Needham & Company LLC Reaffirms “Buy” Rating for Coinbase Global (NASDAQ:COIN)

Needham & Company LLC reissued their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a research report report published on Monday morning, Benzinga reports. Needham & Company LLC currently has a $260.00 price target on the cryptocurrency exchange’s stock.

Other research analysts have also issued reports about the stock. Bank of America decreased their price objective on shares of Coinbase Global from $263.00 to $246.00 and set a neutral rating for the company in a report on Friday, August 2nd. Citigroup raised Coinbase Global from a neutral rating to a buy rating and boosted their price objective for the company from $260.00 to $345.00 in a report on Tuesday, July 23rd. Piper Sandler increased their target price on Coinbase Global from $225.00 to $245.00 and gave the stock a neutral rating in a report on Friday, April 12th. Oppenheimer boosted their price target on Coinbase Global from $276.00 to $282.00 and gave the company an outperform rating in a report on Friday, May 3rd. Finally, JMP Securities restated a market outperform rating and set a $320.00 price objective on shares of Coinbase Global in a research note on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $248.38.

Coinbase Global Trading Down 7.9 %

NASDAQ:COIN opened at $178.91 on Monday. The stock has a market cap of $43.93 billion, a price-to-earnings ratio of 35.71 and a beta of 3.40. Coinbase Global has a one year low of $69.63 and a one year high of $283.48. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02. The business’s 50-day simple moving average is $231.39 and its 200 day simple moving average is $216.01.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The business had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 14.72%. The business’s revenue for the quarter was up 104.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.42) earnings per share. As a group, sell-side analysts predict that Coinbase Global will post 4.95 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $233.00, for a total transaction of $349,500.00. Following the completion of the transaction, the chief operating officer now owns 194,971 shares in the company, valued at approximately $45,428,243. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $233.00, for a total transaction of $349,500.00. Following the transaction, the chief operating officer now owns 194,971 shares of the company’s stock, valued at approximately $45,428,243. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Frederick Ernest Ehrsam III sold 114,216 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $202.30, for a total transaction of $23,105,896.80. Following the completion of the sale, the director now directly owns 4,662 shares of the company’s stock, valued at $943,122.60. The disclosure for this sale can be found here. Insiders have sold a total of 242,221 shares of company stock worth $52,617,808 in the last three months. 23.43% of the stock is owned by company insiders.

Institutional Trading of Coinbase Global

Hedge funds and other institutional investors have recently modified their holdings of the company. Raymond James & Associates grew its holdings in Coinbase Global by 65.5% during the fourth quarter. Raymond James & Associates now owns 24,165 shares of the cryptocurrency exchange’s stock worth $4,203,000 after acquiring an additional 9,564 shares during the period. Asset Management One Co. Ltd. raised its holdings in shares of Coinbase Global by 0.6% in the 4th quarter. Asset Management One Co. Ltd. now owns 65,114 shares of the cryptocurrency exchange’s stock worth $12,135,000 after purchasing an additional 402 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Coinbase Global during the fourth quarter valued at approximately $34,422,000. Allworth Financial LP boosted its holdings in Coinbase Global by 7.8% during the fourth quarter. Allworth Financial LP now owns 2,507 shares of the cryptocurrency exchange’s stock worth $436,000 after buying an additional 182 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC acquired a new position in Coinbase Global in the fourth quarter worth approximately $220,000. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Company Profile

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.