Coinbase Global (NASDAQ:COIN) Now Covered by Analysts at Cantor Fitzgerald

Equities researchers at Cantor Fitzgerald initiated coverage on shares of Coinbase Global (NASDAQ:COIN) in a research note issued to investors on Tuesday. The brokerage set an “overweight” rating and a $245.00 price target on the cryptocurrency exchange’s stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 47.73% from the stock’s current price.

A number of other equities research analysts also recently weighed in on COIN. Piper Sandler boosted their price objective on shares of Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Mizuho reduced their price objective on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Barclays dropped their target price on Coinbase Global from $328.00 to $169.00 and set an “equal weight” rating on the stock in a research report on Monday. Canaccord Genuity Group raised their target price on Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Sanford C. Bernstein upgraded shares of Coinbase Global to a “strong-buy” rating in a research report on Tuesday, March 18th. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $302.68.

Coinbase Global Stock Up 5.4 %

NASDAQ COIN traded up $8.57 during trading hours on Tuesday, reaching $165.85. 1,312,363 shares of the company traded hands, compared to its average volume of 9,703,787. The stock has a market capitalization of $42.11 billion, a PE ratio of 17.47 and a beta of 3.65. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. Coinbase Global has a 12 month low of $142.58 and a 12 month high of $349.75. The company has a 50 day moving average of $224.58 and a two-hundred day moving average of $243.09.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. As a group, equities analysts expect that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In related news, CFO Alesia J. Haas sold 7,575 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the sale, the chief financial officer now owns 114,866 shares in the company, valued at $22,973,200. This trade represents a 6.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Brian Armstrong sold 15,000 shares of the company’s stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $168.53, for a total transaction of $2,527,950.00. Following the sale, the chief executive officer now directly owns 526 shares in the company, valued at $88,646.78. This represents a 96.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 182,767 shares of company stock valued at $48,326,134 in the last quarter. Corporate insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

A number of large investors have recently bought and sold shares of COIN. Norges Bank bought a new stake in shares of Coinbase Global during the fourth quarter worth $536,484,000. Groupama Asset Managment acquired a new position in shares of Coinbase Global during the fourth quarter worth approximately $372,450,000. Proficio Capital Partners LLC increased its holdings in shares of Coinbase Global by 30,664.4% in the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock valued at $103,888,000 after purchasing an additional 417,036 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in Coinbase Global by 445.4% during the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange’s stock worth $101,431,000 after buying an additional 333,600 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Coinbase Global by 10.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after buying an additional 314,388 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.

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.