Coinbase Global (NASDAQ:COIN) PT Lowered to $246.00 at Bank of America

Coinbase Global (NASDAQ:COIN) had its target price reduced by Bank of America from $263.00 to $246.00 in a report issued on Friday, Benzinga reports. They currently have a neutral rating on the cryptocurrency exchange’s stock.

A number of other analysts have also recently weighed in on COIN. Barclays upped their target price on shares of Coinbase Global from $196.00 to $206.00 and gave the company an underweight rating in a research note on Friday. Citigroup upgraded shares of Coinbase Global from a neutral rating to a buy rating and boosted their price target for the company from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Canaccord Genuity Group restated a buy rating and issued a $280.00 price target on shares of Coinbase Global in a research report on Friday. Mizuho boosted their price target on shares of Coinbase Global from $84.00 to $145.00 and gave the company an underperform rating in a research report on Friday, April 12th. Finally, Wedbush boosted their price target on shares of Coinbase Global from $200.00 to $250.00 and gave the company an outperform rating in a research report on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global currently has a consensus rating of Hold and an average price target of $248.38.

Coinbase Global Trading Up 3.0 %

NASDAQ COIN traded up $5.76 on Friday, hitting $195.23. 5,203,074 shares of the stock were exchanged, compared to its average volume of 11,266,767. Coinbase Global has a 52-week low of $69.63 and a 52-week high of $283.48. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market capitalization of $47.94 billion, a price-to-earnings ratio of 38.81 and a beta of 3.40. The company’s 50-day moving average price is $233.56 and its two-hundred day moving average price is $215.78.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a net margin of 31.46% and a return on equity of 14.72%. The business had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the firm posted ($0.42) EPS. The firm’s revenue for the quarter was up 104.8% on a year-over-year basis. Research analysts predict that Coinbase Global will post 4.95 EPS for the current year.

Insider Buying and Selling

In related news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $233.00, for a total transaction of $349,500.00. Following the transaction, the chief operating officer now directly owns 194,971 shares of the company’s stock, valued at $45,428,243. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Coinbase Global news, Director Frederick R. Wilson sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $241.28, for a total value of $3,619,200.00. Following the transaction, the director now directly owns 180,539 shares of the company’s stock, valued at approximately $43,560,449.92. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $233.00, for a total transaction of $349,500.00. Following the completion of the transaction, the chief operating officer now directly owns 194,971 shares in the company, valued at $45,428,243. The disclosure for this sale can be found here. Over the last three months, insiders have sold 258,601 shares of company stock valued at $56,091,678. 23.43% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Coinbase Global by 18.4% during the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock worth $4,482,190,000 after buying an additional 2,624,989 shares during the period. Norges Bank acquired a new stake in Coinbase Global during the 4th quarter worth approximately $202,936,000. a16z Perennial Management L.P. acquired a new stake in Coinbase Global during the 4th quarter worth approximately $147,646,000. Charles Schwab Investment Management Inc. boosted its position in Coinbase Global by 6.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 656,689 shares of the cryptocurrency exchange’s stock worth $114,211,000 after buying an additional 37,847 shares during the period. Finally, Canada Pension Plan Investment Board boosted its position in Coinbase Global by 1,186.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock worth $139,854,000 after buying an additional 486,512 shares during the period. 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.