Coinbase Global (NASDAQ:COIN) Price Target Cut to $223.20 by Analysts at China Renaissance

Coinbase Global (NASDAQ:COIN) had its target price dropped by stock analysts at China Renaissance from $301.50 to $223.20 in a research note issued on Monday,MarketScreener reports. The firm presently has a “buy” rating on the cryptocurrency exchange’s stock. China Renaissance’s price target suggests a potential upside of 35.45% from the stock’s previous close.

A number of other research analysts also recently issued reports on the stock. BTIG Research dropped their target price on shares of Coinbase Global from $340.00 to $280.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Argus reissued a “hold” rating on shares of Coinbase Global in a research report on Tuesday, November 25th. Weiss Ratings reissued a “hold (c)” rating on shares of Coinbase Global in a report on Friday, January 9th. President Capital upped their price objective on shares of Coinbase Global from $401.00 to $472.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Finally, Compass Point dropped their price target on shares of Coinbase Global from $190.00 to $140.00 and set a “sell” rating on the stock in a research note on Friday. Nineteen analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Coinbase Global presently has an average rating of “Moderate Buy” and an average target price of $278.54.

Coinbase Global Stock Performance

COIN opened at $164.79 on Monday. Coinbase Global has a 12-month low of $139.36 and a 12-month high of $444.64. The stock has a market cap of $43.52 billion, a price-to-earnings ratio of 37.70, a PEG ratio of 2.62 and a beta of 3.70. The business has a 50 day moving average of $213.86 and a 200-day moving average of $278.05. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, February 12th. The cryptocurrency exchange reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.17). Coinbase Global had a return on equity of 8.68% and a net margin of 17.55%.The company had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter in the previous year, the business posted $4.68 EPS. The firm’s revenue for the quarter was down 21.6% on a year-over-year basis. On average, equities research analysts expect that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 364,600 shares of Coinbase Global stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $154.95, for a total transaction of $56,494,770.00. Following the completion of the sale, the chief financial officer directly owned 402,165 shares in the company, valued at $62,315,466.75. The trade was a 47.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Brian Armstrong sold 40,000 shares of the firm’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $248.96, for a total value of $9,958,400.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 566,706 shares of company stock valued at $108,535,334 in the last 90 days. Corporate insiders own 16.56% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. REAP Financial Group LLC purchased a new position in Coinbase Global in the 3rd quarter worth approximately $25,000. Evelyn Partners Investment Management Europe Ltd grew its holdings in shares of Coinbase Global by 92.3% in the second quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock valued at $29,000 after purchasing an additional 36 shares in the last quarter. Palisade Asset Management LLC bought a new stake in Coinbase Global in the third quarter worth $29,000. Cullen Frost Bankers Inc. bought a new stake in Coinbase Global in the second quarter worth $30,000. Finally, Salomon & Ludwin LLC grew its stake in shares of Coinbase Global by 4,400.0% in the 3rd quarter. Salomon & Ludwin LLC now owns 90 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 88 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Company Profile

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.