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

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

COIN has been the topic of several other research reports. JMP Securities reissued a market outperform rating and set a $320.00 target price on shares of Coinbase Global in a research report on Friday, May 3rd. Piper Sandler raised their price objective 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. 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 report on Friday. Singular Research reiterated a buy rating on shares of Coinbase Global in a research note on Wednesday, May 8th. Finally, Sanford C. Bernstein boosted their price target on shares of Coinbase Global from $80.00 to $200.00 and gave the company a market perform rating in a research report on Thursday, April 18th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Coinbase Global has an average rating of Hold and a consensus target price of $245.27.

Coinbase Global Trading Down 4.3 %

NASDAQ COIN traded down $8.89 during trading on Friday, hitting $195.55. The stock had a trading volume of 12,508,845 shares, compared to its average volume of 11,265,679. The company has a market capitalization of $48.02 billion, a PE ratio of 34.46 and a beta of 3.40. Coinbase Global has a twelve month low of $69.63 and a twelve month high of $283.48. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52. The firm has a 50 day moving average price of $234.52 and a 200 day moving average price of $215.33.

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

Insider Buying and Selling

In other news, Director Frederick Ernest Ehrsam III sold 114,216 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $202.30, for a total value of $23,105,896.80. Following the completion of the transaction, the director now owns 4,662 shares of the company’s stock, valued at $943,122.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Frederick Ernest Ehrsam III sold 114,216 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $202.30, for a total transaction of $23,105,896.80. Following the sale, the director now owns 4,662 shares in the company, valued at $943,122.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $246.16, for a total value of $369,240.00. Following the completion of the transaction, the chief operating officer now owns 207,471 shares of the company’s stock, valued at $51,071,061.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 258,601 shares of company stock worth $56,091,678. 23.43% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James & Associates lifted its position in Coinbase Global by 65.5% during the fourth quarter. Raymond James & Associates now owns 24,165 shares of the cryptocurrency exchange’s stock valued at $4,203,000 after buying an additional 9,564 shares in the last quarter. Leavell Investment Management Inc. purchased a new stake in Coinbase Global during the 4th quarter worth $204,000. Arizona State Retirement System increased its holdings in Coinbase Global by 2.4% in the 4th quarter. Arizona State Retirement System now owns 46,986 shares of the cryptocurrency exchange’s stock valued at $8,172,000 after purchasing an additional 1,101 shares in the last quarter. Asset Management One Co. Ltd. lifted its stake in shares of Coinbase Global by 0.6% during the fourth quarter. Asset Management One Co. Ltd. now owns 65,114 shares of the cryptocurrency exchange’s stock worth $12,135,000 after purchasing an additional 402 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of Coinbase Global in the fourth quarter worth about $34,422,000. 68.84% of the stock is currently 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.