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

Coinbase Global (NASDAQ:COIN) had its price target raised by investment analysts at Needham & Company LLC from $290.00 to $375.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the cryptocurrency exchange’s stock. Needham & Company LLC’s price objective points to a potential upside of 22.61% from the company’s current price.

Several other brokerages have also recently commented on COIN. Compass Point decreased their price target on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Mizuho lifted their target price on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research note on Thursday, October 31st. JMP Securities reaffirmed a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a research report on Wednesday, October 9th. Finally, Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and boosted their price objective for the stock 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 issued a buy rating to the stock. Based on data from MarketBeat, Coinbase Global presently has a consensus rating of “Hold” and a consensus target price of $251.00.

Coinbase Global Price Performance

COIN opened at $305.85 on Monday. The stock’s 50-day moving average price is $198.72 and its 200 day moving average price is $211.90. Coinbase Global has a 12-month low of $94.45 and a 12-month high of $334.86. The firm has a market cap of $76.57 billion, a price-to-earnings ratio of 52.19 and a beta of 3.34. 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 results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the prior year, the company posted ($0.01) EPS. The firm’s revenue for the quarter was up 78.8% compared to the same quarter last year. As a group, sell-side analysts expect that Coinbase Global will post 4.27 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Alesia J. Haas sold 5,250 shares of Coinbase Global stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the sale, the chief financial officer now owns 169,786 shares in the company, valued at approximately $33,150,716.50. The trade was a 3.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $162.24, for a total value of $243,360.00. Following the completion of the sale, the chief operating officer now directly owns 187,601 shares of the company’s stock, valued at $30,436,386.24. The trade was a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 135,822 shares of company stock worth $30,921,194 in the last ninety days. 23.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Several large investors have recently modified their holdings of COIN. Crewe Advisors LLC boosted its stake in Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after purchasing an additional 104 shares during the period. Lynx Investment Advisory acquired a new stake in shares of Coinbase Global during the second quarter worth about $29,000. Versant Capital Management Inc grew its holdings in shares of Coinbase Global by 75.0% during the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 57 shares during the last quarter. RPg Family Wealth Advisory LLC purchased a new position in shares of Coinbase Global during the third quarter worth about $25,000. Finally, Spirit of America Management Corp NY acquired a new position in Coinbase Global in the 2nd quarter valued at about $33,000. 68.84% of the stock is owned by institutional investors and hedge funds.

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.