Coinbase Global (NASDAQ:COIN) Price Target Cut to $99.00 by Analysts at Barclays

Coinbase Global (NASDAQ:COIN) had its target price cut by Barclays from $107.00 to $99.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the cryptocurrency exchange’s stock. Barclays‘s price objective indicates a potential downside of 36.98% from the stock’s previous close.

COIN has been the subject of a number of other reports. The Goldman Sachs Group boosted their price objective on shares of Coinbase Global from $226.00 to $228.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. 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 report on Friday, June 5th. Zacks Research raised Coinbase Global from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 14th. Benchmark reissued a “buy” rating and issued a $270.00 price objective on shares of Coinbase Global in a research report on Wednesday, June 17th. Finally, Citigroup restated a “market outperform” rating on shares of Coinbase Global in a research note on Thursday. Eighteen investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $252.72.

View Our Latest Research Report on COIN

Coinbase Global Stock Down 1.4%

Shares of Coinbase Global stock opened at $157.09 on Thursday. The stock has a market capitalization of $41.39 billion, a price-to-earnings ratio of 58.94, a PEG ratio of 5.77 and a beta of 3.35. Coinbase Global has a twelve month low of $139.18 and a twelve month high of $444.64. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 0.44. The business’s 50 day simple moving average is $175.05 and its 200-day simple moving average is $190.72.

Coinbase Global (NASDAQ:COINGet Free Report) last issued its quarterly earnings data on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($1.55). The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.49 billion. Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.Coinbase Global’s quarterly revenue was down 30.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.24 earnings per share. Equities research analysts forecast that Coinbase Global will post 1.74 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In related news, Director Frederick R. Wilson sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $159.09, for a total value of $1,590,900.00. Following the transaction, the director owned 20,000 shares in the company, valued at $3,181,800. This trade represents a 33.33% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alesia J. Haas sold 10,020 shares of the business’s stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $200.00, for a total value of $2,004,000.00. Following the sale, the chief financial officer directly owned 377,201 shares of the company’s stock, valued at $75,440,200. This represents a 2.59% 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. Insiders have sold a total of 40,647 shares of company stock valued at $7,331,841 over the last ninety days. Company insiders own 16.66% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several large investors have recently bought and sold shares of COIN. Palisade Asset Management LLC acquired a new position in shares of Coinbase Global in the 3rd quarter valued at $29,000. MV Capital Management Inc. bought a new position in shares of Coinbase Global during the fourth quarter worth approximately $27,000. Osbon Capital Management LLC acquired a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $30,000. JPL Wealth Management LLC acquired a new stake in shares of Coinbase Global in the third quarter valued at approximately $49,000. Finally, Brooklands Fund Management Ltd bought a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $34,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Key Coinbase Global News

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

About Coinbase Global

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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.

Further Reading

Analyst Recommendations for Coinbase Global (NASDAQ:COIN)

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