Needham & Company LLC Lowers Coinbase Global (NASDAQ:COIN) Price Target to $290.00

Coinbase Global (NASDAQ:COIN) had its target price reduced by research analysts at Needham & Company LLC from $400.00 to $290.00 in a report released on Monday, MarketBeat Ratings reports. The firm presently has a “buy” rating on the cryptocurrency exchange’s stock. Needham & Company LLC’s target price would suggest a potential upside of 25.22% from the stock’s current price.

Several other equities analysts have also recently issued reports on the stock. Rothschild & Co Redburn reduced their price target on shares of Coinbase Global from $417.00 to $404.00 and set a “buy” rating on the stock in a research report on Friday, November 28th. China Renaissance lifted their price objective on Coinbase Global from $444.60 to $479.30 in a research report on Monday, November 3rd. President Capital increased their target price on Coinbase Global from $401.00 to $472.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Rosenblatt Securities raised their target price on Coinbase Global from $450.00 to $470.00 in a research note on Friday, October 31st. Finally, Compass Point set a $230.00 price target on Coinbase Global in a research note on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Coinbase Global has an average rating of “Moderate Buy” and a consensus price target of $379.88.

Coinbase Global Price Performance

Shares of COIN stock opened at $231.60 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.40 and a current ratio of 2.40. Coinbase Global has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The firm has a market cap of $62.45 billion, a P/E ratio of 20.03 and a beta of 3.69. The business’s 50 day moving average price is $279.53 and its 200-day moving average price is $318.40.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.40. Coinbase Global had a return on equity of 15.70% and a net margin of 41.99%.The company had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter last year, the firm posted $0.28 earnings per share. The firm’s revenue was up 55.1% on a year-over-year basis. On average, equities research analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Activity at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 40,000 shares of Coinbase Global stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $250.15, for a total value of $10,006,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III sold 1,375 shares of the business’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $252.82, for a total transaction of $347,627.50. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 823,179 shares of company stock worth $247,380,395. Company insiders own 16.56% of the company’s stock.

Institutional Trading of Coinbase Global

A number of hedge funds have recently bought and sold shares of the company. Evelyn Partners Investment Management Europe Ltd increased its position in shares of Coinbase Global by 92.3% during the 2nd quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock valued at $29,000 after purchasing an additional 36 shares during the last quarter. REAP Financial Group LLC bought a new stake in Coinbase Global during the third quarter valued at approximately $25,000. Palisade Asset Management LLC purchased a new stake in Coinbase Global during the third quarter valued at approximately $29,000. Cullen Frost Bankers Inc. purchased a new stake in Coinbase Global during the second quarter valued at approximately $30,000. Finally, Salomon & Ludwin LLC raised its position in Coinbase Global by 4,400.0% in the third quarter. Salomon & Ludwin LLC now owns 90 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 88 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

About Coinbase Global

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.