Coinbase Global (NASDAQ:COIN) Given New $311.00 Price Target at Bank of America

Coinbase Global (NASDAQ:COIN) had its price objective decreased by Bank of America from $363.00 to $311.00 in a research note published on Tuesday,Benzinga reports. Bank of America currently has a neutral rating on the cryptocurrency exchange’s stock.

A number of other brokerages have also weighed in on COIN. Keefe, Bruyette & Woods raised their target price on Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a research note on Tuesday, February 18th. Oppenheimer restated an “outperform” rating on shares of Coinbase Global in a research report on Monday, February 10th. Mizuho reduced their target price on shares of Coinbase Global from $290.00 to $280.00 and set a “neutral” rating on the stock in a research report on Thursday, February 20th. HC Wainwright reissued a “buy” rating and set a $350.00 price target on shares of Coinbase Global in a research note on Friday, February 21st. Finally, Canaccord Genuity Group boosted their price objective on shares of Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Ten investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Coinbase Global presently has an average rating of “Moderate Buy” and a consensus target price of $311.56.

Coinbase Global Trading Down 6.2 %

Shares of COIN opened at $213.09 on Tuesday. The stock’s 50-day moving average price is $272.02 and its 200 day moving average price is $240.90. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. Coinbase Global has a 12-month low of $146.12 and a 12-month high of $349.75. The firm has a market capitalization of $54.10 billion, a price-to-earnings ratio of 22.43 and a beta of 3.61.

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

Insiders Place Their Bets

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 11,421 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $273.23, for a total value of $3,120,559.83. Following the sale, the director now owns 10,417 shares of the company’s stock, valued at $2,846,236.91. This trade represents a 52.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the completion of the transaction, the insider now directly owns 69,407 shares of the company’s stock, valued at approximately $17,816,082.83. This represents a 12.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 226,091 shares of company stock worth $64,162,116 over the last quarter. 23.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently added to or reduced their stakes in the business. Banco Santander S.A. increased its holdings in Coinbase Global by 12.7% during the 3rd quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock valued at $26,531,000 after purchasing an additional 16,737 shares during the period. CloudAlpha Capital Management Limited Hong Kong bought a new stake in shares of Coinbase Global in the 3rd quarter worth approximately $29,756,000. Lindbrook Capital LLC grew its position in shares of Coinbase Global by 30.2% in the 3rd quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock worth $5,347,000 after buying an additional 6,963 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Coinbase Global by 168.2% during the third quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock valued at $4,648,000 after buying an additional 16,363 shares during the period. Finally, QRG Capital Management Inc. raised its holdings in shares of Coinbase Global by 237.5% during the third quarter. QRG Capital Management Inc. now owns 32,743 shares of the cryptocurrency exchange’s stock valued at $5,834,000 after acquiring an additional 23,040 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.