Coinbase Global (NASDAQ:COIN) Given New $311.00 Price Target at Bank of America

Coinbase Global (NASDAQ:COIN) had its target price reduced by analysts at Bank of America from $363.00 to $311.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the cryptocurrency exchange’s stock. Bank of America‘s target price points to a potential upside of 46.04% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Piper Sandler upped their price target on shares of Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Monness Crespi & Hardt set a $420.00 price target on shares of Coinbase Global in a research report on Tuesday, February 18th. Keefe, Bruyette & Woods increased their target price on shares of Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a research note on Tuesday, February 18th. HC Wainwright restated a “buy” rating and issued a $350.00 price target on shares of Coinbase Global in a report on Friday, February 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $330.00 price objective on shares of Coinbase Global in a research note on Thursday, February 13th. Ten equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $311.56.

Coinbase Global Trading Up 0.2 %

COIN opened at $212.96 on Tuesday. Coinbase Global has a 52 week low of $146.12 and a 52 week high of $349.75. The stock has a market cap of $54.07 billion, a PE ratio of 22.42 and a beta of 3.61. The business has a 50 day moving average of $270.68 and a 200-day moving average of $240.71. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

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

Insider Buying and Selling

In related news, Director Frederick Ernest Ehrsam III sold 7,614 shares of Coinbase Global stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $295.10, for a total value of $2,246,891.40. Following the sale, the director now owns 10,417 shares of the company’s stock, valued at approximately $3,074,056.70. This trade represents a 42.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total value of $2,566,900.00. Following the completion of the sale, the insider now owns 69,407 shares in the company, valued at approximately $17,816,082.83. The trade was a 12.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 226,091 shares of company stock worth $64,162,116 in the last 90 days. Insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Coinbase Global by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange’s stock worth $4,573,462,000 after purchasing an additional 128,802 shares during the period. Geode Capital Management LLC raised its holdings in shares of Coinbase Global by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock valued at $882,822,000 after purchasing an additional 127,075 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Coinbase Global by 2.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after purchasing an additional 71,398 shares in the last quarter. Clear Street Derivatives LLC purchased a new stake in Coinbase Global in the third quarter valued at approximately $409,919,000. Finally, Norges Bank acquired a new position in shares of Coinbase Global in the fourth quarter valued at approximately $536,484,000. Hedge funds and other 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.