Coinbase Global’s (COIN) “Buy” Rating Reaffirmed at Canaccord Genuity Group

Coinbase Global (NASDAQ:COIN)‘s stock had its “buy” rating reaffirmed by analysts at Canaccord Genuity Group in a note issued to investors on Friday,Benzinga reports. They presently have a $400.00 target price on the cryptocurrency exchange’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 100.53% from the company’s previous close.

COIN has been the subject of several other research reports. Compass Point restated a “sell” rating and issued a $180.00 price target on shares of Coinbase Global in a research note on Monday, April 28th. Piper Sandler upped their target price on shares of Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Sanford C. Bernstein upgraded shares of Coinbase Global to a “strong-buy” rating in a research note on Tuesday, March 18th. Mizuho decreased their price objective on shares of Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Coinbase Global in a research report on Thursday. One analyst has rated the stock with a sell rating, ten have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $268.65.

Coinbase Global Stock Performance

Shares of Coinbase Global stock opened at $199.47 on Friday. The stock has a market cap of $50.64 billion, a price-to-earnings ratio of 21.00 and a beta of 3.62. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. Coinbase Global has a 1 year low of $142.58 and a 1 year high of $349.75. The firm’s 50-day moving average is $187.38 and its 200 day moving average is $243.06.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.22 billion. During the same quarter in the previous year, the company earned $2.53 EPS. The company’s quarterly revenue was up 24.2% compared to the same quarter last year. Sell-side analysts anticipate that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, insider Paul Grewal sold 10,978 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total value of $2,326,567.54. Following the completion of the transaction, the insider now owns 83,313 shares of the company’s stock, valued at $17,656,524.09. This represents a 11.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Alesia J. Haas sold 7,575 shares of Coinbase Global stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $200.00, for a total value of $1,515,000.00. Following the sale, the chief financial officer now directly owns 114,866 shares in the company, valued at $22,973,200. This trade represents a 6.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 153,742 shares of company stock valued at $32,639,759 over the last three months. Corporate insiders own 17.65% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Coinbase Global in the fourth quarter worth $536,484,000. Groupama Asset Managment bought a new position in shares of Coinbase Global during the 4th quarter valued at about $372,450,000. Vanguard Group Inc. grew its position in shares of Coinbase Global by 4.8% during the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock valued at $3,323,084,000 after purchasing an additional 875,359 shares in the last quarter. Proficio Capital Partners LLC increased its holdings in shares of Coinbase Global by 30,664.4% in the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock worth $103,888,000 after purchasing an additional 417,036 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its position in shares of Coinbase Global by 445.4% in the fourth quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange’s stock worth $101,431,000 after buying an additional 333,600 shares in the last quarter. 68.84% of the stock is currently owned by 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.