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

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

Other analysts also recently issued research reports about the stock. Mizuho raised their price objective on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a report on Thursday, October 31st. Monness Crespi & Hardt started coverage on shares of Coinbase Global in a research note on Monday, October 28th. They issued a “buy” rating and a $245.00 target price for the company. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a report on Thursday, October 31st. Barclays raised their price target on Coinbase Global from $175.00 to $204.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Finally, JMP Securities restated a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $251.00.

Coinbase Global Trading Down 7.6 %

COIN opened at $295.79 on Monday. Coinbase Global has a 1-year low of $103.36 and a 1-year high of $341.75. The company has a market cap of $74.05 billion, a P/E ratio of 50.48 and a beta of 3.34. The company has a fifty day moving average price of $211.36 and a two-hundred day moving average price of $214.61. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data 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). The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm’s quarterly revenue was up 78.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.01) earnings per share. Analysts predict that Coinbase Global will post 4.27 EPS for the current fiscal year.

Insider Activity

In related news, insider Paul Grewal sold 16,962 shares of Coinbase Global stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $206.96, for a total value of $3,510,455.52. Following the completion of the transaction, the insider now owns 75,556 shares in the company, valued at $15,637,069.76. The trade was a 18.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $188.94, for a total value of $283,410.00. Following the sale, the chief operating officer now directly owns 197,101 shares of the company’s stock, valued at $37,240,262.94. This trade represents a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 194,091 shares of company stock valued at $50,033,426 in the last quarter. Insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Virtu Financial LLC acquired a new stake in shares of Coinbase Global in the third quarter valued at about $3,866,000. TD Private Client Wealth LLC purchased a new stake in shares of Coinbase Global during the 3rd quarter worth approximately $77,000. Sunbelt Securities Inc. grew its holdings in shares of Coinbase Global by 25.9% in the 3rd quarter. Sunbelt Securities Inc. now owns 696 shares of the cryptocurrency exchange’s stock worth $124,000 after acquiring an additional 143 shares during the period. Coldstream Capital Management Inc. increased its stake in Coinbase Global by 17.0% in the 3rd quarter. Coldstream Capital Management Inc. now owns 2,772 shares of the cryptocurrency exchange’s stock valued at $517,000 after purchasing an additional 402 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Coinbase Global by 10.1% during the third 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. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.