Canaccord Genuity Group Issues Positive Forecast for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its target price raised by Canaccord Genuity Group from $280.00 to $400.00 in a research report report published on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the cryptocurrency exchange’s stock.

Other equities research analysts have also recently issued research reports about the stock. HC Wainwright boosted their target price on shares of Coinbase Global from $255.00 to $330.00 and gave the company a “buy” rating in a report on Wednesday. Bank of America upped 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, October 31st. Mizuho upgraded shares of Coinbase Global from a “neutral” rating to an “outperform” rating and upped their price target for the company from $250.00 to $290.00 in a research report on Wednesday, January 29th. Oppenheimer lowered their price objective on shares of Coinbase Global from $358.00 to $334.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Finally, The Goldman Sachs Group decreased their price target on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $301.17.

Coinbase Global Stock Performance

COIN stock opened at $274.31 on Friday. The stock has a 50-day moving average price of $280.97 and a 200-day moving average price of $238.16. Coinbase Global has a 1-year low of $146.12 and a 1-year high of $349.75. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The firm has a market cap of $68.67 billion, a PE ratio of 46.81 and a beta of 3.61.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. As a group, equities research analysts expect that Coinbase Global will post 4.81 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 10,000 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total value of $2,566,900.00. Following the sale, the insider now owns 69,407 shares in the company, valued at $17,816,082.83. This represents a 12.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $172,528. The trade was a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 386,798 shares of company stock worth $114,707,944 in the last three months. Corporate insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Institutional investors have recently bought and sold shares of the company. Wingate Wealth Advisors Inc. acquired a new stake in shares of Coinbase Global during the fourth quarter valued at about $27,000. Atala Financial Inc acquired a new position in shares of Coinbase Global in the fourth quarter valued at approximately $27,000. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after purchasing an additional 106 shares in the last quarter. RPg Family Wealth Advisory LLC acquired a new position in shares of Coinbase Global in the third quarter valued at approximately $25,000. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of Coinbase Global in the fourth quarter valued at approximately $50,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.