stock worth $96,198,957. 23.43% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Clear Street Derivatives LLC acquired a new stake in shares of Coinbase Global during the 3rd quarter worth about $409,919,000. Renaissance Technologies LLC increased its holdings in shares of Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after buying an additional 691,288 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after acquiring an additional 314,388 shares during the last quarter. Azora Capital LP grew its position in Coinbase Global by 214.1% during the 3rd quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock worth $57,525,000 after acquiring an additional 220,078 shares during the last quarter. Finally, Holocene Advisors LP acquired a new stake in Coinbase Global during the 3rd quarter valued at $38,535,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

About Coinbase Global

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.