Coinbase Global (NASDAQ:COIN) Shares Gap Down to $158.46

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $158.46, but opened at $153.56. Coinbase Global shares last traded at $150.19, with a volume of 1,911,783 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. HC Wainwright reduced their price objective on Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and lifted their price target for the company from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Bank of America lowered their price objective on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a report on Friday, August 2nd. Finally, Compass Point decreased their target price on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $246.06.

Coinbase Global Price Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $37.74 billion, a price-to-earnings ratio of 29.98 and a beta of 3.36. The stock has a 50 day moving average price of $208.01 and a 200-day moving average price of $224.18.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The company’s revenue for the quarter was up 104.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.42) EPS. On average, analysts forecast that Coinbase Global, Inc. will post 4.28 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Emilie Choi sold 8,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $176.09, for a total value of $1,408,720.00. Following the completion of the sale, the chief operating officer now owns 189,101 shares of the company’s stock, valued at $33,298,795.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $219.45, for a total value of $2,194,500.00. Following the transaction, the insider now owns 71,195 shares of the company’s stock, valued at approximately $15,623,742.75. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Emilie Choi sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $176.09, for a total value of $1,408,720.00. Following the sale, the chief operating officer now directly owns 189,101 shares of the company’s stock, valued at $33,298,795.09. The disclosure for this sale can be found here. Over the last three months, insiders have sold 111,562 shares of company stock worth $23,241,279. 23.43% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Creekmur Asset Management LLC purchased a new position in shares of Coinbase Global during the 4th quarter worth approximately $27,000. Crewe Advisors LLC grew its stake in shares of Coinbase Global by 547.4% in the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after buying an additional 104 shares in the last quarter. Lynx Investment Advisory purchased a new stake in shares of Coinbase Global in the 2nd quarter valued at $29,000. Concord Wealth Partners lifted its stake in Coinbase Global by 322.2% during the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 87 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in Coinbase Global by 833.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 100 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Company Profile

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.