Coinbase Global (NASDAQ:COIN) Rating Reiterated by Canaccord Genuity Group

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

Several other analysts have also recently weighed in on COIN. Raymond James raised shares of Coinbase Global from an “underperform” rating to a “market perform” rating in a research note on Tuesday, March 12th. HC Wainwright increased their target price on shares of Coinbase Global from $115.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Keefe, Bruyette & Woods upgraded shares of Coinbase Global from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $93.00 to $160.00 in a report on Friday, February 16th. Piper Sandler increased their target price on shares of Coinbase Global from $125.00 to $165.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Finally, Citigroup raised their price objective on shares of Coinbase Global from $90.00 to $151.00 and gave the company a “neutral” rating in a report on Friday, January 19th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $141.30.

Coinbase Global Stock Performance

Shares of COIN traded up $8.68 during trading hours 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 market capitalization of $64.29 billion, a P/E ratio of 985.70 and a beta of 3.36. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.47. Coinbase Global has a 12-month low of $46.43 and a 12-month high of $283.48. The business has a fifty day moving average price of $185.44 and a 200-day moving average price of $136.47.

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

Insiders Place Their Bets

In other news, insider Paul Grewal sold 10,257 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $275.60, for a total transaction of $2,826,829.20. Following the transaction, the insider now directly owns 66,122 shares of the company’s stock, valued at approximately $18,223,223.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Coinbase Global news, insider Paul Grewal sold 10,257 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 66,122 shares of the company’s stock, valued at approximately $18,223,223.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Gokul Rajaram sold 1,145 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $260.00, for a total value of $297,700.00. Following the sale, the director now directly owns 4,833 shares of the company’s stock, valued at $1,256,580. The disclosure for this sale can be found here. Insiders have sold 742,727 shares of company stock worth $112,716,312 over the last ninety days. Corporate insiders own 33.16% of the company’s stock.

Institutional Trading of Coinbase Global

A number of institutional investors have recently modified their holdings of COIN. Fairfield Bush & CO. boosted its position in Coinbase Global by 18.4% in the 1st quarter. Fairfield Bush & CO. now owns 1,770 shares of the cryptocurrency exchange’s stock valued at $336,000 after buying an additional 275 shares during the period. United Bank purchased a new position in shares of Coinbase Global during the 1st quarter worth about $286,000. Bank of New York Mellon Corp grew its position in shares of Coinbase Global by 2.7% during the first quarter. Bank of New York Mellon Corp now owns 70,553 shares of the cryptocurrency exchange’s stock worth $13,394,000 after buying an additional 1,844 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Coinbase Global by 269.2% during the first quarter. American Century Companies Inc. now owns 7,147 shares of the cryptocurrency exchange’s stock valued at $1,357,000 after purchasing an additional 5,211 shares in the last quarter. Finally, Synovus Financial Corp grew its stake in Coinbase Global by 26.6% during the 1st quarter. Synovus Financial Corp now owns 1,103 shares of the cryptocurrency exchange’s stock valued at $209,000 after acquiring an additional 232 shares in the last quarter. 68.84% of the stock is currently 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.