Needham & Company LLC Boosts Coinbase Global (NASDAQ:COIN) Price Target to $290.00

Coinbase Global (NASDAQ:COIN) had its price objective lifted by research analysts at Needham & Company LLC from $260.00 to $290.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the cryptocurrency exchange’s stock. Needham & Company LLC’s price target would indicate a potential upside of 36.96% from the stock’s current price.

A number of other analysts have also weighed in on COIN. B. Riley assumed coverage on Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price on the stock. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a report on Friday, August 2nd. Bank of America dropped their target price on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Barclays lifted their price target on shares of Coinbase Global from $169.00 to $175.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Finally, The Goldman Sachs Group decreased their target price on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $244.61.

Coinbase Global Stock Performance

Coinbase Global stock opened at $211.74 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $52.61 billion, a P/E ratio of 38.01 and a beta of 3.35. Coinbase Global has a 1-year low of $73.56 and a 1-year high of $283.48. The company’s 50-day moving average is $181.94 and its 200 day moving average is $209.22.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the company posted ($0.42) earnings per share. The company’s quarterly revenue was up 104.8% compared to the same quarter last year. Research analysts forecast that Coinbase Global will post 3.92 EPS for the current year.

Insider Activity

In related news, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $91,487.18. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Paul Grewal sold 16,962 shares of the stock in a transaction 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 sale, the insider now owns 75,556 shares in the company, valued at $15,637,069.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at $91,487.18. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 79,687 shares of company stock valued at $14,908,594. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors have recently modified their holdings of the stock. Crewe Advisors LLC raised its position in Coinbase Global by 547.4% during the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after acquiring an additional 104 shares in the last quarter. Lynx Investment Advisory acquired a new position in shares of Coinbase Global in the 2nd quarter valued at $29,000. Geneos Wealth Management Inc. boosted its holdings in Coinbase Global by 833.3% during the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 100 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Coinbase Global by 75.0% during the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 57 shares in the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in shares of Coinbase Global during the 3rd quarter valued at about $32,000. Hedge funds and other institutional investors 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.