Coinbase Global (NASDAQ:COIN) Price Target Lowered to $260.00 at Needham & Company LLC

Coinbase Global (NASDAQ:COIN) had its target price reduced by Needham & Company LLC from $275.00 to $260.00 in a report released on Friday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the cryptocurrency exchange’s stock.

A number of other research analysts have also recently issued reports on COIN. JPMorgan Chase & Co. lifted their price objective on Coinbase Global from $95.00 to $150.00 and gave the company a neutral rating in a research note on Friday, March 15th. Piper Sandler lifted their price objective on Coinbase Global from $225.00 to $245.00 and gave the company a neutral rating in a research note on Friday, April 12th. TheStreet upgraded Coinbase Global from a d rating to a c- rating in a research note on Friday, February 16th. Citigroup lifted their price objective on Coinbase Global from $90.00 to $151.00 and gave the company a neutral rating in a research note on Friday, January 19th. Finally, HC Wainwright lifted their price objective on Coinbase Global from $250.00 to $300.00 and gave the company a buy rating in a research note on Monday, April 29th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $185.48.

Coinbase Global Trading Down 2.4 %

Shares of COIN stock traded down $5.60 during trading hours on Friday, reaching $223.25. The company’s stock had a trading volume of 13,739,132 shares, compared to its average volume of 9,158,455. The stock has a market capitalization of $54.09 billion, a P/E ratio of 44.56 and a beta of 3.46. Coinbase Global has a one year low of $46.43 and a one year high of $283.48. The firm’s fifty day simple moving average is $236.37 and its 200 day simple moving average is $165.79. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.47.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $1.13. The company had revenue of $953.80 million during the quarter, compared to analysts’ expectations of $826.10 million. Coinbase Global had a return on equity of 10.24% and a net margin of 33.98%. The firm’s revenue for the quarter was up 51.6% compared to the same quarter last year. During the same quarter last year, the business posted ($2.46) EPS. Equities research analysts expect that Coinbase Global will post 2.71 EPS for the current year.

Insider Buying and Selling

In other Coinbase Global news, Director Gokul Rajaram sold 1,145 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $260.00, for a total transaction of $297,700.00. Following the completion of the sale, the director now owns 4,833 shares of the company’s stock, valued at $1,256,580. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $119.73, for a total value of $9,833,424.90. Following the completion of the transaction, the director now owns 4,662 shares of the company’s stock, valued at $558,181.26. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Gokul Rajaram sold 1,145 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $260.00, for a total value of $297,700.00. Following the completion of the transaction, the director now directly owns 4,833 shares of the company’s stock, valued at approximately $1,256,580. The disclosure for this sale can be found here. Insiders sold 420,597 shares of company stock valued at $86,053,862 over the last 90 days. Company insiders own 33.16% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Hedge funds have recently made changes to their positions in the company. Raymond James & Associates lifted its position in shares of Coinbase Global by 65.5% in the fourth quarter. Raymond James & Associates now owns 24,165 shares of the cryptocurrency exchange’s stock worth $4,203,000 after buying an additional 9,564 shares in the last quarter. Masso Torrence Wealth Management Inc. purchased a new stake in Coinbase Global during the fourth quarter valued at approximately $302,000. Mariner LLC raised its position in Coinbase Global by 5.4% during the third quarter. Mariner LLC now owns 82,582 shares of the cryptocurrency exchange’s stock valued at $6,200,000 after purchasing an additional 4,259 shares during the period. Itau Unibanco Holding S.A. raised its position in Coinbase Global by 10.0% during the third quarter. Itau Unibanco Holding S.A. now owns 1,374 shares of the cryptocurrency exchange’s stock valued at $103,000 after purchasing an additional 125 shares during the period. Finally, Oak Thistle LLC purchased a new stake in Coinbase Global during the fourth quarter valued at approximately $1,035,000. 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.