Coinbase Global (NASDAQ:COIN) Rating Reiterated by Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a report published on Thursday, Benzinga reports. The brokerage currently has a $73.00 price objective on the cryptocurrency exchange’s stock.

Other equities research analysts also recently issued research reports about the company. Compass Point raised Coinbase Global from a neutral rating to a buy rating and set a $100.00 price target on the stock in a research report on Friday, February 17th. BTIG Research reduced their target price on Coinbase Global from $220.00 to $110.00 in a report on Friday, November 4th. Citigroup reduced their target price on Coinbase Global from $105.00 to $80.00 and set a buy rating on the stock in a report on Thursday, November 10th. Daiwa Capital Markets downgraded Coinbase Global from a buy rating to a neutral rating and reduced their target price for the company from $82.00 to $52.00 in a report on Wednesday, November 9th. Finally, The Goldman Sachs Group reduced their target price on Coinbase Global from $41.00 to $30.00 and set a sell rating on the stock in a report on Monday, January 9th. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $69.54.

Coinbase Global Trading Up 1.3 %

Shares of NASDAQ:COIN opened at $64.51 on Thursday. The company has a market capitalization of $14.93 billion, a P/E ratio of -5.44 and a beta of 2.63. Coinbase Global has a 1 year low of $31.55 and a 1 year high of $206.79. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.07 and a quick ratio of 1.07. The business’s 50 day simple moving average is $54.26 and its 200 day simple moving average is $57.54.

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Coinbase Global (NASDAQ:COIN – Get Rating) last issued its quarterly earnings results on Tuesday, February 21st. The cryptocurrency exchange reported ($2.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.39) by ($0.07). The company had revenue of $629.10 million for the quarter, compared to analyst estimates of $587.37 million. Coinbase Global had a negative return on equity of 44.89% and a negative net margin of 82.18%. The company’s quarterly revenue was down 74.7% compared to the same quarter last year. During the same period in the prior year, the company earned $3.32 EPS. On average, research analysts anticipate that Coinbase Global will post -4.07 EPS for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, Director Tobias Lutke acquired 11,332 shares of the stock in a transaction dated Wednesday, December 28th. The stock was purchased at an average cost of $32.58 per share, with a total value of $369,196.56. Following the transaction, the director now owns 163,156 shares in the company, valued at approximately $5,315,622.48. The acquisition was disclosed in a filing with the SEC, which is available at this link. In other news, CFO Alesia J. Haas sold 92,000 shares of Coinbase Global stock in a transaction dated Tuesday, December 13th. The stock was sold at an average price of $45.31, for a total value of $4,168,520.00. Following the completion of the transaction, the chief financial officer now directly owns 137,568 shares of the company’s stock, valued at approximately $6,233,206.08. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Tobias Lutke acquired 11,332 shares of the stock in a transaction dated Wednesday, December 28th. The stock was acquired at an average cost of $32.58 per share, with a total value of $369,196.56. Following the completion of the transaction, the director now owns 163,156 shares in the company, valued at approximately $5,315,622.48. The disclosure for this purchase can be found here. In the last three months, insiders purchased 84,254 shares of company stock valued at $3,720,721 and sold 430,857 shares valued at $18,614,347. 36.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Nuveen Asset Management LLC raised its position in shares of Coinbase Global by 44.5% in the 3rd quarter. Nuveen Asset Management LLC now owns 422,768 shares of the cryptocurrency exchange’s stock worth $27,265,000 after acquiring an additional 130,178 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of Coinbase Global in the 3rd quarter valued at about $200,000. Private Advisor Group LLC grew its stake in shares of Coinbase Global by 18.0% in the 3rd quarter. Private Advisor Group LLC now owns 20,865 shares of the cryptocurrency exchange’s stock valued at $1,346,000 after buying an additional 3,186 shares during the period. Toronto Dominion Bank grew its stake in shares of Coinbase Global by 2.8% in the 3rd quarter. Toronto Dominion Bank now owns 32,944 shares of the cryptocurrency exchange’s stock valued at $2,124,000 after buying an additional 889 shares during the period. Finally, M&T Bank Corp acquired a new stake in shares of Coinbase Global in the 2nd quarter valued at about $209,000. 46.41% of the stock is owned by institutional investors.

About Coinbase Global

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Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.