Coinbase Global (NASDAQ:COIN) Stock Rating Reaffirmed by Needham & Company LLC

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

Other equities analysts also recently issued research reports about the stock. HC Wainwright reaffirmed a buy rating and set a $315.00 price target on shares of Coinbase Global in a report on Tuesday, June 18th. Oppenheimer lifted their price objective on shares of Coinbase Global from $276.00 to $282.00 and gave the company an outperform rating in a research report on Friday, May 3rd. Keefe, Bruyette & Woods boosted their price target on shares of Coinbase Global from $230.00 to $240.00 and gave the stock a market perform rating in a research report on Friday, May 3rd. Barclays reduced their price target on shares of Coinbase Global from $204.00 to $196.00 and set an underweight rating on the stock in a research report on Wednesday, July 10th. Finally, 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. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Coinbase Global currently has an average rating of Hold and an average price target of $225.38.

Coinbase Global Stock Performance

Shares of NASDAQ COIN opened at $257.79 on Friday. The firm’s 50-day moving average price is $231.04 and its 200-day moving average price is $208.99. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52. The company has a market cap of $63.31 billion, a PE ratio of 51.46 and a beta of 3.40. Coinbase Global has a 52-week low of $69.63 and a 52-week high of $283.48.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.61. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. As a group, analysts anticipate that Coinbase Global will post 5 EPS for the current year.

Insider Activity

In other news, Director Frederick Ernest Ehrsam III sold 16,380 shares of the business’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $232.37, for a total transaction of $3,806,220.60. Following the completion of the sale, the director now directly owns 4,662 shares of the company’s stock, valued at $1,083,308.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $221.47, for a total value of $2,214,700.00. Following the completion of the transaction, the insider now directly owns 66,122 shares in the company, valued at $14,644,039.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 16,380 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $232.37, for a total transaction of $3,806,220.60. Following the completion of the transaction, the director now owns 4,662 shares of the company’s stock, valued at $1,083,308.94. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 298,056 shares of company stock valued at $64,899,898. 23.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

A number of large investors have recently added to or reduced their stakes in the company. Continuum Advisory LLC increased its holdings in shares of Coinbase Global by 3,000.0% during the second quarter. Continuum Advisory LLC now owns 155 shares of the cryptocurrency exchange’s stock valued at $34,000 after acquiring an additional 150 shares in the last quarter. CAP Partners LLC increased its holdings in Coinbase Global by 2.0% in the 2nd quarter. CAP Partners LLC now owns 5,487 shares of the cryptocurrency exchange’s stock worth $1,219,000 after buying an additional 105 shares during the period. Brookstone Capital Management increased its holdings in Coinbase Global by 7.8% in the 2nd quarter. Brookstone Capital Management now owns 2,321 shares of the cryptocurrency exchange’s stock worth $516,000 after buying an additional 168 shares during the period. Blue Trust Inc. increased its holdings in Coinbase Global by 1,775.6% in the 2nd quarter. Blue Trust Inc. now owns 3,376 shares of the cryptocurrency exchange’s stock worth $750,000 after buying an additional 3,196 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in Coinbase Global by 39.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,629 shares of the cryptocurrency exchange’s stock worth $584,000 after buying an additional 739 shares during the period. 68.84% of the stock is currently owned by institutional investors.

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.