Needham & Company LLC Trims Coinbase Global (NASDAQ:COIN) Target Price to $73.00

Coinbase Global (NASDAQ:COIN) had its target price reduced by Needham & Company LLC from $89.00 to $73.00 in a research note issued to investors on Tuesday morning, The Fly reports. They currently have a buy rating on the cryptocurrency exchange’s stock.

Several other equities research analysts have also commented on the stock. JMP Securities cut their price target on shares of Coinbase Global from $195.00 to $155.00 and set a market outperform rating for the company in a report on Tuesday, October 11th. JPMorgan Chase & Co. lifted their target price on shares of Coinbase Global from $60.00 to $66.00 and gave the stock a neutral rating in a research note on Friday, November 4th. The Goldman Sachs Group lowered their target price on shares of Coinbase Global from $49.00 to $41.00 and set a sell rating on the stock in a research note on Monday, November 14th. Daiwa Capital Markets cut shares of Coinbase Global from a buy rating to a neutral rating and lowered their target price for the stock from $82.00 to $52.00 in a research note on Wednesday, November 9th. Finally, Atlantic Securities lifted their target price on shares of Coinbase Global from $54.00 to $67.00 and gave the stock a neutral rating in a research note on Tuesday, September 6th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Coinbase Global currently has a consensus rating of Hold and an average price target of $89.17.

Coinbase Global Price Performance

NASDAQ:COIN opened at $45.57 on Tuesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $10.34 billion, a price-to-earnings ratio of -7.51 and a beta of 2.50. The company has a 50 day moving average price of $62.64 and a 200-day moving average price of $65.46. Coinbase Global has a 1-year low of $40.61 and a 1-year high of $331.70.

Coinbase Global (NASDAQ:COINGet Rating) last issued its quarterly earnings results on Thursday, November 3rd. The cryptocurrency exchange reported ($2.43) EPS for the quarter, missing the consensus estimate of ($2.23) by ($0.20). The company had revenue of $590.34 million during the quarter, compared to analysts’ expectations of $642.76 million. Coinbase Global had a negative return on equity of 20.19% and a negative net margin of 24.25%. Equities research analysts forecast that Coinbase Global will post -11.42 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In related news, Director Tobias Lutke bought 4,482 shares of the firm’s stock in a transaction on Tuesday, September 13th. The shares were bought at an average price of $75.39 per share, with a total value of $337,897.98. Following the completion of the transaction, the director now directly owns 54,583 shares of the company’s stock, valued at approximately $4,115,012.37. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Tobias Lutke bought 4,482 shares of the firm’s stock in a transaction on Tuesday, September 13th. The shares were bought at an average price of $75.39 per share, with a total value of $337,897.98. Following the completion of the transaction, the director now directly owns 54,583 shares of the company’s stock, valued at approximately $4,115,012.37. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian Armstrong sold 29,732 shares of the company’s stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $54.66, for a total transaction of $1,625,151.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 77,242 shares of company stock valued at $4,856,505 and have sold 148,457 shares valued at $6,657,299. 36.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Coinbase Global

Institutional investors and hedge funds have recently bought and sold shares of the business. Tradewinds Capital Management LLC increased its stake in Coinbase Global by 1,210.0% during the second quarter. Tradewinds Capital Management LLC now owns 524 shares of the cryptocurrency exchange’s stock worth $25,000 after purchasing an additional 484 shares during the period. BDO Wealth Advisors LLC increased its stake in Coinbase Global by 133.5% during the third quarter. BDO Wealth Advisors LLC now owns 390 shares of the cryptocurrency exchange’s stock worth $25,000 after purchasing an additional 223 shares during the period. Ellevest Inc. purchased a new stake in Coinbase Global during the third quarter worth about $26,000. WD Rutherford LLC purchased a new stake in Coinbase Global during the first quarter worth about $28,000. Finally, Oakworth Capital Inc. purchased a new stake in Coinbase Global during the second quarter worth about $29,000. 49.31% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Company Profile

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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.

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