Bank of America Has Lowered Expectations for Coinbase Global (NASDAQ:COIN) Stock Price

Key Points

• Bank of America has lowered its target price for Coinbase Global (NASDAQ:COIN) from $369.00 to $340.00, indicating a potential downside of 1.78% from the current stock price.
• Despite the downgrade, other analysts such as Oppenheimer and Benchmark have set higher price targets of $417.00 and $421.00 for Coinbase, reflecting a range of opinions on the stock.
• Insider trading activity has been notable, with CEO Brian Armstrong selling a significant number of shares, indicating a possible shift in confidence among company executives.

Coinbase Global (NASDAQ:COIN) had its target price reduced by research analysts at Bank of America from $369.00 to $340.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. Bank of America's target price indicates a potential downside of 1.78% from the company's current price.

A number of other analysts have also recently weighed in on COIN. Oppenheimer reiterated an "outperform" rating and set a $417.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. Benchmark raised their price objective on shares of Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Barclays lifted their price target on Coinbase Global from $352.00 to $365.00 and gave the company an "equal weight" rating in a research report on Friday, August 15th. BTIG Research began coverage on Coinbase Global in a research note on Wednesday. They set a "buy" rating and a $410.00 target price for the company. Finally, Mizuho set a $300.00 price target on shares of Coinbase Global in a research report on Thursday, September 18th. Fourteen analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $359.49.

Coinbase Global Stock Performance

Shares of Coinbase Global stock opened at $346.17 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. Coinbase Global has a 1 year low of $142.58 and a 1 year high of $444.64. The firm's 50-day simple moving average is $324.34 and its 200-day simple moving average is $278.20. The firm has a market cap of $88.94 billion, a PE ratio of 33.48 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.79). The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The company's quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.14 EPS. Equities analysts forecast that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Activity

In other Coinbase Global news, insider Paul Grewal sold 15,439 shares of the business's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the transaction, the insider directly owned 82,328 shares of the company's stock, valued at approximately $25,587,542.40. The trade was a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian Armstrong sold 198,300 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total value of $78,897,621.00. Following the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $209,279.62. The trade was a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 714,515 shares of company stock valued at $272,046,775 over the last 90 days. Corporate insiders own 17.65% of the company's stock.

Institutional Investors Weigh In On Coinbase Global

Several institutional investors have recently bought and sold shares of the company. Vigilare Wealth Management grew its position in Coinbase Global by 4.5% in the third quarter. Vigilare Wealth Management now owns 1,320 shares of the cryptocurrency exchange's stock valued at $445,000 after purchasing an additional 57 shares in the last quarter. Farmers Trust Co. bought a new stake in Coinbase Global in the 3rd quarter valued at $1,977,000. Neville Rodie & Shaw Inc. acquired a new position in Coinbase Global in the 3rd quarter valued at about $1,933,000. Corient Private Wealth LLC lifted its holdings in shares of Coinbase Global by 30.0% during the second quarter. Corient Private Wealth LLC now owns 12,923 shares of the cryptocurrency exchange's stock worth $4,529,000 after buying an additional 2,980 shares in the last quarter. Finally, Texas Permanent School Fund Corp acquired a new position in shares of Coinbase Global during the 2nd quarter worth approximately $5,201,000. 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.

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