Coinbase Global (NASDAQ:COIN) Price Target Raised to $375.00 at Needham & Company LLC

Coinbase Global (NASDAQ:COIN) had its target price boosted by Needham & Company LLC from $290.00 to $375.00 in a research report sent to investors on Monday,Benzinga reports. The firm currently has a buy rating on the cryptocurrency exchange’s stock.

Several other analysts have also recently commented on COIN. Monness Crespi & Hardt assumed coverage on shares of Coinbase Global in a report on Monday, October 28th. They set a “buy” rating and a $245.00 price target for the company. Piper Sandler reaffirmed a “neutral” rating and issued a $245.00 price target on shares of Coinbase Global in a research note on Friday, November 1st. JMP Securities reissued a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a research report on Wednesday, October 9th. Mizuho upped their target price on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. Finally, HC Wainwright reiterated a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $251.00.

Coinbase Global Trading Down 7.6 %

Shares of COIN stock opened at $295.79 on Monday. The stock has a 50-day simple moving average of $211.36 and a 200 day simple moving average of $214.61. The stock has a market capitalization of $74.05 billion, a P/E ratio of 50.48 and a beta of 3.34. Coinbase Global has a fifty-two week low of $103.36 and a fifty-two week high of $341.75. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period last year, the firm earned ($0.01) earnings per share. The firm’s revenue for the quarter was up 78.8% on a year-over-year basis. On average, sell-side analysts expect that Coinbase Global will post 4.27 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $172,528. This trade represents a 99.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 16,962 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $206.96, for a total value of $3,510,455.52. Following the sale, the insider now owns 75,556 shares of the company’s stock, valued at $15,637,069.76. This trade represents a 18.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 194,091 shares of company stock worth $50,033,426. Insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

A number of hedge funds have recently made changes to their positions in the business. Banco Santander S.A. raised its position in shares of Coinbase Global by 12.7% in the third quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock valued at $26,531,000 after purchasing an additional 16,737 shares during the period. Global Retirement Partners LLC raised its stake in shares of Coinbase Global by 135.1% during the 3rd quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock valued at $477,000 after purchasing an additional 1,540 shares during the period. CloudAlpha Capital Management Limited Hong Kong purchased a new position in Coinbase Global during the 3rd quarter valued at about $29,756,000. Lindbrook Capital LLC increased its position in shares of Coinbase Global by 30.2% during the third quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock valued at $5,347,000 after buying an additional 6,963 shares during the period. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Coinbase Global in the second quarter worth about $2,908,000. 68.84% of the stock is currently owned by institutional investors.

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.