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

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

Other equities analysts have also recently issued reports about the company. Canaccord Genuity Group raised their price objective on Coinbase Global from $240.00 to $280.00 and gave the company a buy rating in a research note on Friday, May 3rd. Sanford C. Bernstein raised their price objective on Coinbase Global from $80.00 to $200.00 and gave the company a market perform rating in a research note on Thursday, April 18th. Singular Research restated a buy rating on shares of Coinbase Global in a research note on Wednesday, May 8th. Mizuho raised their price objective on Coinbase Global from $84.00 to $145.00 and gave the company an underperform rating in a research note on Friday, April 12th. Finally, HC Wainwright restated a buy rating and set a $315.00 price objective on shares of Coinbase Global in a research note on Tuesday, June 18th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $225.38.

Coinbase Global Price Performance

Shares of COIN opened at $257.79 on Friday. Coinbase Global has a 12-month low of $69.63 and a 12-month high of $283.48. The business’s fifty day moving average is $231.04 and its 200 day moving average 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 stock has a market cap of $63.31 billion, a P/E ratio of 51.46 and a beta of 3.40.

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

Insider Buying and Selling

In related news, CAO Jennifer N. Jones sold 450 shares of Coinbase Global stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $225.70, for a total value of $101,565.00. Following the completion of the sale, the chief accounting officer now owns 1,686 shares of the company’s stock, valued at approximately $380,530.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Coinbase Global news, CAO Jennifer N. Jones sold 15,580 shares of Coinbase Global stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $239.28, for a total transaction of $3,727,982.40. Following the completion of the transaction, the chief accounting officer now owns 2,212 shares of the company’s stock, valued at approximately $529,287.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jennifer N. Jones sold 450 shares of Coinbase Global stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $225.70, for a total value of $101,565.00. Following the transaction, the chief accounting officer now directly owns 1,686 shares of the company’s stock, valued at approximately $380,530.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 298,056 shares of company stock valued at $64,899,898. 23.43% of the stock is owned by insiders.

Institutional Inflows and Outflows

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