Coinbase Global's (COIN) "Buy" Rating Reaffirmed at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group has reaffirmed a buy rating for Coinbase Global (NASDAQ:COIN) with a target price of $400.00, suggesting a potential upside of 5.89% from its current price.
• Coinbase's recent quarterly earnings showed an EPS of $5.14, significantly exceeding the consensus estimate of $0.91, although revenue fell short of expectations at $1.50 billion.
• Insider activity shows significant stock sales, with CEO Brian Armstrong selling over 198,000 shares for nearly $79 million, indicating potential concerns about the stock's future performance.

Canaccord Genuity Group reissued their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a report released on Friday morning,Benzinga reports. The brokerage currently has a $400.00 price objective on the cryptocurrency exchange's stock.

Other research analysts have also issued research reports about the company. Citigroup lifted their price target on Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a research report on Tuesday. The Goldman Sachs Group raised their price objective on Coinbase Global from $239.00 to $268.00 and gave the company a "neutral" rating in a research note on Monday, July 7th. HC Wainwright reissued a "sell" rating and set a $300.00 target price (down previously from $305.00) on shares of Coinbase Global in a research report on Thursday, July 10th. JPMorgan Chase & Co. lowered their price target on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Finally, Compass Point raised shares of Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price objective for the company in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $344.55.

Coinbase Global Price Performance

NASDAQ COIN traded down $63.07 during trading on Friday, hitting $314.69. 31,265,570 shares of the stock traded hands, compared to its average volume of 12,904,831. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. Coinbase Global has a 12-month low of $142.58 and a 12-month high of $444.64. The firm has a 50-day simple moving average of $327.63 and a 200-day simple moving average of $259.53. The company has a market capitalization of $79.89 billion, a P/E ratio of 30.43, a price-to-earnings-growth ratio of 21.92 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.95% and a net margin of 40.87%. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the firm posted $0.14 EPS. The company's revenue for the quarter was up 3.3% on a year-over-year basis. As a group, analysts predict that Coinbase Global will post 7.22 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the company's stock in a transaction on Wednesday, July 2nd. The stock was 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 in the company, valued at $28,702,833.92. This represents a 10.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Alesia J. Haas sold 3,000 shares of Coinbase Global 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 transaction, the chief financial officer owned 97,366 shares in the company, valued at $35,071,233.20. This trade represents a 2.99% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,208,340 shares of company stock valued at $439,997,456. 17.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Several institutional investors have recently bought and sold shares of the company. Mascagni Wealth Management Inc. acquired a new position in Coinbase Global during the 4th quarter valued at approximately $25,000. Copia Wealth Management purchased a new stake in shares of Coinbase Global during the fourth quarter valued at $26,000. Bessemer Group Inc. grew its holdings in shares of Coinbase Global by 297.4% during the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after buying an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. acquired a new position in shares of Coinbase Global in the 1st quarter valued at $30,000. Finally, Cullen Frost Bankers Inc. purchased a new position in Coinbase Global in the 2nd quarter worth $30,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.