Needham & Company LLC Reiterates Buy Rating for Coinbase Global (NASDAQ:COIN)

Needham & Company LLC reissued their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a $330.00 price target on the cryptocurrency exchange’s stock.

Several other equities analysts also recently weighed in on the company. Keefe, Bruyette & Woods dropped their price target on Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a research report on Monday, January 13th. HC Wainwright increased their price objective on Coinbase Global from $255.00 to $330.00 and gave the company a “buy” rating in a research note on Wednesday. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a research note on Thursday, October 31st. Barclays raised their price target on shares of Coinbase Global from $204.00 to $355.00 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. Finally, Bank of America lifted their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Nine analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $286.00.

Coinbase Global Trading Up 8.4 %

NASDAQ:COIN opened at $298.11 on Thursday. Coinbase Global has a 52-week low of $146.12 and a 52-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 stock has a fifty day simple moving average of $282.36 and a 200-day simple moving average of $237.88. The company has a market capitalization of $74.63 billion, a PE ratio of 50.87 and a beta of 3.61.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. On average, equities research analysts expect that Coinbase Global will post 4.81 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Emilie Choi sold 1,500 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $298.31, for a total value of $447,465.00. Following the completion of the sale, the chief operating officer now directly owns 177,576 shares in the company, valued at approximately $52,972,696.56. This represents a 0.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Grewal sold 7,104 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $307.80, for a total value of $2,186,611.20. Following the transaction, the insider now owns 79,407 shares in the company, valued at approximately $24,441,474.60. This represents a 8.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 386,798 shares of company stock valued at $114,707,944 in the last three months. Corporate insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently bought and sold shares of COIN. RPg Family Wealth Advisory LLC acquired a new stake in Coinbase Global in the third quarter valued at approximately $25,000. Wingate Wealth Advisors Inc. purchased a new position in shares of Coinbase Global in the fourth quarter valued at $27,000. Atala Financial Inc acquired a new stake in Coinbase Global during the 4th quarter valued at $27,000. MassMutual Private Wealth & Trust FSB increased its stake in Coinbase Global by 365.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after buying an additional 106 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its holdings in Coinbase Global by 408.0% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after buying an additional 204 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.