Bank of America Trims Coinbase Global (NASDAQ:COIN) Target Price to $246.00

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

A number of other analysts have also issued reports on the company. The Goldman Sachs Group lowered their target price on Coinbase Global from $255.00 to $215.00 and set a neutral rating on the stock in a report on Thursday, July 11th. Singular Research restated a buy rating on shares of Coinbase Global in a research note on Wednesday, May 8th. 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. Canaccord Genuity Group reissued a buy rating and issued a $280.00 price target on shares of Coinbase Global in a report on Friday. Finally, Sanford C. Bernstein boosted their price objective on shares of Coinbase Global from $80.00 to $200.00 and gave the stock a market perform rating in a report on Thursday, April 18th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $245.27.

Coinbase Global Stock Performance

Shares of NASDAQ COIN traded down $8.89 during trading hours on Friday, hitting $195.55. 12,508,845 shares of the stock were exchanged, compared to its average volume of 11,265,679. Coinbase Global has a one year low of $69.63 and a one year high of $283.48. The company’s 50 day moving average is $234.52 and its 200 day moving average is $215.33. 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 firm has a market capitalization of $48.02 billion, a P/E ratio of 34.46 and a beta of 3.40.

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

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 4,500 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $229.09, for a total transaction of $1,030,905.00. Following the sale, the chief financial officer now directly owns 182,903 shares of the company’s stock, valued at $41,901,248.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Coinbase Global news, CFO Alesia J. Haas sold 4,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $229.09, for a total value of $1,030,905.00. Following the completion of the sale, the chief financial officer now owns 182,903 shares in the company, valued at approximately $41,901,248.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Lawrence J. Brock sold 16,456 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $223.34, for a total value of $3,675,283.04. Following the transaction, the insider now directly owns 16,140 shares in the company, valued at approximately $3,604,707.60. The disclosure for this sale can be found here. Insiders have sold 258,601 shares of company stock worth $56,091,678 over the last three months. Company insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barrett & Company Inc. bought a new stake in Coinbase Global in the fourth quarter valued at about $26,000. Creekmur Asset Management LLC acquired a new stake in shares of Coinbase Global in the 4th quarter valued at approximately $27,000. Crewe Advisors LLC boosted its stake in Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after acquiring an additional 104 shares during the last quarter. Lynx Investment Advisory acquired a new position in Coinbase Global during the second quarter valued at approximately $29,000. Finally, Concord Wealth Partners increased its stake in Coinbase Global by 322.2% in the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 87 shares in the last quarter. 68.84% of the stock is owned by institutional investors.

About Coinbase Global

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.