Coinbase Global (NASDAQ:COIN) Given “Buy” Rating at Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a report released on Thursday, Benzinga reports. The brokerage currently has a $280.00 price objective on the cryptocurrency exchange’s stock.

Several other equities analysts also recently commented on COIN. JMP Securities reissued a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a research note on Wednesday, October 9th. Bank of America lifted their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research report on Thursday. B. Riley assumed coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. Mizuho raised their price objective on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday. Finally, Compass Point reduced their price objective on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $246.28.

Coinbase Global Trading Up 2.0 %

Shares of COIN opened at $182.88 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03. Coinbase Global has a 52-week low of $80.81 and a 52-week high of $283.48. The firm has a market cap of $45.44 billion, a price-to-earnings ratio of 31.21 and a beta of 3.35. The business’s fifty day moving average is $180.98 and its 200-day moving average is $208.66.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). Coinbase Global had a return on equity of 15.38% and a net margin of 29.76%. The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the company posted ($0.42) EPS. The firm’s revenue was up 104.8% compared to the same quarter last year. Equities analysts anticipate that Coinbase Global will post 4.11 EPS for the current fiscal year.

Insider Activity

In other news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total value of $4,013,434.75. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at $91,487.18. This trade represents a 0.00 % 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 hyperlink. In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $91,487.18. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Grewal sold 16,962 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the sale, the insider now owns 75,556 shares of the company’s stock, valued at approximately $15,637,069.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 79,687 shares of company stock worth $14,908,594 over the last three months. 23.43% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Hedge funds have recently modified their holdings of the company. Resolute Advisors LLC increased its position in shares of Coinbase Global by 15.9% during the 3rd quarter. Resolute Advisors LLC now owns 8,230 shares of the cryptocurrency exchange’s stock valued at $1,466,000 after purchasing an additional 1,130 shares during the last quarter. Lindbrook Capital LLC increased its holdings in Coinbase Global by 30.2% during the third quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock worth $5,347,000 after buying an additional 6,963 shares during the last quarter. Assetmark Inc. raised its position in Coinbase Global by 76.6% in the third quarter. Assetmark Inc. now owns 2,879 shares of the cryptocurrency exchange’s stock worth $513,000 after acquiring an additional 1,249 shares during the period. Verdence Capital Advisors LLC raised its position in Coinbase Global by 7.8% in the third quarter. Verdence Capital Advisors LLC now owns 7,140 shares of the cryptocurrency exchange’s stock worth $1,272,000 after acquiring an additional 518 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in Coinbase Global in the third quarter valued at about $116,000. 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.