Coinbase Global, Inc. (NASDAQ:COIN) shares traded down 6.8% during mid-day trading on Tuesday . The stock traded as low as $178.75 and last traded at $178.5160. Approximately 2,280,824 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 10,177,519 shares. The stock had previously closed at $191.45.
More Coinbase Global News
Here are the key news stories impacting Coinbase Global this week:
- Positive Sentiment: A revised CLARITY Act draft and concessions from President Donald Trump had recently improved expectations that the bill could advance, helping drive a strong rally in Coinbase and other crypto-related stocks. Coinbase stock on edge as CLARITY Act odds of passing dip despite Trump concessions
- Positive Sentiment: CEO Brian Armstrong expressed optimism that the Senate vote could secure the 60 votes needed to advance the legislation, reinforcing Coinbase’s public support for regulatory clarity. Clarity Act faces crucial Senate test
- Positive Sentiment: Coinbase is expanding its stablecoin business through partnerships that provide custody, payments and settlement services for community banks, while Coinbase Ventures-backed Fin.com raised $20 million to develop global stablecoin infrastructure. These initiatives support longer-term adoption beyond trading fees. Coinbase expands stablecoin reach through community banks
Analysts Set New Price Targets
Several analysts have commented on the stock. Morgan Stanley initiated coverage on shares of Coinbase Global in a report on Thursday, September 10th. They set an “equal weight” rating and a $250.00 target price on the stock. BTIG Research reduced their price target on shares of Coinbase Global from $260.00 to $240.00 and set a “buy” rating for the company in a report on Friday, July 31st. Piper Sandler lowered their price objective on shares of Coinbase Global from $155.00 to $146.00 and set a “neutral” rating for the company in a research report on Friday, July 31st. Monness Crespi & Hardt restated a “sell” rating on shares of Coinbase Global in a report on Friday, June 5th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $240.00 price objective on shares of Coinbase Global in a research report on Tuesday, July 28th. Eighteen equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $219.97.
Coinbase Global Stock Performance
The stock has a 50-day moving average of $165.88 and a 200-day moving average of $176.23. The firm has a market cap of $47.41 billion, a price-to-earnings ratio of -46.77 and a beta of 3.39. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.42 and a current ratio of 2.42.
Coinbase Global (NASDAQ:COIN – Get Free Report) last released its earnings results on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.92). Coinbase Global had a negative net margin of 15.72% and a positive return on equity of 3.12%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the previous year, the firm posted $5.14 EPS. The company’s revenue was down 18.5% on a year-over-year basis. As a group, analysts anticipate that Coinbase Global, Inc. will post -0.24 EPS for the current fiscal year.
Insider Activity
In other news, Director Frederick Wilson sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $178.93, for a total value of $1,789,300.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Marc Andreessen sold 13,676 shares of the stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $181.14, for a total transaction of $2,477,270.64. Following the transaction, the director owned 1,136,324 shares of the company’s stock, valued at $205,833,729.36. The trade was a 1.19% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 70,806 shares of company stock worth $11,307,687 over the last ninety days. Insiders own 16.66% of the company’s stock.
Hedge Funds Weigh In On Coinbase Global
Large investors have recently modified their holdings of the business. North Dakota State Investment Board acquired a new stake in shares of Coinbase Global in the fourth quarter valued at about $1,626,000. Mizuho Markets Cayman LP acquired a new position in Coinbase Global during the fourth quarter valued at approximately $33,921,000. Harvest Portfolios Group Inc. boosted its position in Coinbase Global by 21.7% during the fourth quarter. Harvest Portfolios Group Inc. now owns 376,578 shares of the cryptocurrency exchange’s stock valued at $85,159,000 after purchasing an additional 67,082 shares during the last quarter. Readystate Asset Management LP acquired a new position in Coinbase Global during the second quarter valued at approximately $2,587,000. Finally, Assenagon Asset Management S.A. grew its stake in Coinbase Global by 366.7% in the second quarter. Assenagon Asset Management S.A. now owns 154,702 shares of the cryptocurrency exchange’s stock valued at $22,616,000 after purchasing an additional 121,552 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.
About Coinbase Global
Coinbase Global, Inc operates a digital asset and cryptocurrency platform serving retail users, institutions, developers and ecosystem partners. Through its exchange, customers can buy, sell, convert, store and transfer a range of cryptocurrencies and other digital assets. The company also provides an advanced trading platform for more experienced users and services designed for institutional trading and market access.
Its product offerings include custodial services, institutional prime brokerage and custody, staking services, a self-custody wallet, and tools that enable developers and businesses to build applications using blockchain networks.
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