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

Coinbase Global (NASDAQ:COIN) had its price target cut by analysts at Bank of America from $363.00 to $311.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the cryptocurrency exchange’s stock. Bank of America‘s price target suggests a potential upside of 36.96% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the company. Oppenheimer reiterated an “outperform” rating on shares of Coinbase Global in a research note on Monday, February 10th. Canaccord Genuity Group boosted their price target on Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, February 14th. HC Wainwright reiterated a “buy” rating and set a $350.00 price objective on shares of Coinbase Global in a research note on Friday. JMP Securities lifted their price objective on Coinbase Global from $400.00 to $475.00 and gave the company a “market outperform” rating in a report on Friday, February 14th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Coinbase Global from $255.00 to $305.00 and gave the stock a “market perform” rating in a report on Tuesday, February 18th. Ten investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $311.56.

Coinbase Global Stock Down 3.5 %

COIN opened at $227.07 on Tuesday. The company has a market capitalization of $57.65 billion, a P/E ratio of 23.90 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. The firm’s fifty day moving average price is $273.99 and its two-hundred day moving average price is $240.78. Coinbase Global has a fifty-two week low of $146.12 and a fifty-two week high of $349.75.

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

Insider Activity at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 5,700 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $266.87, for a total value of $1,521,159.00. Following the transaction, the chief financial officer now directly owns 144,470 shares in the company, valued at approximately $38,554,708.90. This trade represents a 3.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 25,194 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $298.95, for a total value of $7,531,746.30. Following the sale, the director now owns 10,417 shares of the company’s stock, valued at approximately $3,114,162.15. The trade was a 70.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 226,091 shares of company stock valued at $64,162,116 over the last quarter. Corporate insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC acquired a new position in Coinbase Global in the third quarter valued at approximately $26,665,000. Assenagon Asset Management S.A. boosted its position in shares of Coinbase Global by 36.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 3,581 shares of the cryptocurrency exchange’s stock worth $638,000 after purchasing an additional 952 shares during the last quarter. Forsta AP Fonden boosted its position in shares of Coinbase Global by 15.2% in the 3rd quarter. Forsta AP Fonden now owns 39,500 shares of the cryptocurrency exchange’s stock worth $7,038,000 after purchasing an additional 5,200 shares during the last quarter. PFG Investments LLC grew its stake in shares of Coinbase Global by 65.2% during the third quarter. PFG Investments LLC now owns 1,900 shares of the cryptocurrency exchange’s stock worth $339,000 after purchasing an additional 750 shares during the period. Finally, Frank Rimerman Advisors LLC increased its holdings in Coinbase Global by 6.0% in the third quarter. Frank Rimerman Advisors LLC now owns 1,497 shares of the cryptocurrency exchange’s stock valued at $267,000 after purchasing an additional 85 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.