Coinbase Global’s (COIN) “Buy” Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a report published on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a $400.00 target price on the cryptocurrency exchange’s stock.

COIN has been the subject of a number of other reports. Keefe, Bruyette & Woods lifted their price objective on shares of Coinbase Global from $183.00 to $205.00 and gave the company a “market perform” rating in a research note on Friday, May 9th. Benchmark lifted their price objective on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a “buy” rating in a report on Monday, June 23rd. JPMorgan Chase & Co. lowered their price target on shares of Coinbase Global from $276.00 to $215.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. HC Wainwright restated a “sell” rating and issued a $300.00 price objective (down previously from $305.00) on shares of Coinbase Global in a research report on Thursday, July 10th. Finally, Piper Sandler restated a “neutral” rating and issued a $350.00 price objective on shares of Coinbase Global in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $344.55.

Coinbase Global Price Performance

COIN stock opened at $314.69 on Friday. The stock has a market capitalization of $79.89 billion, a PE ratio of 30.43, a price-to-earnings-growth ratio of 21.92 and a beta of 3.70. The company’s 50-day moving average is $327.63 and its 200-day moving average is $259.38. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. Coinbase Global has a 1 year low of $142.58 and a 1 year high of $444.64.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the business earned $0.14 EPS. Coinbase Global’s quarterly revenue was up 3.3% compared to the same quarter last year. Equities research analysts expect that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Activity

In other news, CFO Alesia J. Haas sold 3,000 shares of the stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $360.20, for a total value of $1,080,600.00. Following the completion of the sale, the chief financial officer directly owned 97,366 shares in the company, valued at $35,071,233.20. This represents a 2.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total transaction of $3,486,400.00. Following the completion of the sale, the insider directly owned 82,328 shares of the company’s stock, valued at $28,702,833.92. This represents a 10.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,183,340 shares of company stock worth $434,983,956 over the last three months. Insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Coinbase Global by 4.8% during the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock worth $3,323,084,000 after purchasing an additional 875,359 shares in the last quarter. ARK Investment Management LLC grew its position in Coinbase Global by 1.1% in 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 during the last quarter. Groupama Asset Managment grew its position in Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock valued at $516,690,000 after buying an additional 1,500,000 shares during the last quarter. Amundi grew its position in Coinbase Global by 44.1% in the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock valued at $268,850,000 after buying an additional 481,786 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of Coinbase Global by 0.6% during the 1st quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange’s stock worth $224,318,000 after purchasing an additional 7,675 shares in the last quarter. Institutional investors and hedge funds 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.