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

Posted by Defense World Staff on Mar 6th, 2023

Needham & Company LLC reaffirmed their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a research report sent to investors on Thursday, Benzinga reports. Needham & Company LLC currently has a $73.00 target price on the cryptocurrency exchange’s stock.

A number of other research analysts have also commented on COIN. JPMorgan Chase & Co. raised their price target on Coinbase Global from $52.00 to $57.00 and gave the company a neutral rating in a report on Wednesday, February 22nd. Wells Fargo & Company raised their target price on Coinbase Global from $34.00 to $40.00 and gave the company an underweight rating in a research note on Wednesday, February 22nd. JMP Securities reaffirmed a market outperform rating and set a $80.00 target price on shares of Coinbase Global in a research note on Wednesday, February 22nd. BTIG Research decreased their price target on Coinbase Global from $220.00 to $110.00 in a research report on Friday, November 4th. Finally, Atlantic Securities decreased their price target on Coinbase Global from $67.00 to $46.00 and set a neutral rating for the company in a research report on Monday, December 5th. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of Hold and an average price target of $69.54.

Coinbase Global Price Performance

Shares of COIN opened at $64.51 on Thursday. The firm has a market capitalization of $14.93 billion, a price-to-earnings ratio of -5.44 and a beta of 2.63. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.07. Coinbase Global has a one year low of $31.55 and a one year high of $206.79. The stock’s fifty day moving average is $54.26 and its 200-day moving average is $57.54.

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

Insider Activity at Coinbase Global

In related news, CFO Alesia J. Haas sold 92,000 shares of the business’s stock in a transaction on 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 sale, the chief financial officer now owns 137,568 shares of the company’s stock, valued at approximately $6,233,206.08. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Coinbase Global news, CFO Alesia J. Haas sold 92,000 shares of Coinbase Global stock in a transaction on 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 owns 137,568 shares in the company, valued at approximately $6,233,206.08. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Tobias Lutke acquired 11,332 shares of the business’s stock in a transaction on Wednesday, December 28th. The stock was acquired at an average price 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 disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 84,254 shares of company stock valued at $3,720,721 and have sold 430,857 shares valued at $18,614,347. 36.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Institutional investors and hedge funds have recently made changes to their positions in the company. Lazard Asset Management LLC raised its position in shares of Coinbase Global by 3,355.6% during the first quarter. Lazard Asset Management LLC now owns 311 shares of the cryptocurrency exchange’s stock worth $59,000 after acquiring an additional 302 shares during the last quarter. BDO Wealth Advisors LLC raised its position in shares of 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 acquiring an additional 223 shares during the last quarter. Ellevest Inc. bought a new stake in shares of Coinbase Global during the third quarter worth $26,000. Guardian Wealth Advisors LLC bought a new stake in shares of Coinbase Global during the third quarter worth $29,000. Finally, Wipfli Financial Advisors LLC bought a new stake in shares of Coinbase Global during the third quarter worth $31,000. Institutional investors own 46.41% of the company’s stock.

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.