Bank of America Cuts Coinbase Global (NASDAQ:COIN) Price Target to $311.00

Coinbase Global (NASDAQ:COIN) had its target price reduced by analysts at Bank of America from $363.00 to $311.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the cryptocurrency exchange’s stock. Bank of America‘s target price suggests a potential upside of 36.96% from the company’s previous close.

A number of other research analysts also recently commented on the stock. Barclays boosted their price objective on shares of Coinbase Global from $282.00 to $328.00 and gave the company an “equal weight” rating in a research report on Friday, February 14th. The Goldman Sachs Group lowered their price target on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. HC Wainwright reaffirmed a “buy” rating and issued a $350.00 price target on shares of Coinbase Global in a research note on Friday. JMP Securities lifted their price objective on Coinbase Global from $400.00 to $475.00 and gave the company a “market outperform” rating in a research report on Friday, February 14th. Finally, Mizuho dropped their target price on Coinbase Global from $290.00 to $280.00 and set a “neutral” rating on the stock in a research report on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $311.56.

Coinbase Global Stock Performance

Shares of Coinbase Global stock opened at $227.07 on Tuesday. Coinbase Global has a 12 month low of $146.12 and a 12 month high of $349.75. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The stock has a market cap of $57.65 billion, a PE ratio of 23.90 and a beta of 3.61. The business has a fifty day simple moving average of $273.99 and a 200-day simple moving average of $240.78.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. On average, sell-side analysts anticipate that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Alesia J. Haas sold 5,700 shares of Coinbase Global stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $266.87, for a total value of $1,521,159.00. Following the transaction, the chief financial officer now directly owns 144,470 shares in the company, valued at approximately $38,554,708.90. The trade was a 3.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 25,194 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $298.95, for a total value of $7,531,746.30. Following the transaction, the director now directly owns 10,417 shares of the company’s stock, valued at $3,114,162.15. This represents a 70.75 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 226,091 shares of company stock valued at $64,162,116. Company insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Banco Santander S.A. grew its stake in shares of Coinbase Global by 12.7% in the third quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock worth $26,531,000 after acquiring an additional 16,737 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong bought a new stake in Coinbase Global in the 3rd quarter valued at $29,756,000. Lindbrook Capital LLC grew its position in Coinbase Global by 30.2% in the 3rd quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock worth $5,347,000 after purchasing an additional 6,963 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Coinbase Global by 168.2% during the 3rd quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock worth $4,648,000 after purchasing an additional 16,363 shares during the period. Finally, QRG Capital Management Inc. raised its position in shares of Coinbase Global by 237.5% during the third quarter. QRG Capital Management Inc. now owns 32,743 shares of the cryptocurrency exchange’s stock valued at $5,834,000 after buying an additional 23,040 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.