Canaccord Genuity Group Trims Coinbase Global (NASDAQ:COIN) Target Price to $120.00

Coinbase Global (NASDAQ:COIN) had its price target lowered by stock analysts at Canaccord Genuity Group from $275.00 to $120.00 in a note issued to investors on Wednesday, The Fly reports. Canaccord Genuity Group’s price target would indicate a potential upside of 116.61% from the company’s previous close.

Other analysts have also recently issued reports about the stock. JPMorgan Chase & Co. reduced their target price on shares of Coinbase Global from $345.00 to $296.00 and set an “overweight” rating for the company in a research note on Wednesday, February 23rd. The Goldman Sachs Group cut shares of Coinbase Global from a “buy” rating to a “neutral” rating in a research note on Wednesday. Canaccord Genuity Group reduced their target price on shares of Coinbase Global from $342.00 to $275.00 and set a “buy” rating for the company in a research note on Friday, February 25th. JMP Securities reduced their target price on shares of Coinbase Global from $394.00 to $250.00 in a research note on Wednesday. Finally, Compass Point reduced their target price on shares of Coinbase Global from $325.00 to $200.00 and set a “neutral” rating for the company in a research note on Monday, February 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, Coinbase Global currently has a consensus rating of “Buy” and a consensus price target of $265.44.

COIN stock opened at $55.40 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.61 and a current ratio of 1.61. The stock has a market cap of $12.16 billion and a P/E ratio of 5.07. The firm has a 50 day simple moving average of $156.20 and a 200 day simple moving average of $220.53. Coinbase Global has a 52 week low of $70.19 and a 52 week high of $368.90.

Coinbase Global (NASDAQ:COIN – Get Rating) last posted its quarterly earnings results on Tuesday, May 10th. The cryptocurrency exchange reported ($1.98) EPS for the quarter, missing the consensus estimate of $0.74 by ($2.72). The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.48 billion. Coinbase Global had a return on equity of 77.65% and a net margin of 46.23%. The business’s revenue for the quarter was down 35.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.05 earnings per share. Sell-side analysts predict that Coinbase Global will post 1.53 EPS for the current year.

In related news, insider Paul Grewal sold 1,207 shares of the business’s stock in a transaction on Friday, February 25th. The shares were sold at an average price of $173.87, for a total transaction of $209,861.09. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

A number of hedge funds have recently made changes to their positions in COIN. Morgan Stanley bought a new position in Coinbase Global during the second quarter worth $172,984,000. Center for Financial Planning Inc. increased its holdings in Coinbase Global by 182.2% in the 3rd quarter. Center for Financial Planning Inc. now owns 127 shares of the cryptocurrency exchange’s stock valued at $29,000 after buying an additional 82 shares during the period. Truist Financial Corp increased its holdings in Coinbase Global by 14.7% in the 3rd quarter. Truist Financial Corp now owns 8,635 shares of the cryptocurrency exchange’s stock valued at $1,964,000 after buying an additional 1,109 shares during the period. Los Angeles Capital Management LLC bought a new stake in Coinbase Global in the 3rd quarter valued at $255,000. Finally, Mackenzie Financial Corp bought a new stake in Coinbase Global in the 3rd quarter valued at $1,188,000. 39.01% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Company Profile (Get Rating)

Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.

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