Coinbase Global (NASDAQ:COIN) Price Target Lowered to $254.00 at Rothschild & Co Redburn

Coinbase Global (NASDAQ:COIN) had its price target cut by equities research analysts at Rothschild & Co Redburn from $281.00 to $254.00 in a report released on Thursday,MarketScreener reports. The firm currently has a “buy” rating on the cryptocurrency exchange’s stock. Rothschild & Co Redburn’s price target indicates a potential upside of 53.87% from the stock’s current price.

Several other research analysts have also weighed in on the stock. Zacks Research lowered shares of Coinbase Global from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 17th. Barclays decreased their target price on shares of Coinbase Global from $258.00 to $148.00 and set an “equal weight” rating for the company in a research note on Friday, February 13th. The Goldman Sachs Group lowered their price target on shares of Coinbase Global from $270.00 to $235.00 and set a “buy” rating on the stock in a report on Thursday, March 26th. Deutsche Bank Aktiengesellschaft set a $250.00 price target on shares of Coinbase Global in a research note on Friday, February 13th. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Coinbase Global in a report on Thursday, January 8th. Nineteen investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $266.07.

Coinbase Global Trading Down 4.6%

Shares of NASDAQ COIN opened at $165.07 on Thursday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.40. Coinbase Global has a one year low of $139.36 and a one year high of $444.64. The business has a 50-day moving average price of $183.67 and a two-hundred day moving average price of $253.95. The firm has a market capitalization of $43.59 billion, a PE ratio of 37.51, a PEG ratio of 3.02 and a beta of 3.60.

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

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 1,375 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $250.27, for a total value of $344,121.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian Armstrong sold 40,000 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $248.96, for a total transaction of $9,958,400.00. The SEC filing for this sale provides additional information. Insiders sold 438,120 shares of company stock worth $73,878,750 over the last ninety days. 16.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Hedge funds have recently bought and sold shares of the business. Purpose Unlimited Inc. bought a new position in Coinbase Global during the fourth quarter valued at about $10,832,000. Rockefeller Capital Management L.P. boosted its stake in shares of Coinbase Global by 0.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 216,150 shares of the cryptocurrency exchange’s stock worth $48,880,000 after acquiring an additional 1,591 shares in the last quarter. Osbon Capital Management LLC bought a new stake in shares of Coinbase Global during the 4th quarter worth about $30,000. World Investment Advisors increased its holdings in shares of Coinbase Global by 37.3% during the 4th quarter. World Investment Advisors now owns 5,709 shares of the cryptocurrency exchange’s stock valued at $1,291,000 after acquiring an additional 1,552 shares during the last quarter. Finally, Audent Global Asset Management LLC increased its holdings in shares of Coinbase Global by 362.4% during the 4th quarter. Audent Global Asset Management LLC now owns 12,019 shares of the cryptocurrency exchange’s stock valued at $2,718,000 after acquiring an additional 9,420 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

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.