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 research note released on Thursday morning,Benzinga reports. They currently have an underweight rating on the cryptocurrency exchange’s stock.

Several other equities analysts have also issued reports on COIN. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $208.00 target price on shares of Coinbase Global in a research note on Wednesday, June 17th. Rosenblatt Securities reiterated a “buy” rating and set a $240.00 target price on shares of Coinbase Global in a research note on Wednesday, June 17th. HC Wainwright cut their price target on shares of Coinbase Global from $350.00 to $310.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Monness Crespi & Hardt reissued a “sell” rating on shares of Coinbase Global in a report on Friday, June 5th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Coinbase Global from $252.00 to $290.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Eighteen equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $251.79.

Coinbase Global Price Performance

Coinbase Global stock opened at $158.44 on Thursday. The stock has a market cap of $41.74 billion, a P/E ratio of 59.56, a PEG ratio of 5.63 and a beta of 3.35. 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 company has a 50-day moving average price of $174.34 and a 200 day moving average price of $190.11. Coinbase Global has a 12-month low of $139.18 and a 12-month high of $444.64.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($1.55). The business had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The company’s revenue was down 30.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.24 earnings per share. Sell-side analysts anticipate that Coinbase Global will post 1.74 earnings per share for the current year.

Insider Activity

In other news, Director Frederick R. Wilson sold 10,000 shares of the stock in a transaction that occurred on 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 sale, the director directly owned 20,000 shares in the company, valued at $3,181,800. This represents a 33.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer N. Jones sold 2,051 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $158.15, for a total transaction of $324,365.65. 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 sold a total of 40,647 shares of company stock worth $7,331,841 in the last three months. Company insiders own 16.66% of the company’s stock.

Institutional Inflows and Outflows

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

More Coinbase Global News

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

• Positive Sentiment: Coinbase received another constructive analyst action, with Citizens JMP cutting its price target but still maintaining an “outperform” rating, suggesting Wall Street still sees meaningful upside potential. Citizens JMP price target update
• Positive Sentiment: The company continues to expand its product and regulatory footprint, including UK authorization to offer stocks and derivatives and the addition of new trading features such as margin support for Filecoin and restored prediction markets trading after a technical issue. UK authorization article Prediction markets restoration article
• Neutral Sentiment: Coinbase announced a leadership transition in its legal team: Chief Legal Officer Paul Grewal will step down after six years and move into an advisory role, with Molly Abraham set to become general counsel. This looks orderly, but it adds some uncertainty around a key regulatory leader. Reuters article on Grewal departure
• Negative Sentiment: Barclays lowered its price target on Coinbase and kept an “underweight” rating, reinforcing bearish sentiment from some analysts. Barclays price target update
• Negative Sentiment: Broader crypto markets fell after geopolitical tensions rattled risk assets, which can weigh on Coinbase because trading activity and investor sentiment often move with crypto prices. Crypto market slide article

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.