Needham & Company LLC Issues Pessimistic Forecast for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its target price reduced by Needham & Company LLC from $420.00 to $330.00 in a research report released on Friday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the cryptocurrency exchange’s stock.

A number of other equities analysts have also commented on the company. Mizuho raised Coinbase Global from a “neutral” rating to an “outperform” rating and increased their price target for the company from $250.00 to $290.00 in a research note on Wednesday, January 29th. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research report on Thursday, October 31st. The Goldman Sachs Group reduced their price target on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Piper Sandler increased their price objective on shares of Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Finally, Bank of America boosted their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Nine research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $284.06.

Coinbase Global Stock Performance

Shares of NASDAQ COIN opened at $274.49 on Friday. The firm’s fifty day moving average is $285.22 and its two-hundred day moving average is $236.89. Coinbase Global has a 52-week low of $125.81 and a 52-week high of $349.75. The company has a market cap of $68.72 billion, a P/E ratio of 46.84 and a beta of 3.61. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03.

Insider Buying and Selling

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total value of $2,566,900.00. Following the completion of the sale, the insider now directly owns 69,407 shares in the company, valued at approximately $17,816,082.83. This represents a 12.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 15,228 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $280.51, for a total value of $4,271,606.28. Following the transaction, the director now owns 10,417 shares in the company, valued at approximately $2,922,072.67. This represents a 59.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 401,798 shares of company stock valued at $119,826,444 in the last 90 days. Company insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. RPg Family Wealth Advisory LLC purchased a new stake in shares of Coinbase Global in the 3rd quarter worth approximately $25,000. Wingate Wealth Advisors Inc. purchased a new position in Coinbase Global during the fourth quarter valued at approximately $27,000. ORG Wealth Partners LLC bought a new position in Coinbase Global in the third quarter worth approximately $32,000. MassMutual Private Wealth & Trust FSB lifted its holdings in Coinbase Global by 365.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after buying an additional 106 shares during the period. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Coinbase Global by 408.0% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after acquiring an additional 204 shares during the period. 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.