Coinbase Global (NASDAQ:COIN) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday,Zacks.com reports.
COIN has been the topic of several other research reports. Barclays reduced their price target on shares of Coinbase Global from $99.00 to $95.00 and set an “underweight” rating on the stock in a research report on Friday, July 31st. HC Wainwright reissued a “buy” rating and issued a $265.00 price objective on shares of Coinbase Global in a research note on Friday, July 31st. KeyCorp restated a “sector weight” rating on shares of Coinbase Global in a report on Wednesday, June 17th. JPMorgan Chase & Co. upped their target price on shares of Coinbase Global from $252.00 to $290.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. Finally, Robert W. Baird set a $130.00 price target on shares of Coinbase Global in a report on Friday, July 31st. Eighteen research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $215.11.
Read Our Latest Stock Report on Coinbase Global
Coinbase Global Stock Performance
Coinbase Global (NASDAQ:COIN – Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.92). The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Coinbase Global had a positive return on equity of 3.12% and a negative net margin of 15.72%.The firm’s revenue was down 18.5% on a year-over-year basis. During the same period last year, the company earned $5.14 earnings per share. On average, research analysts predict that Coinbase Global will post -0.05 EPS for the current fiscal year.
Insider Activity
In other Coinbase Global news, insider Paul Grewal sold 1,960 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $176.88, for a total transaction of $346,684.80. Following the transaction, the insider owned 84,753 shares in the company, valued at $14,991,110.64. The trade was a 2.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lawrence J. Brock sold 6,616 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $189.01, for a total transaction of $1,250,490.16. Following the completion of the sale, the insider directly owned 517 shares in the company, valued at approximately $97,718.17. This represents a 92.75% 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 sold 65,695 shares of company stock valued at $10,388,854 over the last ninety days. 16.66% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Coinbase Global
Hedge funds have recently added to or reduced their stakes in the company. MV Capital Management Inc. purchased a new position in shares of Coinbase Global during the fourth quarter valued at approximately $27,000. Palisade Asset Management LLC bought a new position in shares of Coinbase Global during the third quarter valued at approximately $29,000. Osbon Capital Management LLC purchased a new stake in shares of Coinbase Global in the fourth quarter worth approximately $30,000. Glen Eagle Advisors LLC raised its holdings in shares of Coinbase Global by 101.1% in the first quarter. Glen Eagle Advisors LLC now owns 175 shares of the cryptocurrency exchange’s stock worth $31,000 after buying an additional 88 shares during the period. Finally, Archer Investment Corp lifted its stake in shares of Coinbase Global by 546.4% during the 1st quarter. Archer Investment Corp now owns 181 shares of the cryptocurrency exchange’s stock worth $32,000 after acquiring an additional 153 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.
Coinbase Global News Summary
Here are the key news stories impacting Coinbase Global this week:
- Positive Sentiment: Coinbase launched access to nearly 4,000 U.S. stocks for eligible U.K. customers, including fractional shares, zero-commission trading and funding through pounds or USDC. The move expands Coinbase beyond cryptocurrency trading and could create new revenue opportunities over time. Coinbase Brings Nearly 4,000 US Stocks to UK Users
- Positive Sentiment: Ark Invest, led by Cathie Wood, reportedly bought nearly $10 million of Coinbase and Circle shares after the recent crypto selloff. The purchases may signal confidence in COIN’s long-term valuation, although they do not change the company’s near-term fundamentals. Cathie Wood Buys the Dip in Coinbase and Circle
- Neutral Sentiment: Coinbase CEO Brian Armstrong continues lobbying for the CLARITY Act, which the company says would establish clearer crypto regulations. However, prediction-market odds and new Republican opposition suggest a vote or enactment this year is becoming less likely, delaying a potentially important regulatory catalyst. As Chance of Crypto Bill Vote Fades, Coinbase Stock Could Feel More Pain
- Negative Sentiment: Coinbase’s second-quarter results showed a $1.36 per-share loss versus the expected $0.44 loss, while revenue of $1.22 billion missed estimates and fell 18.5% year over year. The sharp reversal from a year-earlier profit reinforces concerns about crypto trading activity and earnings volatility. Coinbase Q2 Loss and Cathie Wood Buying
- Negative Sentiment: Zacks added COIN to its Rank #5 “Strong Sell” list, adding to bearish technical and fundamental sentiment. Separately, Cantor Fitzgerald lowered its Coinbase price target to $184, while a director sold 35,068 shares worth approximately $5.1 million under a pre-arranged Rule 10b5-1 plan. New Strong Sell Stocks for August 6th
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.
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