Canaccord Genuity Group Reiterates “Buy” Rating for Coinbase Global (NASDAQ:COIN)

Coinbase Global (NASDAQ:COIN)‘s stock had its “buy” rating restated by stock analysts at Canaccord Genuity Group in a research note issued on Friday,Benzinga reports. They currently have a $400.00 price objective on the cryptocurrency exchange’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 100.53% from the company’s previous close.

A number of other research firms have also recently commented on COIN. Mizuho reduced their target price 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. Bank of America reduced their price objective on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. Compass Point restated a “sell” rating and issued a $180.00 target price on shares of Coinbase Global in a research report on Monday, April 28th. JMP Securities reiterated a “market outperform” rating and set a $400.00 price target on shares of Coinbase Global in a research report on Thursday. Finally, Needham & Company LLC restated a “buy” rating and issued a $330.00 price objective on shares of Coinbase Global in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $268.65.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $199.47 on Friday. The stock’s 50-day simple moving average is $187.38 and its two-hundred day simple moving average is $243.06. Coinbase Global has a twelve month low of $142.58 and a twelve month high of $349.75. The firm has a market capitalization of $50.64 billion, a P/E ratio of 21.00 and a beta of 3.62. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter last year, the company posted $2.53 earnings per share. The firm’s revenue for the quarter was up 24.2% on a year-over-year basis. As a group, equities analysts anticipate that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 15,000 shares of the business’s stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $168.53, for a total transaction of $2,527,950.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $88,646.78. The trade was a 96.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alesia J. Haas sold 7,575 shares of the firm’s stock in a transaction dated Wednesday, April 23rd. The stock was 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 directly owns 107,291 shares of the company’s stock, valued at approximately $21,458,200. This represents a 6.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 153,742 shares of company stock worth $32,639,759 over the last quarter. 17.65% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock valued at $3,323,084,000 after purchasing an additional 875,359 shares during the period. Geode Capital Management LLC lifted its position in Coinbase Global by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock valued at $882,822,000 after buying an additional 127,075 shares during the period. ARK Investment Management LLC boosted its holdings in shares of Coinbase Global by 1.1% during the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock valued at $528,592,000 after buying an additional 34,462 shares in the last quarter. Norges Bank purchased a new stake in shares of Coinbase Global in the 4th quarter worth about $536,484,000. Finally, Groupama Asset Managment bought a new position in shares of Coinbase Global in the 4th quarter worth about $372,450,000. 68.84% of the stock is 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.