Coinbase Global (NASDAQ:COIN) Stock Price Expected to Rise, Bank of America Analyst Says

by · The Cerbat Gem

Coinbase Global (NASDAQ:COIN) had its target price upped by Bank of America from $196.00 to $214.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has a neutral rating on the cryptocurrency exchange’s stock.

Several other brokerages have also commented on COIN. JMP Securities restated a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research report on Wednesday, October 9th. B. Riley initiated coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price on the stock. Barclays lifted their price target on shares of Coinbase Global from $169.00 to $175.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Friday, August 2nd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global has an average rating of “Hold” and a consensus price target of $246.28.

View Our Latest Report on Coinbase Global

Coinbase Global Stock Performance

NASDAQ:COIN opened at $182.88 on Thursday. The firm has a market cap of $45.44 billion, a price-to-earnings ratio of 31.21 and a beta of 3.33. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. Coinbase Global has a 1-year low of $80.81 and a 1-year high of $283.48. The firm’s fifty day moving average price is $180.98 and its 200 day moving average price is $208.62.

Coinbase Global (NASDAQ:COIN – Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. Coinbase Global’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.01) EPS. On average, sell-side analysts expect that Coinbase Global will post 4.02 EPS for the current year.

Insider Activity

In related news, insider Paul Grewal sold 16,962 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the sale, the insider now owns 75,556 shares of the company’s stock, valued at approximately $15,637,069.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Gokul Rajaram sold 400 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total value of $81,776.00. Following the completion of the sale, the director now owns 7,771 shares in the company, valued at approximately $1,588,703.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Grewal sold 16,962 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $206.96, for a total value of $3,510,455.52. Following the transaction, the insider now directly owns 75,556 shares in the company, valued at $15,637,069.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 79,687 shares of company stock valued at $14,908,594 in the last three months. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

A number of hedge funds have recently made changes to their positions in the company. Crewe Advisors LLC grew its holdings in Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after purchasing an additional 104 shares in the last quarter. Lynx Investment Advisory acquired a new stake in shares of Coinbase Global during the second quarter valued at about $29,000. Geneos Wealth Management Inc. increased its position in shares of Coinbase Global by 833.3% during the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 100 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 57 shares in the last quarter. Finally, ORG Wealth Partners LLC purchased a new position in Coinbase Global in the third quarter valued at about $32,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Company Profile

(Get Free Report)

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.

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