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

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

COIN has been the subject of a number of other research reports. Mizuho raised their price target on shares of Coinbase Global from $84.00 to $145.00 and gave the stock an underperform rating in a report on Friday, April 12th. Piper Sandler raised their price target on shares of Coinbase Global from $225.00 to $245.00 and gave the stock a neutral rating in a report on Friday, April 12th. The Goldman Sachs Group decreased their price target on shares of Coinbase Global from $255.00 to $215.00 and set a neutral rating for the company in a report on Thursday, July 11th. Oppenheimer increased their price objective on shares of Coinbase Global from $276.00 to $282.00 and gave the stock an outperform rating in a research note on Friday, May 3rd. Finally, Barclays increased their price objective on shares of Coinbase Global from $196.00 to $206.00 and gave the stock an underweight rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of Hold and a consensus target price of $248.38.

Coinbase Global Stock Up 3.0 %

NASDAQ:COIN traded up $5.76 during midday trading on Friday, reaching $195.23. 5,203,074 shares of the stock traded hands, compared to its average volume of 11,266,767. Coinbase Global has a 12-month low of $69.63 and a 12-month high of $283.48. The business has a 50-day moving average of $233.56 and a two-hundred day moving average of $215.78. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $47.94 billion, a PE ratio of 38.81 and a beta of 3.40.

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

Insider Activity

In other news, Director Frederick Ernest Ehrsam III sold 16,380 shares of Coinbase Global stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $212.08, for a total value of $3,473,870.40. Following the sale, the director now owns 4,662 shares in the company, valued at $988,716.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Frederick Ernest Ehrsam III sold 16,380 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $212.08, for a total value of $3,473,870.40. Following the transaction, the director now directly owns 4,662 shares of the company’s stock, valued at $988,716.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Alesia J. Haas sold 4,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $229.09, for a total transaction of $1,030,905.00. Following the completion of the transaction, the chief financial officer now directly owns 182,903 shares in the company, valued at $41,901,248.27. The disclosure for this sale can be found here. Insiders have sold a total of 258,601 shares of company stock worth $56,091,678 over the last 90 days. 23.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently modified their holdings of the business. Barrett & Company Inc. purchased a new position in Coinbase Global during the fourth quarter worth about $26,000. Creekmur Asset Management LLC purchased a new position in Coinbase Global during the fourth quarter worth about $27,000. Crewe Advisors LLC raised its stake in Coinbase Global by 547.4% during the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after purchasing an additional 104 shares during the period. Lynx Investment Advisory purchased a new position in Coinbase Global during the second quarter worth about $29,000. Finally, Concord Wealth Partners raised its stake in Coinbase Global by 322.2% during the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 87 shares during the period. 68.84% of the stock is owned by hedge funds and other 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.