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

Coinbase Global (NASDAQ:COIN) had its price target lowered by Bank of America from $363.00 to $311.00 in a report issued on Tuesday,Benzinga reports. Bank of America currently has a neutral rating on the cryptocurrency exchange’s stock.

COIN has been the topic of several other reports. Keefe, Bruyette & Woods increased their target price on Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a research note on Tuesday, February 18th. Piper Sandler boosted their target price on Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Oppenheimer reaffirmed an “outperform” rating on shares of Coinbase Global in a report on Monday, February 10th. 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 report on Friday, February 14th. Finally, Canaccord Genuity Group raised their target price on shares of Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Ten analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $311.56.

Coinbase Global Trading Down 2.2 %

NASDAQ:COIN opened at $208.37 on Tuesday. The firm has a market capitalization of $52.90 billion, a P/E ratio of 21.93 and a beta of 3.61. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. Coinbase Global has a one year low of $146.12 and a one year high of $349.75. The company’s 50-day simple moving average is $269.37 and its 200 day simple moving average is $240.48.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. As a group, analysts forecast that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Paul Grewal sold 10,978 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the completion of the transaction, the insider now directly owns 83,313 shares of the company’s stock, valued at approximately $17,656,524.09. This trade represents a 11.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Frederick Ernest Ehrsam III sold 25,194 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $298.95, for a total transaction 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 trade represents a 70.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 237,069 shares of company stock worth $66,488,684 over the last three months. 23.43% of the stock is currently owned by company insiders.

Institutional Trading of Coinbase Global

A number of large investors have recently added to or reduced their stakes in COIN. Chelsea Counsel Co. grew its position in Coinbase Global by 176.5% in the fourth quarter. Chelsea Counsel Co. now owns 470 shares of the cryptocurrency exchange’s stock worth $117,000 after acquiring an additional 300 shares in the last quarter. Bernard Wealth Management Corp. bought a new stake in shares of Coinbase Global in the fourth quarter valued at about $56,000. Chokshi & Queen Wealth Advisors Inc purchased a new stake in Coinbase Global in the fourth quarter worth about $555,000. Ameriflex Group Inc. bought a new position in Coinbase Global during the 4th quarter worth about $37,000. Finally, United Advisor Group LLC bought a new position in Coinbase Global during the 4th quarter worth about $669,000. Institutional investors own 68.84% of the company’s stock.

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.