Cantor Fitzgerald Initiates Coverage on Coinbase Global (NASDAQ:COIN)

Research analysts at Cantor Fitzgerald started coverage on shares of Coinbase Global (NASDAQ:COIN) in a note issued to investors on Tuesday, MarketBeat reports. The brokerage set an “overweight” rating and a $245.00 price target on the cryptocurrency exchange’s stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 38.35% from the stock’s current price.

COIN has been the subject of a number of other research reports. Bank of America cut their target price on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. Oppenheimer reiterated an “outperform” rating on shares of Coinbase Global in a research note on Monday, February 10th. Piper Sandler lifted their target price on shares of Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Sanford C. Bernstein upgraded shares of Coinbase Global to a “strong-buy” rating in a research note on Tuesday, March 18th. Finally, The Goldman Sachs Group initiated coverage on shares of Coinbase Global in a research note on Thursday, March 20th. They issued a “neutral” rating and a $195.00 target price for the company. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global has a consensus rating of “Moderate Buy” and a consensus target price of $298.74.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $177.09 on Tuesday. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. Coinbase Global has a 1 year low of $142.58 and a 1 year high of $349.75. The business has a fifty day simple moving average of $214.42 and a 200 day simple moving average of $241.91. The firm has a market cap of $44.96 billion, a price-to-earnings ratio of 18.64 and a beta of 3.65.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 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%. As a group, sell-side analysts predict that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, insider Paul Grewal sold 10,978 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the transaction, the insider now owns 83,313 shares in the company, valued at $17,656,524.09. This represents a 11.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 5,262 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $300.09, for a total transaction of $1,579,073.58. Following the completion of the transaction, the director now owns 10,417 shares in the company, valued at approximately $3,126,037.53. This trade represents a 33.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 182,767 shares of company stock worth $48,326,134 over the last quarter. Insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its stake in shares of Coinbase Global by 168.2% in the 3rd quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock valued at $4,648,000 after acquiring an additional 16,363 shares during the period. McElhenny Sheffield Capital Management LLC acquired a new position in Coinbase Global during the 4th quarter worth approximately $252,000. Virtu Financial LLC acquired a new position in shares of Coinbase Global in the 3rd quarter valued at $3,866,000. Savant Capital LLC acquired a new position in shares of Coinbase Global in the 4th quarter valued at $591,000. Finally, Principal Financial Group Inc. boosted its holdings in shares of Coinbase Global by 219.2% in the 3rd quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock valued at $9,558,000 after buying an additional 36,843 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.