Coinbase Global (NASDAQ:COIN) PT Raised to $280.00 at Canaccord Genuity Group

Coinbase Global (NASDAQ:COIN) had its target price hoisted by Canaccord Genuity Group from $240.00 to $280.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a buy rating on the cryptocurrency exchange’s stock.

Several other equities analysts also recently issued reports on the stock. Piper Sandler upped their price objective on shares of Coinbase Global from $225.00 to $245.00 and gave the company a neutral rating in a research note on Friday, April 12th. Sanford C. Bernstein raised their target price on shares of Coinbase Global from $80.00 to $200.00 and gave the stock a market perform rating in a research report on Thursday, April 18th. Citigroup raised their price target on Coinbase Global from $90.00 to $151.00 and gave the stock a neutral rating in a report on Friday, January 19th. HC Wainwright increased their price objective on Coinbase Global from $250.00 to $300.00 and gave the stock a buy rating in a research report on Monday, April 29th. Finally, Raymond James raised Coinbase Global from an underperform rating to a market perform rating in a report on Tuesday, March 12th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $192.60.

Coinbase Global Trading Down 2.4 %

NASDAQ:COIN opened at $223.25 on Friday. Coinbase Global has a 1 year low of $46.43 and a 1 year high of $283.48. The stock has a market cap of $54.09 billion, a P/E ratio of 44.56 and a beta of 3.46. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a 50-day simple moving average of $236.37 and a 200-day simple moving average of $167.06.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $1.13. Coinbase Global had a return on equity of 10.24% and a net margin of 33.98%. The firm had revenue of $953.80 million during the quarter, compared to the consensus estimate of $826.10 million. During the same period in the prior year, the company posted ($2.46) earnings per share. The firm’s quarterly revenue was up 51.6% compared to the same quarter last year. As a group, analysts anticipate that Coinbase Global will post 2.71 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Paul Grewal sold 42,113 shares of Coinbase Global stock in a transaction on Monday, February 26th. The stock was sold at an average price of $190.34, for a total transaction of $8,015,788.42. Following the completion of the transaction, the insider now directly owns 66,122 shares of the company’s stock, valued at $12,585,661.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $119.73, for a total value of $9,833,424.90. Following the sale, the director now directly owns 4,662 shares in the company, valued at $558,181.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 42,113 shares of Coinbase Global stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $190.34, for a total value of $8,015,788.42. Following the transaction, the insider now owns 66,122 shares of the company’s stock, valued at $12,585,661.48. The disclosure for this sale can be found here. Insiders have sold a total of 420,597 shares of company stock worth $86,053,862 in the last quarter. Company insiders own 33.16% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Coinbase Global by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 14,281,280 shares of the cryptocurrency exchange’s stock valued at $2,483,800,000 after acquiring an additional 408,046 shares during the last quarter. Morgan Stanley boosted its stake in shares of Coinbase Global by 18.5% during the 3rd quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock worth $246,250,000 after purchasing an additional 511,397 shares during the last quarter. Norges Bank purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $202,936,000. Northern Trust Corp lifted its stake in shares of Coinbase Global by 4.3% during the third quarter. Northern Trust Corp now owns 897,166 shares of the cryptocurrency exchange’s stock valued at $67,359,000 after buying an additional 37,019 shares during the period. Finally, a16z Perennial Management L.P. acquired a new stake in Coinbase Global during the fourth quarter worth approximately $147,646,000. 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.