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

Coinbase Global (NASDAQ:COIN)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $330.00 price objective on the cryptocurrency exchange’s stock. Needham & Company LLC’s target price would indicate a potential upside of 20.04% from the stock’s current price.

A number of other analysts have also commented on COIN. Monness Crespi & Hardt lifted their price target on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Mizuho upgraded Coinbase Global from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $250.00 to $290.00 in a research note on Wednesday, January 29th. Bank of America increased their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. B. Riley assumed coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective on the stock. Finally, Piper Sandler increased their target price on shares of Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Nine research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $286.00.

Coinbase Global Trading Up 3.0 %

NASDAQ:COIN opened at $274.90 on Thursday. Coinbase Global has a 52 week low of $137.13 and a 52 week high of $349.75. The firm has a 50-day moving average price of $282.81 and a two-hundred day moving average price of $237.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $68.82 billion, a price-to-earnings ratio of 46.91 and a beta of 3.61.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $172,528. This trade represents a 99.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total value of $2,566,900.00. Following the sale, the insider now owns 69,407 shares of the company’s stock, valued at approximately $17,816,082.83. This trade represents a 12.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 386,798 shares of company stock valued at $114,707,944 in the last three months. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors have recently made changes to their positions in COIN. CWM LLC lifted its holdings in shares of Coinbase Global by 4.4% during the 3rd quarter. CWM LLC now owns 6,039 shares of the cryptocurrency exchange’s stock worth $1,076,000 after acquiring an additional 253 shares during the last quarter. Inspire Investing LLC raised its position in Coinbase Global by 33.2% during the third quarter. Inspire Investing LLC now owns 1,587 shares of the cryptocurrency exchange’s stock valued at $283,000 after purchasing an additional 396 shares in the last quarter. Creative Planning lifted its stake in Coinbase Global by 42.5% during the third quarter. Creative Planning now owns 71,545 shares of the cryptocurrency exchange’s stock worth $12,747,000 after purchasing an additional 21,335 shares during the last quarter. Swedbank AB boosted its holdings in shares of Coinbase Global by 1.6% in the 3rd quarter. Swedbank AB now owns 46,206 shares of the cryptocurrency exchange’s stock worth $8,233,000 after purchasing an additional 730 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in shares of Coinbase Global by 65.9% during the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 4,966 shares of the cryptocurrency exchange’s stock valued at $885,000 after purchasing an additional 1,972 shares during the last quarter. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Company Profile

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.