Coinbase Global (NASDAQ:COIN) Downgraded by Zacks Research to “Strong Sell”

Coinbase Global (NASDAQ:COIN) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other brokerages also recently commented on COIN. Jefferies Financial Group upped their target price on shares of Coinbase Global from $151.00 to $181.00 and gave the stock a “hold” rating in a research note on Thursday, April 9th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $300.00 price target on shares of Coinbase Global in a research note on Friday, July 31st. Monness Crespi & Hardt reiterated a “sell” rating on shares of Coinbase Global in a report on Friday, June 5th. BTIG Research dropped their price objective on Coinbase Global from $260.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Finally, Needham & Company LLC dropped their price objective on Coinbase Global from $220.00 to $177.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Eighteen analysts have rated the stock with a Buy rating, nine have given a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $215.11.

Coinbase Global Trading Down 3.0%

NASDAQ COIN opened at $145.41 on Wednesday. The company’s 50-day moving average price is $160.66 and its 200-day moving average price is $178.50. The company has a current ratio of 2.42, a quick ratio of 2.42 and a debt-to-equity ratio of 0.45. The stock has a market cap of $38.31 billion, a PE ratio of -37.87, a PEG ratio of 42.15 and a beta of 3.36. Coinbase Global has a 12 month low of $139.11 and a 12 month high of $402.16.

Coinbase Global (NASDAQ:COIN) last posted its quarterly 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 positive return on equity of 3.12% and a negative net margin of 15.72%.The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the prior year, the business earned $5.14 EPS. The company’s quarterly revenue was down 18.5% on a year-over-year basis. Equities research analysts forecast that Coinbase Global will post -0.05 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other news, Director Frederick R. Wilson sold 35,068 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $144.32, for a total transaction of $5,061,013.76. The transaction was disclosed in a filing with the SEC, which can be accessed through 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 Coinbase Global stock in a transaction that occurred 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 transaction, the insider directly owned 517 shares in the company, valued at approximately $97,718.17. The trade was a 92.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 65,695 shares of company stock worth $10,388,854. 16.66% of the stock is owned by company insiders.

Institutional Trading of Coinbase Global

Several hedge funds and other institutional investors have recently bought and sold shares of COIN. Palisade Asset Management LLC bought a new stake in Coinbase Global during the third quarter valued at about $29,000. MV Capital Management Inc. purchased a new stake in shares of Coinbase Global during the fourth quarter valued at about $27,000. Osbon Capital Management LLC bought a new stake in shares of Coinbase Global in the 4th quarter valued at about $30,000. JPL Wealth Management LLC bought a new stake in shares of Coinbase Global in the 3rd quarter valued at about $49,000. Finally, Brooklands Fund Management Ltd purchased a new position in shares of Coinbase Global in the 4th quarter worth approximately $34,000. Institutional investors own 68.84% of the company’s stock.

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.