Coinbase Global (NASDAQ:COIN) Announces Earnings Results, Misses Expectations By $2.72 EPS

Coinbase Global, Inc. (NASDAQ:COIN) announced its quarterly earnings data on Tuesday. The cryptocurrency exchange reported ($1.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($2.72), MarketWatch Earnings reports. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.48 billion. Coinbase Global had a net margin of 46.23% and a return on equity of 77.65%. The firm’s revenue for the quarter was down 35.2% compared to the same quarter last year. During the same quarter last year, the company earned $3.05 EPS.

Shares of COIN traded up $4.63 during trading hours on Thursday, hitting $58.35. The company had a trading volume of 2,318,860 shares, compared to its average volume of 6,012,601. Coinbase Global, Inc. has a 52-week low of $50.15 and a 52-week high of $368.90. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.53. The stock’s 50 day moving average price is $153.72 and its 200 day moving average price is $219.37. The firm has a market cap of $12.81 billion and a P/E ratio of 3.95.

A number of analysts have issued reports on COIN shares. Citigroup decreased their target price on Coinbase Global from $300.00 to $275.00 and set a “buy” rating for the company in a research report on Tuesday, March 22nd. Piper Sandler dropped their price objective on shares of Coinbase Global from $440.00 to $360.00 and set an “overweight” rating on the stock in a report on Friday, February 25th. Compass Point lowered their price target on shares of Coinbase Global from $325.00 to $200.00 and set a “neutral” rating on the stock in a research report on Monday, February 28th. Oppenheimer cut their price objective on shares of Coinbase Global from $377.00 to $314.00 and set an “outperform” rating for the company in a report on Monday, April 18th. Finally, Canaccord Genuity Group lowered their target price on shares of Coinbase Global from $275.00 to $120.00 in a report on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, Coinbase Global currently has a consensus rating of “Buy” and an average price target of $250.89.

In other news, insider Paul Grewal sold 1,207 shares of the stock in a transaction that occurred on Friday, February 25th. The stock was sold at an average price of $173.87, for a total transaction of $209,861.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Hedge funds have recently made changes to their positions in the stock. NEXT Financial Group Inc boosted its position in Coinbase Global by 7.9% during the 4th quarter. NEXT Financial Group Inc now owns 795 shares of the cryptocurrency exchange’s stock valued at $200,000 after acquiring an additional 58 shares in the last quarter. Center for Financial Planning Inc. increased its holdings in shares of Coinbase Global by 182.2% during the third quarter. Center for Financial Planning Inc. now owns 127 shares of the cryptocurrency exchange’s stock valued at $29,000 after acquiring an additional 82 shares in the last quarter. Ulland Investment Advisors LLC purchased a new stake in Coinbase Global during the 4th quarter valued at about $34,000. Jaffetilchin Investment Partners LLC raised its holdings in Coinbase Global by 20.1% in the fourth quarter. Jaffetilchin Investment Partners LLC now owns 1,059 shares of the cryptocurrency exchange’s stock worth $267,000 after buying an additional 177 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in shares of Coinbase Global in the fourth quarter worth approximately $46,000. 39.01% of the stock is owned by institutional investors.

About Coinbase Global (Get Rating)

Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.

See Also

Earnings History for Coinbase Global (NASDAQ:COIN)

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