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

Coinbase Global (NASDAQ:COIN)‘s stock had its “buy” rating reaffirmed by analysts at Canaccord Genuity Group in a research report issued on Thursday, Benzinga reports. They presently have a $280.00 target price on the cryptocurrency exchange’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 42.96% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. JMP Securities restated a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a research note on Wednesday, October 9th. Mizuho raised their target price on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday. Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $260.00 to $345.00 in a research note on Tuesday, July 23rd. Monness Crespi & Hardt started coverage on shares of Coinbase Global in a research note on Monday. They issued a “buy” rating and a $245.00 price objective for the company. Finally, HC Wainwright reaffirmed a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a research note on Tuesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $244.67.

Coinbase Global Trading Down 7.5 %

COIN stock traded down $15.88 during midday trading on Thursday, hitting $195.86. 4,720,142 shares of the company’s stock were exchanged, compared to its average volume of 10,360,085. Coinbase Global has a 1-year low of $73.56 and a 1-year high of $283.48. The business has a 50-day simple moving average of $181.94 and a two-hundred day simple moving average of $209.22. The stock has a market capitalization of $48.67 billion, a PE ratio of 35.45 and a beta of 3.35. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The company had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. During the same period in the previous year, the company earned ($0.42) EPS. The company’s quarterly revenue was up 104.8% compared to the same quarter last year. On average, sell-side analysts predict that Coinbase Global will post 3.92 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 5,250 shares of the firm’s stock in a transaction dated 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 owns 169,786 shares of the company’s stock, valued at approximately $33,150,716.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Alesia J. Haas sold 5,250 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were 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 in the company, valued at approximately $33,150,716.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Grewal sold 16,962 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the sale, the insider now owns 75,556 shares of the company’s stock, valued at approximately $15,637,069.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 79,687 shares of company stock valued at $14,908,594 over the last ninety days. Insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. lifted its position in Coinbase Global by 833.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 100 shares during the period. Crewe Advisors LLC raised its stake in shares of Coinbase Global by 547.4% during the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after purchasing an additional 104 shares during the last quarter. Lynx Investment Advisory acquired a new stake in shares of Coinbase Global during the second quarter worth $29,000. Versant Capital Management Inc grew its position in Coinbase Global by 75.0% in the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after buying an additional 57 shares during the last quarter. Finally, Spirit of America Management Corp NY purchased a new position in Coinbase Global during the 2nd quarter worth $33,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.