Coinbase Global (NASDAQ:COIN) Given New $420.00 Price Target at Needham & Company LLC

Coinbase Global (NASDAQ:COIN) had its target price lifted by research analysts at Needham & Company LLC from $375.00 to $420.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the cryptocurrency exchange’s stock. Needham & Company LLC’s target price points to a potential upside of 22.23% from the stock’s previous close.

Other analysts have also issued research reports about the stock. HC Wainwright restated a “buy” rating and issued a $295.00 target price on shares of Coinbase Global in a research report on Tuesday, October 29th. B. Riley assumed coverage on Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective on the stock. Oppenheimer upped their target price on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a report on Monday, November 25th. Bank of America increased their target price on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, Monness Crespi & Hardt began coverage on Coinbase Global in a research note on Monday, October 28th. They issued a “buy” rating and a $245.00 price objective for the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $267.83.

Coinbase Global Trading Up 7.2 %

Shares of COIN opened at $343.62 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. Coinbase Global has a 52-week low of $114.51 and a 52-week high of $349.75. The firm has a market cap of $86.03 billion, a price-to-earnings ratio of 58.64 and a beta of 3.56. The business’s fifty day moving average is $242.71 and its 200-day moving average is $222.28.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the firm posted ($0.01) EPS. The firm’s revenue was up 78.8% compared to the same quarter last year. Equities analysts anticipate that Coinbase Global will post 4.44 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 7,614 shares of Coinbase Global stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $325.14, for a total value of $2,475,615.96. Following the completion of the sale, the director now owns 10,417 shares of the company’s stock, valued at approximately $3,386,983.38. This trade represents a 42.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Jennifer N. Jones sold 1,837 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $295.02, for a total transaction of $541,951.74. Following the sale, the chief accounting officer now directly owns 1,160 shares in the company, valued at approximately $342,223.20. This trade represents a 61.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 272,220 shares of company stock worth $80,030,608. 23.43% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Hedge funds have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC increased its position in shares of Coinbase Global by 5.4% during the second quarter. Sequoia Financial Advisors LLC now owns 3,492 shares of the cryptocurrency exchange’s stock valued at $776,000 after buying an additional 178 shares during the period. Cooper Financial Group purchased a new stake in Coinbase Global in the 2nd quarter worth approximately $203,000. Wedmont Private Capital boosted its holdings in Coinbase Global by 12.7% in the 2nd quarter. Wedmont Private Capital now owns 1,760 shares of the cryptocurrency exchange’s stock valued at $384,000 after purchasing an additional 198 shares during the period. Diversified Trust Co grew its position in shares of Coinbase Global by 8.5% during the 2nd quarter. Diversified Trust Co now owns 2,287 shares of the cryptocurrency exchange’s stock valued at $508,000 after purchasing an additional 180 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Coinbase Global in the second quarter worth $333,000. 68.84% of the stock is currently owned by hedge funds and other 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.