Coinbase Global (NASDAQ:COIN) Price Target Raised to $110.00 at Bank of America

Coinbase Global (NASDAQ:COIN) had its price target lifted by Bank of America from $92.00 to $110.00 in a report released on Wednesday, MarketBeat reports. Bank of America currently has an underperform rating on the cryptocurrency exchange’s stock.

A number of other equities research analysts have also weighed in on the company. Keefe, Bruyette & Woods lifted their price objective on Coinbase Global from $160.00 to $230.00 and gave the company a market perform rating in a report on Wednesday, April 3rd. Canaccord Genuity Group reissued a buy rating and set a $240.00 price objective on shares of Coinbase Global in a report on Thursday, March 28th. The Goldman Sachs Group upgraded shares of Coinbase Global from a sell rating to a neutral rating in a research report on Friday, March 8th. Oppenheimer upped their price target on Coinbase Global from $200.00 to $276.00 and gave the stock an outperform rating in a report on Thursday, April 4th. Finally, Raymond James upgraded Coinbase Global from an underperform rating to a market perform rating in a research report on Tuesday, March 12th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Coinbase Global currently has an average rating of Hold and a consensus price target of $156.65.

Coinbase Global Stock Performance

NASDAQ COIN opened at $250.99 on Wednesday. The firm has a market cap of $60.81 billion, a P/E ratio of 929.59 and a beta of 3.41. Coinbase Global has a 52-week low of $46.43 and a 52-week high of $283.48. The business’s 50-day moving average price is $210.65 and its 200 day moving average price is $148.59. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.47.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $1.13. Coinbase Global had a net margin of 3.05% and a return on equity of 3.54%. The company had revenue of $953.80 million for the quarter, compared to analysts’ expectations of $826.10 million. During the same period in the previous year, the company posted ($2.46) EPS. Coinbase Global’s revenue was up 51.6% compared to the same quarter last year. On average, equities research analysts expect that Coinbase Global will post 2.1 earnings per share for the current year.

Insider Buying and Selling

In other Coinbase Global news, insider Paul Grewal sold 10,257 shares of Coinbase Global stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $275.60, for a total value of $2,826,829.20. Following the completion of the sale, the insider now owns 66,122 shares in the company, valued at approximately $18,223,223.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Jennifer N. Jones sold 1,624 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $168.75, for a total value of $274,050.00. Following the transaction, the chief accounting officer now directly owns 29,236 shares of the company’s stock, valued at approximately $4,933,575. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Grewal sold 10,257 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $275.60, for a total value of $2,826,829.20. Following the sale, the insider now directly owns 66,122 shares of the company’s stock, valued at approximately $18,223,223.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 759,375 shares of company stock worth $122,762,280. 33.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Coinbase Global by 19.8% in the third quarter. Vanguard Group Inc. now owns 12,786,266 shares of the cryptocurrency exchange’s stock valued at $824,587,000 after buying an additional 2,110,196 shares during the period. Norges Bank purchased a new position in shares of Coinbase Global in the 4th quarter valued at $50,254,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Coinbase Global by 741.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,342,039 shares of the cryptocurrency exchange’s stock valued at $233,408,000 after acquiring an additional 1,182,556 shares in the last quarter. a16z Perennial Management L.P. purchased a new stake in Coinbase Global during the 4th quarter worth $147,646,000. Finally, Morgan Stanley boosted its position in Coinbase Global by 18.5% during the 3rd quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock worth $246,250,000 after purchasing an additional 511,397 shares during the period. 68.84% of the stock is 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.