Coinbase Global (NASDAQ:COIN) Lowered to Neutral at Bank of America

Coinbase Global (NASDAQ:COIN) was downgraded by equities research analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, MarketBeat Ratings reports. They currently have a $50.00 price target on the cryptocurrency exchange’s stock, down from their prior price target of $77.00. Bank of America‘s price objective indicates a potential upside of 10.47% from the stock’s current price.

Several other analysts have also weighed in on COIN. DA Davidson lowered their target price on Coinbase Global from $100.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday. Atlantic Securities upped their target price on Coinbase Global from $54.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, September 6th. Barclays decreased their price objective on Coinbase Global from $77.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Friday, November 4th. BTIG Research decreased their price objective on Coinbase Global from $220.00 to $110.00 in a research note on Friday, November 4th. Finally, JMP Securities decreased their price objective on Coinbase Global from $195.00 to $155.00 and set a “market outperform” rating on the stock in a research note on Tuesday, October 11th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $90.70.

Coinbase Global Trading Down 7.2 %

NASDAQ:COIN opened at $45.26 on Friday. The stock has a fifty day moving average price of $64.77 and a two-hundred day moving average price of $67.38. The stock has a market capitalization of $10.27 billion, a price-to-earnings ratio of -7.46 and a beta of 2.50. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.05 and a current ratio of 1.05. Coinbase Global has a 1 year low of $40.83 and a 1 year high of $339.41.

Insider Transactions at Coinbase Global

In other news, Director Tobias Lutke bought 4,482 shares of Coinbase Global stock in a transaction dated Tuesday, September 13th. The shares were acquired at an average cost of $75.39 per share, with a total value of $337,897.98. Following the completion of the transaction, the director now owns 54,583 shares in the company, valued at approximately $4,115,012.37. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Brian Armstrong sold 29,732 shares of the business’s stock in a transaction on Friday, November 11th. The shares were sold at an average price of $54.66, for a total transaction of $1,625,151.12. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Tobias Lutke bought 4,482 shares of Coinbase Global stock in a transaction dated Tuesday, September 13th. The shares were purchased at an average cost of $75.39 per share, for a total transaction of $337,897.98. Following the completion of the transaction, the director now owns 54,583 shares of the company’s stock, valued at approximately $4,115,012.37. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 73,445 shares of company stock valued at $4,848,889. Corporate insiders own 36.10% of the company’s stock.

Institutional Trading of Coinbase Global

Institutional investors have recently added to or reduced their stakes in the stock. WD Rutherford LLC acquired a new stake in Coinbase Global in the first quarter valued at $28,000. Cullen Frost Bankers Inc. raised its holdings in shares of Coinbase Global by 555.6% during the first quarter. Cullen Frost Bankers Inc. now owns 295 shares of the cryptocurrency exchange’s stock worth $56,000 after purchasing an additional 250 shares during the period. WASHINGTON TRUST Co raised its holdings in shares of Coinbase Global by 100.0% during the first quarter. WASHINGTON TRUST Co now owns 300 shares of the cryptocurrency exchange’s stock worth $56,000 after purchasing an additional 150 shares during the period. Lazard Asset Management LLC raised its holdings in shares of Coinbase Global by 3,355.6% during the first quarter. Lazard Asset Management LLC now owns 311 shares of the cryptocurrency exchange’s stock worth $59,000 after purchasing an additional 302 shares during the period. Finally, BDO Wealth Advisors LLC raised its holdings in shares of Coinbase Global by 133.5% during the third quarter. BDO Wealth Advisors LLC now owns 390 shares of the cryptocurrency exchange’s stock worth $25,000 after purchasing an additional 223 shares during the period. 49.31% of the stock is owned by institutional investors and hedge funds.

About Coinbase Global

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Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.

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Analyst Recommendations for Coinbase Global (NASDAQ:COIN)

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