HC Wainwright Cuts Coinbase Global (NASDAQ:COIN) Price Target to $295.00

Coinbase Global (NASDAQ:COIN) had its price objective cut by HC Wainwright from $315.00 to $295.00 in a research report report published on Friday morning, Benzinga reports. They currently have a buy rating on the cryptocurrency exchange’s stock.

Several other analysts have also recently issued reports on COIN. Piper Sandler upped their price objective on shares of Coinbase Global from $225.00 to $245.00 and gave the company a neutral rating in a research note on Friday, April 12th. Needham & Company LLC reaffirmed a buy rating and set a $260.00 price objective on shares of Coinbase Global in a research note on Friday, July 19th. Barclays dropped their price objective on shares of Coinbase Global from $204.00 to $196.00 and set an underweight rating for the company in a research note on Wednesday, July 10th. Bank of America raised shares of Coinbase Global from an underperform rating to a neutral rating and upped their price objective for the company from $110.00 to $217.00 in a research note on Friday, May 17th. Finally, Oppenheimer boosted their target price on shares of Coinbase Global from $276.00 to $282.00 and gave the company an outperform rating in a report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Hold and an average target price of $245.27.

Coinbase Global Price Performance

Shares of COIN stock traded down $14.97 on Friday, reaching $189.47. 18,676,352 shares of the company were exchanged, compared to its average volume of 11,307,071. The company has a market cap of $46.53 billion, a price-to-earnings ratio of 34.46 and a beta of 3.40. The business has a 50-day moving average price of $234.52 and a 200 day moving average price of $215.33. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02. Coinbase Global has a 1 year low of $69.63 and a 1 year high of $283.48.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a return on equity of 14.72% and a net margin of 31.46%. The firm’s revenue for the quarter was up 104.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.42) EPS. Equities research analysts forecast that Coinbase Global will post 4.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CAO Jennifer N. Jones sold 450 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $225.70, for a total value of $101,565.00. Following the sale, the chief accounting officer now directly owns 1,686 shares of the company’s stock, valued at approximately $380,530.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Jennifer N. Jones sold 450 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $225.70, for a total value of $101,565.00. Following the transaction, the chief accounting officer now directly owns 1,686 shares of the company’s stock, valued at approximately $380,530.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Emilie Choi sold 1,500 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $233.00, for a total transaction of $349,500.00. Following the completion of the transaction, the chief operating officer now directly owns 194,971 shares in the company, valued at $45,428,243. The disclosure for this sale can be found here. In the last three months, insiders have sold 258,601 shares of company stock valued at $56,091,678. Insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Fifth Third Bancorp grew its position in shares of Coinbase Global by 0.4% in the 2nd quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock valued at $2,777,000 after buying an additional 55 shares during the last quarter. Versant Capital Management Inc boosted its stake in Coinbase Global by 75.0% during the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 57 shares during the period. Larson Financial Group LLC boosted its stake in Coinbase Global by 12.1% during the 2nd quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock worth $118,000 after purchasing an additional 57 shares during the period. Capital Advisors Wealth Management LLC boosted its stake in Coinbase Global by 4.6% during the 2nd quarter. Capital Advisors Wealth Management LLC now owns 1,413 shares of the cryptocurrency exchange’s stock worth $314,000 after purchasing an additional 62 shares during the period. Finally, Fountainhead AM LLC boosted its stake in Coinbase Global by 2.1% during the 4th quarter. Fountainhead AM LLC now owns 3,957 shares of the cryptocurrency exchange’s stock worth $688,000 after purchasing an additional 81 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.