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

Cantor Fitzgerald initiated coverage on shares of Coinbase Global (NASDAQ:COIN) in a research report released on Tuesday morning, Marketbeat.com reports. The firm issued an overweight rating and a $245.00 target price on the cryptocurrency exchange’s stock.

COIN has been the subject of several other research reports. Barclays cut their price target on Coinbase Global from $328.00 to $169.00 and set an “equal weight” rating for the company in a report on Monday. Rosenblatt Securities restated a “buy” rating and issued a $305.00 price target on shares of Coinbase Global in a research report on Wednesday, March 26th. Oppenheimer reiterated an “outperform” rating on shares of Coinbase Global in a research report on Monday, February 10th. JMP Securities boosted their target price on shares of Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a report on Friday, February 14th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a research report on Tuesday, February 18th. Seven research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Coinbase Global has a consensus rating of “Moderate Buy” and a consensus price target of $298.74.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $169.62 on Tuesday. The firm has a market cap of $43.06 billion, a price-to-earnings ratio of 17.85 and a beta of 3.65. The firm has a fifty day moving average price of $212.12 and a 200 day moving average price of $241.90. Coinbase Global has a fifty-two week low of $142.58 and a fifty-two week high of $349.75. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating 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 expect that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other news, insider Paul Grewal sold 10,978 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was 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 approximately $17,656,524.09. This trade represents a 11.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Frederick Ernest Ehrsam III sold 5,262 shares of Coinbase Global stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $300.09, for a total value of $1,579,073.58. Following the completion of the sale, the director now owns 10,417 shares of the company’s stock, valued at $3,126,037.53. The trade was a 33.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 182,767 shares of company stock worth $48,326,134 in the last 90 days. 23.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Several large investors have recently modified their holdings of COIN. Norges Bank bought a new position in shares of Coinbase Global during the fourth quarter valued at approximately $536,484,000. Groupama Asset Managment bought a new stake in Coinbase Global during the 4th quarter valued at $372,450,000. Proficio Capital Partners LLC increased its holdings in shares of Coinbase Global by 30,664.4% in the 4th quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock valued at $103,888,000 after acquiring an additional 417,036 shares during the period. Two Sigma Advisers LP raised its position in shares of Coinbase Global by 445.4% in the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange’s stock worth $101,431,000 after acquiring an additional 333,600 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Coinbase Global by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after purchasing an additional 314,388 shares during the last quarter. 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.