Bank of America Lowers Coinbase Global (NASDAQ:COIN) Price Target to $340.00

Coinbase Global (NASDAQ:COIN) had its target price reduced by stock analysts at Bank of America from $369.00 to $340.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. Bank of America‘s price objective suggests a potential downside of 8.62% from the stock’s current price.

Several other equities analysts have also weighed in on the company. JMP Securities raised their target price on Coinbase Global from $400.00 to $440.00 and gave the company a “market outperform” rating in a report on Monday, July 14th. Mizuho set a $300.00 price objective on Coinbase Global in a research note on Thursday, September 18th. Piper Sandler reiterated a “neutral” rating and issued a $350.00 price objective on shares of Coinbase Global in a research note on Thursday, July 31st. Oppenheimer reiterated an “outperform” rating and issued a $417.00 price objective on shares of Coinbase Global in a research note on Thursday, July 31st. Finally, Compass Point reiterated a “sell” rating and issued a $248.00 price objective (down from $330.00) on shares of Coinbase Global in a research note on Monday, August 4th. Fourteen research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Coinbase Global presently has a consensus rating of “Hold” and a consensus price target of $359.49.

Coinbase Global Price Performance

NASDAQ COIN opened at $372.07 on Wednesday. Coinbase Global has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The stock’s 50-day moving average is $323.85 and its two-hundred day moving average is $279.47. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The firm has a market cap of $95.60 billion, a P/E ratio of 35.98 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the business earned $0.14 earnings per share. Coinbase Global’s quarterly revenue was up 3.3% on a year-over-year basis. On average, analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, CAO Jennifer N. Jones sold 1,756 shares of Coinbase Global stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $300.52, for a total transaction of $527,713.12. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Alesia J. Haas sold 4,675 shares of Coinbase Global stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $322.24, for a total value of $1,506,472.00. Following the sale, the chief financial officer directly owned 89,220 shares in the company, valued at approximately $28,750,252.80. This trade represents a 4.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 714,515 shares of company stock valued at $272,046,775 over the last quarter. Company insiders own 17.65% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in Coinbase Global by 45.5% during the third quarter. GAMMA Investing LLC now owns 2,202 shares of the cryptocurrency exchange’s stock worth $743,000 after buying an additional 689 shares in the last quarter. Vigilare Wealth Management boosted its holdings in Coinbase Global by 4.5% during the third quarter. Vigilare Wealth Management now owns 1,320 shares of the cryptocurrency exchange’s stock valued at $445,000 after purchasing an additional 57 shares in the last quarter. Farmers Trust Co. bought a new stake in shares of Coinbase Global in the 3rd quarter valued at approximately $1,977,000. Neville Rodie & Shaw Inc. bought a new stake in shares of Coinbase Global in the 3rd quarter valued at approximately $1,933,000. Finally, Corient Private Wealth LLC grew its stake in shares of Coinbase Global by 30.0% in the 2nd quarter. Corient Private Wealth LLC now owns 12,923 shares of the cryptocurrency exchange’s stock valued at $4,529,000 after purchasing an additional 2,980 shares during the period. 68.84% of the stock is owned by institutional investors and hedge funds.

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.