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

Coinbase Global (NASDAQ:COIN)'s stock had its "buy" rating reiterated by stock analysts at Canaccord Genuity Group in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $280.00 price target on the cryptocurrency exchange's stock. Canaccord Genuity Group's price target would suggest a potential upside of 56.21% from the company's current price.

COIN has been the topic of several other research reports. The Goldman Sachs Group lowered their target price on shares of Coinbase Global from $255.00 to $215.00 and set a "neutral" rating on the stock in a research note on Thursday, July 11th. Citigroup upgraded shares of Coinbase Global from a "neutral" rating to a "buy" rating and increased their price objective for the company from $260.00 to $345.00 in a research report on Tuesday, July 23rd. HC Wainwright restated a "buy" rating and issued a $295.00 target price on shares of Coinbase Global in a report on Tuesday. Bank of America boosted their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the company a "neutral" rating in a research note on Thursday. Finally, Mizuho increased their price target on Coinbase Global from $160.00 to $178.00 and gave the company an "underperform" rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $246.28.

Coinbase Global Stock Down 15.3 %

Shares of COIN traded down $32.49 on Thursday, hitting $179.25. 18,772,428 shares of the stock traded hands, compared to its average volume of 10,428,997. Coinbase Global has a one year low of $73.56 and a one year high of $283.48. The company has a market capitalization of $44.54 billion, a PE ratio of 33.66 and a beta of 3.35. The business has a 50 day simple moving average of $181.94 and a 200 day simple moving average of $209.22. 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 (NASDAQ:COIN - Get Free Report) 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 13.89% and a net margin of 31.46%. The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the business posted ($0.42) EPS. The firm's revenue for the quarter was up 104.8% on a year-over-year basis. As a group, equities analysts forecast that Coinbase Global will post 3.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, insider Paul Grewal sold 16,962 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $206.96, for a total value of $3,510,455.52. Following the completion of the sale, the insider now directly owns 75,556 shares of the company's stock, valued at $15,637,069.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Paul Grewal sold 16,962 shares of the company's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $206.96, for a total value of $3,510,455.52. Following the completion of the transaction, the insider now owns 75,556 shares of the company's stock, valued at $15,637,069.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 526 shares of the company's stock, valued at $91,487.18. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 79,687 shares of company stock valued at $14,908,594 over the last 90 days. 23.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Hedge funds have recently modified their holdings of the stock. Creative Financial Designs Inc. ADV increased its holdings in Coinbase Global by 9.4% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange's stock valued at $106,000 after acquiring an additional 51 shares during the last quarter. Fifth Third Bancorp increased its holdings in shares of Coinbase Global by 0.4% in the second quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange's stock worth $2,777,000 after purchasing an additional 55 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange's stock worth $30,000 after buying an additional 57 shares in the last quarter. Larson Financial Group LLC boosted its stake in Coinbase Global by 12.1% during the second quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange's stock valued at $118,000 after buying an additional 57 shares during the last quarter. Finally, Benjamin Edwards Inc. grew its holdings in Coinbase Global by 3.1% during the 2nd quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange's stock valued at $446,000 after buying an additional 61 shares in the last quarter. Hedge funds and other 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.