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

Canaccord Genuity Group reiterated their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a research report sent to investors on Friday,Benzinga reports. The firm currently has a $400.00 price target on the cryptocurrency exchange’s stock.

A number of other brokerages have also issued reports on COIN. Mizuho decreased their price target on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Benchmark initiated coverage on shares of Coinbase Global in a report on Wednesday, April 23rd. They set a “buy” rating and a $252.00 price objective on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a report on Tuesday, February 18th. Piper Sandler upped their price target on shares of Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Finally, JPMorgan Chase & Co. dropped their price objective on Coinbase Global from $344.00 to $276.00 and set a “neutral” rating for the company in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and an average target price of $268.65.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $199.47 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. The firm has a market cap of $50.64 billion, a PE ratio of 21.00 and a beta of 3.62. The firm has a 50 day simple moving average of $187.38 and a 200-day simple moving average of $243.30. Coinbase Global has a 1-year low of $142.58 and a 1-year high of $349.75.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). The business had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.22 billion. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The company’s revenue for the quarter was up 24.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.53 EPS. On average, equities analysts expect that Coinbase Global will post 7.22 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 7,575 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $200.00, for a total value of $1,515,000.00. Following the completion of the sale, the chief financial officer now directly owns 114,866 shares in the company, valued at $22,973,200. This represents a 6.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $275.26, for a total value of $6,881,500.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $144,786.76. The trade was a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 153,742 shares of company stock valued at $32,639,759 in the last quarter. Corporate insiders own 17.65% of the company’s stock.

Institutional Trading of Coinbase Global

Institutional investors have recently modified their holdings of the company. McElhenny Sheffield Capital Management LLC acquired a new stake in Coinbase Global in the 4th quarter valued at about $252,000. Savant Capital LLC bought a new stake in shares of Coinbase Global in the 4th quarter worth approximately $591,000. Principal Financial Group Inc. lifted its stake in Coinbase Global by 219.2% during the third quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock valued at $9,558,000 after purchasing an additional 36,843 shares during the last quarter. Sara Bay Financial bought a new stake in Coinbase Global during the fourth quarter worth approximately $230,000. Finally, Oxinas Partners Wealth Management LLC acquired a new position in Coinbase Global in the fourth quarter worth approximately $265,000. Institutional investors and hedge funds 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.