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

Coinbase Global (NASDAQ:COIN) had its target price increased by investment analysts at Needham & Company LLC from $375.00 to $420.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the cryptocurrency exchange’s stock. Needham & Company LLC’s target price would indicate a potential upside of 38.88% from the company’s previous close.

Several other equities research analysts have also commented on the stock. Monness Crespi & Hardt began coverage on shares of Coinbase Global in a research report on Monday, October 28th. They issued a “buy” rating and a $245.00 price objective on the stock. Mizuho upped their price objective on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research report on Thursday, October 31st. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research report on Thursday, October 31st. Bank of America upped their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, Oppenheimer boosted their price objective on shares of Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a research report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $276.22.

Coinbase Global Stock Performance

Shares of Coinbase Global stock opened at $302.42 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The business has a 50-day simple moving average of $248.10 and a 200-day simple moving average of $223.38. The company has a market cap of $75.71 billion, a PE ratio of 51.61 and a beta of 3.56. Coinbase Global has a one year low of $114.51 and a one year high of $349.75.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results 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 company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s quarterly revenue was up 78.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.01) EPS. On average, equities research analysts forecast that Coinbase Global will post 4.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, CAO Jennifer N. Jones sold 1,837 shares of Coinbase Global stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $295.02, for a total transaction of $541,951.74. Following the sale, the chief accounting officer now directly owns 1,160 shares in the company, valued at $342,223.20. The trade was a 61.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $172,528. The trade was a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 272,220 shares of company stock worth $80,030,608 in the last quarter. 23.43% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Empowered Funds LLC raised its stake in shares of Coinbase Global by 0.8% in the 3rd quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock valued at $924,000 after purchasing an additional 43 shares in the last quarter. Creative Financial Designs Inc. ADV raised its stake in Coinbase Global by 9.4% during the third quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock valued at $106,000 after buying an additional 51 shares in the last quarter. Fifth Third Bancorp lifted its holdings in Coinbase Global by 0.4% during the 2nd quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock worth $2,777,000 after buying an additional 55 shares during the last quarter. Larson Financial Group LLC grew its position in shares of Coinbase Global by 12.1% in the 2nd quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock worth $118,000 after acquiring an additional 57 shares in the last quarter. Finally, Benjamin Edwards Inc. grew its position in shares of Coinbase Global by 3.1% in the 2nd quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock worth $446,000 after acquiring an additional 61 shares in the last quarter. 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.