Coinbase Global (NASDAQ:COIN) Earns “Buy” Rating from Canaccord Genuity Group

Coinbase Global (NASDAQ:COIN)‘s stock had its “buy” rating reissued by equities researchers at Canaccord Genuity Group in a report issued on Thursday, Benzinga reports. They currently have a $280.00 price objective on the cryptocurrency exchange’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 53.11% from the stock’s current price.

Several other equities research analysts have also weighed in on the stock. The Goldman Sachs Group lowered their target price on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. Mizuho upped their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a report on Thursday. Compass Point lowered their target price on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Bank of America upped their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, HC Wainwright reissued a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a report on Tuesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $246.28.

Coinbase Global Trading Up 2.0 %

Shares of Coinbase Global stock opened at $182.88 on Thursday. The firm has a market capitalization of $45.44 billion, a PE 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. The company’s fifty day moving average price is $180.98 and its two-hundred day moving average price is $208.73. Coinbase Global has a 52-week low of $80.81 and a 52-week high of $283.48.

Coinbase Global (NASDAQ:COIN) last announced its quarterly 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). Coinbase Global had a net margin of 29.76% and a return on equity of 15.38%. The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm earned ($0.42) EPS. The company’s quarterly revenue was up 104.8% compared to the same quarter last year. On average, analysts expect that Coinbase Global will post 4.11 EPS for the current year.

Insider Activity at Coinbase Global

In related news, CFO Alesia J. Haas sold 5,250 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 169,786 shares in the company, valued at $33,150,716.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the completion of the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $91,487.18. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alesia J. Haas sold 5,250 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the transaction, the chief financial officer now directly owns 169,786 shares of the company’s stock, valued at $33,150,716.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 79,687 shares of company stock worth $14,908,594 in the last ninety days. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds have recently made changes to their positions in the business. APEIRON CAPITAL Ltd bought a new position in shares of Coinbase Global in the first quarter valued at $108,434,000. Norden Group LLC acquired a new stake in Coinbase Global during the 1st quarter valued at $314,000. First Trust Direct Indexing L.P. lifted its holdings in shares of Coinbase Global by 26.1% during the first quarter. First Trust Direct Indexing L.P. now owns 3,817 shares of the cryptocurrency exchange’s stock worth $1,012,000 after buying an additional 790 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Coinbase Global by 36.1% during the first quarter. Principal Financial Group Inc. now owns 14,541 shares of the cryptocurrency exchange’s stock worth $3,855,000 after buying an additional 3,855 shares in the last quarter. Finally, HB Wealth Management LLC acquired a new stake in shares of Coinbase Global during the first quarter worth $263,000. 68.84% of the stock is 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.