Coinbase Global (NASDAQ:COIN) Given “Buy” Rating at Canaccord Genuity Group

Coinbase Global (NASDAQ:COIN)‘s stock had its “buy” rating reissued by Canaccord Genuity Group in a report issued on Thursday, Benzinga reports. They presently have a $240.00 price objective on the cryptocurrency exchange’s stock. Canaccord Genuity Group’s target price points to a potential downside of 9.56% from the stock’s previous close.

COIN has been the topic of several other research reports. JPMorgan Chase & Co. lifted their target price on Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, March 15th. Citigroup lifted their target price on Coinbase Global from $90.00 to $151.00 and gave the company a “neutral” rating in a research note on Friday, January 19th. Piper Sandler lifted their price target on Coinbase Global from $125.00 to $165.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Needham & Company LLC lifted their price target on Coinbase Global from $160.00 to $180.00 and gave the company a “buy” rating in a report on Monday, January 8th. Finally, JMP Securities reiterated a “market outperform” rating on shares of Coinbase Global in a report on Friday, March 22nd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $141.30.

Coinbase Global Stock Performance

Shares of NASDAQ COIN traded up $8.68 during midday trading on Thursday, reaching $265.38. 7,512,756 shares of the company traded hands, compared to its average volume of 14,956,258. The stock has a 50-day moving average price of $185.44 and a 200 day moving average price of $136.47. The company has a market cap of $64.29 billion, a price-to-earnings ratio of 985.70 and a beta of 3.36. Coinbase Global has a 52 week low of $46.43 and a 52 week high of $283.48. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $1.13. The firm had revenue of $953.80 million for the quarter, compared to analysts’ expectations of $826.10 million. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. Coinbase Global’s revenue was up 51.6% on a year-over-year basis. During the same quarter last year, the business posted ($2.46) EPS. Sell-side analysts anticipate that Coinbase Global will post 1.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Alesia J. Haas sold 64,000 shares of Coinbase Global stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $228.45, for a total transaction of $14,620,800.00. Following the sale, the chief financial officer now directly owns 219,490 shares in the company, valued at $50,142,490.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Alesia J. Haas sold 64,000 shares of Coinbase Global stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $228.45, for a total transaction of $14,620,800.00. Following the sale, the chief financial officer now directly owns 219,490 shares in the company, valued at $50,142,490.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Grewal sold 10,257 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $275.60, for a total value of $2,826,829.20. Following the completion of the sale, the insider now directly owns 66,122 shares of the company’s stock, valued at $18,223,223.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 742,727 shares of company stock worth $112,716,312. 33.16% of the stock is owned by company insiders.

Institutional Trading of Coinbase Global

A number of large investors have recently bought and sold shares of the company. Barrett & Company Inc. purchased a new position in shares of Coinbase Global in the fourth quarter valued at $26,000. Ancora Advisors LLC grew its position in Coinbase Global by 144.0% during the fourth quarter. Ancora Advisors LLC now owns 737 shares of the cryptocurrency exchange’s stock worth $26,000 after buying an additional 435 shares in the last quarter. Creekmur Asset Management LLC purchased a new position in Coinbase Global during the fourth quarter worth about $27,000. Tyler Stone Wealth Management purchased a new position in Coinbase Global during the second quarter worth about $31,000. Finally, Quarry LP bought a new stake in Coinbase Global during the fourth quarter worth about $32,000. 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.