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

Coinbase Global (NASDAQ:COIN)'s stock had its "buy" rating reiterated by investment analysts at Canaccord Genuity Group in a research note issued to investors on Friday,Benzinga reports. They presently have a $400.00 price target on the cryptocurrency exchange's stock. Canaccord Genuity Group's target price points to a potential upside of 53.03% from the stock's previous close.

COIN has been the topic of several other research reports. Barclays reiterated an "equal weight" rating on shares of Coinbase Global in a research report on Thursday, May 8th. Compass Point restated a "sell" rating and issued a $180.00 price objective on shares of Coinbase Global in a research note on Monday, April 28th. Citigroup reaffirmed a "neutral" rating on shares of Coinbase Global in a research note on Thursday, May 8th. Needham & Company LLC reiterated a "buy" rating and set a $330.00 target price on shares of Coinbase Global in a research report on Thursday, February 13th. Finally, Benchmark initiated coverage on Coinbase Global in a report on Wednesday, April 23rd. They issued a "buy" rating and a $252.00 price target on the stock. Ten analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $262.75.

Coinbase Global Price Performance

Shares of NASDAQ COIN traded up $4.48 during mid-day trading on Friday, hitting $261.38. 14,659,632 shares of the stock traded hands, compared to its average volume of 9,390,780. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. The company has a market cap of $66.36 billion, a PE ratio of 27.51 and a beta of 3.62. Coinbase Global has a twelve month low of $142.58 and a twelve month high of $349.75. The firm has a 50 day simple moving average of $187.93 and a two-hundred day simple moving average of $243.41.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The company's quarterly revenue was up 24.2% compared to the same quarter last year. During the same quarter last year, the company posted $2.53 EPS. As a group, equities research analysts forecast that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 7,575 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the sale, the chief financial officer now directly owns 114,866 shares of the company's stock, valued at $22,973,200. This represents a 6.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frederick Ernest Ehrsam III sold 7,614 shares of the business's stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $295.10, for a total transaction of $2,246,891.40. Following the transaction, the director now owns 10,417 shares of the company's stock, valued at $3,074,056.70. This trade represents a 42.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 128,742 shares of company stock valued at $25,758,259. 17.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors have recently made changes to their positions in COIN. Norges Bank bought a new stake in shares of Coinbase Global during the fourth quarter worth $536,484,000. Groupama Asset Managment purchased a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $372,450,000. Vanguard Group Inc. boosted its stake in shares of Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after acquiring an additional 875,359 shares during the last quarter. Nuveen LLC acquired a new position in Coinbase Global during the first quarter worth $83,454,000. Finally, Proficio Capital Partners LLC raised its position in Coinbase Global by 30,664.4% in the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange's stock valued at $103,888,000 after purchasing an additional 417,036 shares during the period. Institutional investors own 68.84% of the company's stock.

Coinbase Global Company Profile

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.