DA Davidson Trims Coinbase Global (NASDAQ:COIN) Target Price to $70.00

Coinbase Global (NASDAQ:COIN) had its price target decreased by DA Davidson from $100.00 to $70.00 in a research note published on Wednesday, The Fly reports. DA Davidson currently has a buy rating on the cryptocurrency exchange’s stock.

Several other equities analysts have also recently weighed in on COIN. Cowen decreased their price objective on Coinbase Global from $85.00 to $75.00 in a report on Friday, November 4th. Cowen reduced their price target on Coinbase Global from $85.00 to $75.00 in a report on Friday, November 4th. Piper Sandler reduced their price target on Coinbase Global from $120.00 to $115.00 and set an overweight rating for the company in a report on Wednesday, August 10th. Wells Fargo & Company assumed coverage on Coinbase Global in a report on Thursday, September 29th. They set an underweight rating and a $57.00 price target for the company. Finally, Compass Point reduced their price target on Coinbase Global from $95.00 to $75.00 in a report on Wednesday, October 26th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $90.70.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $45.26 on Wednesday. The stock has a market capitalization of $10.27 billion, a price-to-earnings ratio of -7.46 and a beta of 2.50. The business has a 50-day moving average of $64.77 and a 200-day moving average of $67.38. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.05 and a quick ratio of 1.05. Coinbase Global has a fifty-two week low of $40.83 and a fifty-two week high of $339.41.

Insider Activity

In other Coinbase Global news, Director Tobias Lutke purchased 5,177 shares of the company’s stock in a transaction dated Tuesday, August 23rd. The stock was bought at an average cost of $71.94 per share, for a total transaction of $372,433.38. Following the completion of the transaction, the director now owns 38,630 shares in the company, valued at $2,779,042.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Coinbase Global news, Director Tobias Lutke purchased 5,177 shares of the company’s stock in a transaction dated Tuesday, August 23rd. The stock was bought at an average cost of $71.94 per share, for a total transaction of $372,433.38. Following the completion of the transaction, the director now owns 38,630 shares in the company, valued at $2,779,042.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian Armstrong sold 29,732 shares of the business’s stock in a transaction that occurred on 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 ninety days, insiders acquired 73,445 shares of company stock worth $4,848,889. Corporate insiders own 36.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC raised its position in Coinbase Global by 13.2% during the first quarter. Signaturefd LLC now owns 868 shares of the cryptocurrency exchange’s stock valued at $165,000 after purchasing an additional 101 shares in the last quarter. Cibc World Market Inc. grew its stake in shares of Coinbase Global by 1.5% during the second quarter. Cibc World Market Inc. now owns 7,629 shares of the cryptocurrency exchange’s stock worth $359,000 after buying an additional 115 shares during the last quarter. Cetera Advisor Networks LLC grew its stake in shares of Coinbase Global by 1.2% during the second quarter. Cetera Advisor Networks LLC now owns 9,913 shares of the cryptocurrency exchange’s stock worth $466,000 after buying an additional 121 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in shares of Coinbase Global by 0.5% during the first quarter. Los Angeles Capital Management LLC now owns 23,681 shares of the cryptocurrency exchange’s stock worth $4,496,000 after buying an additional 126 shares during the last quarter. Finally, DAVENPORT & Co LLC grew its stake in shares of Coinbase Global by 14.5% during the first quarter. DAVENPORT & Co LLC now owns 1,186 shares of the cryptocurrency exchange’s stock worth $225,000 after buying an additional 150 shares during the last quarter. 49.31% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Coinbase Global (NASDAQ:COIN)

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