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

Canaccord Genuity Group reiterated their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a research report sent to investors on Friday, Benzinga reports. They currently have a $280.00 price objective on the cryptocurrency exchange’s stock.

Several other brokerages also recently issued reports on COIN. Barclays cut their price target on shares of Coinbase Global from $204.00 to $196.00 and set an underweight rating for the company in a report on Wednesday, July 10th. Singular Research reissued a buy rating on shares of Coinbase Global in a report on Wednesday, May 8th. The Goldman Sachs Group cut their price target on shares of Coinbase Global from $255.00 to $215.00 and set a neutral rating for the company in a report on Thursday, July 11th. Bank of America raised shares of Coinbase Global from an underperform rating to a neutral rating and lifted their price target for the company from $110.00 to $217.00 in a report on Friday, May 17th. Finally, Piper Sandler lifted their price target on shares of Coinbase Global from $225.00 to $245.00 and gave the company a neutral rating in a report on Friday, April 12th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $245.27.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $204.44 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02. The firm’s 50-day simple moving average is $234.52 and its 200-day simple moving average is $214.19. Coinbase Global has a twelve month low of $69.63 and a twelve month high of $283.48. The firm has a market cap of $50.20 billion, a P/E ratio of 40.81 and a beta of 3.40.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.61. Coinbase Global had a net margin of 31.46% and a return on equity of 14.72%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.26 billion. As a group, research analysts expect that Coinbase Global will post 4.95 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In related news, CAO Jennifer N. Jones sold 15,580 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $239.28, for a total transaction of $3,727,982.40. Following the completion of the transaction, the chief accounting officer now owns 2,212 shares in the company, valued at $529,287.36. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CAO Jennifer N. Jones sold 15,580 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $239.28, for a total value of $3,727,982.40. Following the completion of the transaction, the chief accounting officer now owns 2,212 shares in the company, valued at $529,287.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $233.00, for a total transaction of $349,500.00. Following the completion of the sale, the chief operating officer now directly owns 194,971 shares in the company, valued at approximately $45,428,243. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 258,601 shares of company stock worth $56,091,678. 23.43% of the stock is currently owned by company insiders.

Institutional Trading of Coinbase Global

A number of institutional investors have recently made changes to their positions in the business. Fifth Third Bancorp lifted its position in shares of Coinbase Global by 0.4% in the second quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock worth $2,777,000 after purchasing an additional 55 shares in the last quarter. Versant Capital Management Inc raised its position in Coinbase Global by 75.0% during the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 57 shares in the last quarter. Larson Financial Group LLC raised its position in Coinbase Global by 12.1% during the second quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock worth $118,000 after acquiring an additional 57 shares in the last quarter. Capital Advisors Wealth Management LLC raised its position in Coinbase Global by 4.6% during the second quarter. Capital Advisors Wealth Management LLC now owns 1,413 shares of the cryptocurrency exchange’s stock worth $314,000 after acquiring an additional 62 shares in the last quarter. Finally, Fountainhead AM LLC raised its position in Coinbase Global by 2.1% during the fourth quarter. Fountainhead AM LLC now owns 3,957 shares of the cryptocurrency exchange’s stock worth $688,000 after acquiring an additional 81 shares in the last quarter. Institutional investors own 68.84% of the company’s stock.

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.