Coinbase Global’s (COIN) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a $260.00 price target on the cryptocurrency exchange’s stock.

COIN has been the topic of several other reports. Keefe, Bruyette & Woods upped their price target on Coinbase Global from $230.00 to $240.00 and gave the company a market perform rating in a research report on Friday, May 3rd. JMP Securities reissued a market outperform rating and set a $320.00 price target on shares of Coinbase Global in a research report on Friday. Bank of America dropped their price target on Coinbase Global from $263.00 to $246.00 and set a neutral rating on the stock in a research report on Friday. Mizuho upped their price target on Coinbase Global from $84.00 to $145.00 and gave the company an underperform rating in a research report on Friday, April 12th. Finally, Barclays increased their target price on Coinbase Global from $196.00 to $206.00 and gave the stock an underweight rating in a research report on Friday. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $248.38.

Coinbase Global Stock Up 2.5 %

Shares of COIN traded up $4.70 during trading on Monday, reaching $194.17. The company’s stock had a trading volume of 7,032,250 shares, compared to its average volume of 11,278,768. The company has a fifty day moving average of $233.56 and a two-hundred day moving average of $215.78. Coinbase Global has a twelve month low of $69.63 and a twelve month high of $283.48. The company has a market cap of $47.68 billion, a price-to-earnings ratio of 38.76 and a beta of 3.40. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). Coinbase Global had a net margin of 31.46% and a return on equity of 14.72%. The business had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the company earned ($0.42) earnings per share. The business’s revenue for the quarter was up 104.8% on a year-over-year basis. On average, sell-side analysts predict that Coinbase Global will post 4.95 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, COO Emilie Choi sold 1,500 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $233.00, for a total value of $349,500.00. Following the completion of the transaction, the chief operating officer now owns 194,971 shares of the company’s stock, valued at $45,428,243. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $233.00, for a total transaction of $349,500.00. Following the completion of the transaction, the chief operating officer now owns 194,971 shares of the company’s stock, valued at $45,428,243. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Alesia J. Haas sold 4,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $229.09, for a total value of $1,030,905.00. Following the transaction, the chief financial officer now directly owns 182,903 shares of the company’s stock, valued at approximately $41,901,248.27. The disclosure for this sale can be found here. Over the last quarter, insiders sold 258,601 shares of company stock valued at $56,091,678. 23.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Koss Olinger Consulting LLC acquired a new position in shares of Coinbase Global in the 2nd quarter valued at $948,000. Caprock Group LLC boosted its position in shares of Coinbase Global by 215.2% in the 2nd quarter. Caprock Group LLC now owns 11,548 shares of the cryptocurrency exchange’s stock valued at $2,566,000 after purchasing an additional 7,884 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Coinbase Global in the 2nd quarter valued at $422,000. Strategic Financial Concepts LLC acquired a new position in shares of Coinbase Global in the 2nd quarter valued at $116,000. Finally, SVB Wealth LLC boosted its position in shares of Coinbase Global by 0.4% in the 2nd quarter. SVB Wealth LLC now owns 29,906 shares of the cryptocurrency exchange’s stock valued at $6,646,000 after purchasing an additional 105 shares during the period. Institutional investors and hedge funds 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.