Needham & Company LLC Has Lowered Expectations for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its price target cut by Needham & Company LLC from $420.00 to $330.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the cryptocurrency exchange’s stock.

COIN has been the topic of a number of other research reports. B. Riley began coverage on Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a report on Tuesday, October 29th. Bank of America increased their price objective on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Piper Sandler upped their price target on shares of Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Finally, Monness Crespi & Hardt raised their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Coinbase Global currently has a consensus rating of “Moderate Buy” and an average price target of $284.06.

Coinbase Global Stock Up 1.5 %

Shares of NASDAQ:COIN opened at $274.49 on Friday. Coinbase Global has a fifty-two week low of $125.81 and a fifty-two week high of $349.75. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The firm’s 50-day simple moving average is $285.22 and its 200-day simple moving average is $236.69. The company has a market cap of $68.72 billion, a price-to-earnings ratio of 46.84 and a beta of 3.61.

Insiders Place Their Bets

In other news, Director Frederick Ernest Ehrsam III sold 15,228 shares of Coinbase Global stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $280.51, for a total transaction of $4,271,606.28. Following the completion of the sale, the director now directly owns 10,417 shares in the company, valued at $2,922,072.67. The trade was a 59.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Jennifer N. Jones sold 1,837 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $295.02, for a total transaction of $541,951.74. Following the transaction, 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 361,798 shares of company stock valued at $107,826,444. Corporate insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently made changes to their positions in the business. RPg Family Wealth Advisory LLC acquired a new stake in Coinbase Global in the 3rd quarter worth about $25,000. Wingate Wealth Advisors Inc. acquired a new stake in shares of Coinbase Global in the fourth quarter worth approximately $27,000. ORG Wealth Partners LLC purchased a new stake in Coinbase Global in the third quarter valued at approximately $32,000. MassMutual Private Wealth & Trust FSB increased its position in Coinbase Global by 365.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after purchasing an additional 106 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its stake in Coinbase Global by 408.0% during the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after purchasing an additional 204 shares during the period. Hedge funds and other 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.