Coinbase Global’s (COIN) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a report published on Thursday morning,Benzinga reports. The brokerage currently has a $330.00 target price on the cryptocurrency exchange’s stock.

A number of other equities analysts have also recently commented on the stock. Piper Sandler lifted their price objective on shares of Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. Oppenheimer lowered their price target on shares of Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Mizuho upgraded Coinbase Global from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $250.00 to $290.00 in a report on Wednesday, January 29th. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. Finally, The Goldman Sachs Group reduced their price target on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $301.17.

Coinbase Global Stock Down 8.0 %

Coinbase Global stock opened at $274.31 on Thursday. Coinbase Global has a fifty-two week low of $146.12 and a fifty-two week high of $349.75. The firm has a market capitalization of $68.67 billion, a PE ratio of 46.81 and a beta of 3.61. The company’s 50-day moving average is $280.97 and its 200-day moving average is $238.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data 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 return on equity of 14.81% and a net margin of 29.76%. Sell-side analysts anticipate that Coinbase Global will post 4.81 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Jennifer N. Jones sold 1,837 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $295.02, for a total value of $541,951.74. Following the completion of the transaction, the chief accounting officer now owns 1,160 shares of the company’s stock, valued at $342,223.20. This represents a 61.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $275.26, for a total transaction of $6,881,500.00. Following the sale, the chief executive officer now directly owns 526 shares in the company, valued at approximately $144,786.76. The trade was a 97.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 386,798 shares of company stock worth $114,707,944 over the last three months. Insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Mercer Global Advisors Inc. ADV increased its holdings in Coinbase Global by 1.8% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 16,805 shares of the cryptocurrency exchange’s stock worth $4,173,000 after purchasing an additional 298 shares in the last quarter. BlueCrest Capital Management Ltd acquired a new position in shares of Coinbase Global in the fourth quarter valued at approximately $2,061,000. Itau Unibanco Holding S.A. raised its holdings in Coinbase Global by 48.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 2,891 shares of the cryptocurrency exchange’s stock valued at $716,000 after buying an additional 950 shares during the last quarter. Comerica Bank boosted its position in Coinbase Global by 1.0% during the 4th quarter. Comerica Bank now owns 23,505 shares of the cryptocurrency exchange’s stock worth $5,836,000 after buying an additional 242 shares during the period. Finally, Regal Partners Ltd bought a new stake in Coinbase Global during the 4th quarter worth approximately $1,466,000. 68.84% of the stock is currently owned by 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.