Canaccord Genuity Group Increases Coinbase Global (NASDAQ:COIN) Price Target to $280.00

Coinbase Global (NASDAQ:COIN) had its price objective increased by investment analysts at Canaccord Genuity Group from $240.00 to $280.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the cryptocurrency exchange’s stock. Canaccord Genuity Group’s target price suggests a potential upside of 25.42% from the stock’s previous close.

COIN has been the subject of a number of other reports. Keefe, Bruyette & Woods lifted their price objective on Coinbase Global from $160.00 to $230.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 3rd. Needham & Company LLC boosted their price target on shares of Coinbase Global from $160.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, January 8th. Wedbush raised their price objective on shares of Coinbase Global from $180.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. Oppenheimer upped their target price on shares of Coinbase Global from $200.00 to $276.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Finally, Citigroup raised their price target on Coinbase Global from $90.00 to $151.00 and gave the stock a “neutral” rating in a research report on Friday, January 19th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $185.48.

Coinbase Global Price Performance

Shares of COIN stock opened at $223.25 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $54.09 billion, a price-to-earnings ratio of 44.56 and a beta of 3.46. The firm’s 50 day moving average is $236.37 and its 200-day moving average is $165.79. Coinbase Global has a 1 year low of $46.43 and a 1 year high of $283.48.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $1.13. The firm had revenue of $953.80 million for the quarter, compared to the consensus estimate of $826.10 million. Coinbase Global had a return on equity of 10.24% and a net margin of 33.98%. The business’s revenue for the quarter was up 51.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($2.46) EPS. Sell-side analysts forecast that Coinbase Global will post 2.71 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 10,257 shares of the business’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 sale, the insider now directly owns 66,122 shares in the company, valued at $18,223,223.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Paul Grewal sold 10,257 shares of the firm’s stock in a transaction that occurred 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 completion of 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $215.00, for a total transaction of $322,500.00. Following the completion of the sale, the chief operating officer now directly owns 213,851 shares in the company, valued at approximately $45,977,965. The disclosure for this sale can be found here. In the last 90 days, insiders sold 420,597 shares of company stock worth $86,053,862. Corporate insiders own 33.16% of the company’s stock.

Institutional Trading of Coinbase Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. Barrett & Company Inc. acquired a new position in shares of Coinbase Global during the 4th quarter worth approximately $26,000. Creekmur Asset Management LLC acquired a new position in Coinbase Global during the fourth quarter worth $27,000. Concord Wealth Partners increased its holdings in Coinbase Global by 322.2% during the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 87 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in Coinbase Global by 833.3% in the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 100 shares during the last quarter. Finally, Mather Group LLC. bought a new position in shares of Coinbase Global in the 1st quarter valued at about $32,000. 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.