Bank of America Forecasts Strong Price Appreciation for Coinbase Global (NASDAQ:COIN) Stock

Coinbase Global (NASDAQ:COIN) had its target price boosted by stock analysts at Bank of America from $196.00 to $214.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the cryptocurrency exchange’s stock. Bank of America‘s target price would indicate a potential upside of 17.02% from the company’s previous close.

COIN has been the topic of several other reports. B. Riley initiated coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target on the stock. Compass Point decreased their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a report on Friday, August 2nd. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $260.00 to $345.00 in a research note on Tuesday, July 23rd. Finally, HC Wainwright reiterated a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Coinbase Global has an average rating of “Hold” and a consensus target price of $246.28.

Coinbase Global Stock Performance

COIN stock opened at $182.88 on Thursday. The company has a market cap of $45.44 billion, a P/E ratio of 31.21 and a beta of 3.35. The company has a debt-to-equity ratio of 0.51, 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 stock’s fifty day moving average price is $180.98 and its 200-day moving average price is $208.73.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a return on equity of 15.38% and a net margin of 29.76%. The company’s revenue for the quarter was up 104.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.42) earnings per share. On average, equities analysts forecast that Coinbase Global will post 4.11 earnings per share for the current year.

Insider Transactions at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $209.98, for a total value of $2,099,800.00. Following the sale, the insider now directly owns 74,956 shares of the company’s stock, valued at $15,739,260.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Alesia J. Haas sold 5,250 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total value of $1,025,062.50. Following the transaction, the chief financial officer now directly owns 169,786 shares in the company, valued at approximately $33,150,716.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the sale, the insider now owns 74,956 shares of the company’s stock, valued at $15,739,260.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,687 shares of company stock worth $14,908,594. 23.43% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors have recently modified their holdings of COIN. Global Retirement Partners LLC increased its holdings in Coinbase Global by 135.1% during the 3rd quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after purchasing an additional 1,540 shares during the period. Sanctuary Advisors LLC purchased a new position in Coinbase Global during the second quarter valued at approximately $2,908,000. Intech Investment Management LLC lifted its holdings in Coinbase Global by 454.3% during the first quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock worth $10,752,000 after buying an additional 33,240 shares during the period. QRG Capital Management Inc. boosted its position in Coinbase Global by 130.5% during the 2nd quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock valued at $2,156,000 after acquiring an additional 5,493 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of Coinbase Global by 122.2% in the 3rd quarter. Blue Trust Inc. now owns 7,503 shares of the cryptocurrency exchange’s stock valued at $1,337,000 after acquiring an additional 4,127 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.