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

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

Several other brokerages have also recently commented on COIN. HC Wainwright reiterated a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a research report on Tuesday. The Goldman Sachs Group reduced their price target on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. Compass Point reduced their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Bank of America lowered their price objective on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Finally, Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and lifted their target price for the company from $260.00 to $345.00 in a research report on Tuesday, July 23rd. One 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 MarketBeat.com, Coinbase Global currently has an average rating of “Hold” and an average price target of $244.61.

Coinbase Global Stock Down 3.6 %

Shares of NASDAQ COIN opened at $211.74 on Thursday. Coinbase Global has a 52-week low of $73.56 and a 52-week high of $283.48. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The company’s 50-day simple moving average is $181.94 and its 200-day simple moving average is $209.22. The firm has a market cap of $52.61 billion, a price-to-earnings ratio of 38.01 and a beta of 3.35.

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

Insider Activity

In related news, insider Paul Grewal sold 10,000 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the completion of the sale, the insider now directly owns 74,956 shares of the company’s stock, valued at $15,739,260.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $209.98, for a total value of $2,099,800.00. Following the transaction, the insider now directly owns 74,956 shares of the company’s stock, valued at approximately $15,739,260.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gokul Rajaram sold 400 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total transaction of $81,776.00. Following the completion of the sale, the director now owns 7,771 shares of the company’s stock, valued at $1,588,703.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, 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

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. boosted its stake in shares of Coinbase Global by 833.3% in the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after buying an additional 100 shares in the last quarter. Crewe Advisors LLC lifted its holdings in Coinbase Global by 547.4% in 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 during the period. Lynx Investment Advisory purchased a new stake in shares of Coinbase Global during the 2nd quarter worth $29,000. Versant Capital Management Inc grew 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 purchasing an additional 57 shares during the period. Finally, Spirit of America Management Corp NY purchased a new position in shares of Coinbase Global in the 2nd quarter valued at about $33,000. 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.