Canaccord Genuity Group Boosts Coinbase Global (NASDAQ:COIN) Price Target to $400.00

Coinbase Global (NASDAQ:COIN) had its price target raised by investment analysts at Canaccord Genuity Group from $280.00 to $400.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the cryptocurrency exchange’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 45.82% from the stock’s previous close.

COIN has been the topic of a number of other reports. Needham & Company LLC reissued a “buy” rating and set a $330.00 target price on shares of Coinbase Global in a report on Thursday. HC Wainwright boosted their price objective on shares of Coinbase Global from $255.00 to $330.00 and gave the stock a “buy” rating in a research note on Wednesday. Bank of America raised their target price on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. B. Riley assumed coverage on Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target on the stock. Finally, Barclays raised their price objective on Coinbase Global from $204.00 to $355.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Nine equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Coinbase Global has an average rating of “Moderate Buy” and an average target price of $301.17.

Coinbase Global Trading Down 8.0 %

NASDAQ COIN opened at $274.31 on Friday. The company has a market cap of $68.67 billion, a price-to-earnings ratio of 46.81 and a beta of 3.61. Coinbase Global has a twelve month low of $146.12 and a twelve month high of $349.75. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The business’s fifty day moving average is $280.97 and its 200 day moving average is $238.26.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating 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, sell-side analysts expect that Coinbase Global will post 4.81 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, insider Paul Grewal sold 7,104 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $307.80, for a total value of $2,186,611.20. Following the completion of the sale, the insider now directly owns 79,407 shares of the company’s stock, valued at $24,441,474.60. The trade was a 8.21 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Jennifer N. Jones sold 1,837 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $295.02, for a total value of $541,951.74. Following the completion of the transaction, the chief accounting officer now owns 1,160 shares in the company, valued at approximately $342,223.20. The trade was a 61.29 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 386,798 shares of company stock valued at $114,707,944. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Mercer Global Advisors Inc. ADV increased its position in shares of Coinbase Global by 1.8% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 16,805 shares of the cryptocurrency exchange’s stock worth $4,173,000 after acquiring an additional 298 shares in the last quarter. BlueCrest Capital Management Ltd acquired a new position in Coinbase Global during the 4th quarter valued at about $2,061,000. Itau Unibanco Holding S.A. increased its holdings in Coinbase Global by 48.9% during the 4th quarter. Itau Unibanco Holding S.A. now owns 2,891 shares of the cryptocurrency exchange’s stock worth $716,000 after purchasing an additional 950 shares in the last quarter. Comerica Bank raised its stake in shares of Coinbase Global by 1.0% in the fourth quarter. Comerica Bank now owns 23,505 shares of the cryptocurrency exchange’s stock worth $5,836,000 after purchasing an additional 242 shares during the last quarter. Finally, Regal Partners Ltd bought a new position in shares of Coinbase Global in the fourth quarter valued at approximately $1,466,000. 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.