JPMorgan Chase & Co. Issues Pessimistic Forecast for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its target price reduced by JPMorgan Chase & Co. from $276.00 to $215.00 in a report published on Friday morning,Benzinga reports. They currently have a neutral rating on the cryptocurrency exchange’s stock.

Other equities analysts have also recently issued reports about the company. Mizuho reduced their price objective on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $400.00 price objective on shares of Coinbase Global in a report on Friday. Citigroup reaffirmed a “neutral” rating on shares of Coinbase Global in a report on Thursday. Cantor Fitzgerald began coverage on Coinbase Global in a report on Tuesday, April 8th. They issued an “overweight” rating and a $245.00 price target for the company. Finally, Rosenblatt Securities cut their price target on Coinbase Global from $290.00 to $260.00 and set a “buy” rating for the company in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $268.65.

Coinbase Global Stock Down 3.4%

Coinbase Global stock opened at $199.47 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. Coinbase Global has a 1-year low of $142.58 and a 1-year high of $349.75. The company has a market cap of $50.64 billion, a PE ratio of 21.00 and a beta of 3.62. The stock’s 50 day moving average price is $187.38 and its 200 day moving average price is $243.30.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). The business had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.22 billion. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The firm’s quarterly revenue was up 24.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.53 earnings per share. On average, sell-side analysts predict that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $275.26, for a total transaction of $6,881,500.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at $144,786.76. This represents a 97.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 7,614 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $295.10, for a total value of $2,246,891.40. Following the sale, the director now owns 10,417 shares of the company’s stock, valued at $3,074,056.70. This represents a 42.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 153,742 shares of company stock worth $32,639,759. 17.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

A number of large investors have recently modified their holdings of COIN. Wilmington Savings Fund Society FSB acquired a new stake in shares of Coinbase Global in the third quarter valued at about $94,000. Principal Financial Group Inc. grew its stake in shares of Coinbase Global by 219.2% in the third quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock valued at $9,558,000 after buying an additional 36,843 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of Coinbase Global by 5.9% in the fourth quarter. Nordea Investment Management AB now owns 14,934 shares of the cryptocurrency exchange’s stock valued at $3,772,000 after buying an additional 836 shares in the last quarter. First Hawaiian Bank acquired a new stake in shares of Coinbase Global in the fourth quarter valued at about $327,000. Finally, Fiduciary Alliance LLC grew its stake in shares of Coinbase Global by 19.5% in the fourth quarter. Fiduciary Alliance LLC now owns 11,453 shares of the cryptocurrency exchange’s stock valued at $2,844,000 after buying an additional 1,872 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

About Coinbase Global

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.