HC Wainwright Reaffirms Buy Rating for Coinbase Global (NASDAQ:COIN)

Coinbase Global (NASDAQ:COIN)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $350.00 target price on the cryptocurrency exchange’s stock. HC Wainwright’s price objective would indicate a potential upside of 43.09% from the company’s previous close.

COIN has been the topic of a number of other research reports. Canaccord Genuity Group increased their price target on shares of Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Barclays raised their target price on shares of Coinbase Global from $282.00 to $328.00 and gave the stock an “equal weight” rating in a research report on Friday, February 14th. Mizuho lowered their price target on shares of Coinbase Global from $290.00 to $280.00 and set a “neutral” rating for the company in a research report on Thursday. The Goldman Sachs Group lowered 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 report on Friday, January 10th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a research note on Tuesday. Ten equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $304.50.

Coinbase Global Stock Performance

Shares of COIN stock traded down $11.99 during trading on Friday, reaching $244.60. 8,930,682 shares of the company’s stock traded hands, compared to its average volume of 8,558,862. The company has a market capitalization of $61.24 billion, a P/E ratio of 25.67 and a beta of 3.61. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. The firm’s 50-day moving average is $277.26 and its 200 day moving average is $239.47. Coinbase Global has a 1 year low of $146.12 and a 1 year high of $349.75.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. Equities research analysts expect that Coinbase Global will post 7.22 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $307.30, for a total value of $7,682,500.00. Following the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $161,639.80. The trade was a 97.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 26,649 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $308.14, for a total transaction of $8,211,622.86. Following the completion of the transaction, the director now directly owns 10,417 shares in the company, valued at $3,209,894.38. This trade represents a 71.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 334,306 shares of company stock valued at $97,300,651 over the last 90 days. 23.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Coinbase Global by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange’s stock worth $4,573,462,000 after buying an additional 128,802 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Coinbase Global by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock worth $882,822,000 after buying an additional 127,075 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Coinbase Global by 2.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock worth $570,341,000 after buying an additional 71,398 shares in the last quarter. Clear Street Derivatives LLC purchased a new position in shares of Coinbase Global in the third quarter worth $409,919,000. Finally, Norges Bank purchased a new position in shares of Coinbase Global in the fourth quarter worth $536,484,000. 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.