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

Coinbase Global (NASDAQ:COIN) had its price objective decreased by Needham & Company LLC from $89.00 to $73.00 in a report issued on Tuesday, The Fly reports. Needham & Company LLC currently has a buy rating on the cryptocurrency exchange’s stock.

Several other research firms have also weighed in on COIN. Daiwa Capital Markets lowered Coinbase Global from a buy rating to a neutral rating and reduced their target price for the stock from $82.00 to $52.00 in a report on Wednesday, November 9th. Atlantic Securities lifted their target price on Coinbase Global from $54.00 to $67.00 and gave the stock a neutral rating in a report on Tuesday, September 6th. Bank of America downgraded Coinbase Global from a buy rating to a neutral rating and dropped their price target for the company from $77.00 to $50.00 in a research note on Friday, November 18th. Citigroup dropped their price target on Coinbase Global from $105.00 to $80.00 and set a buy rating on the stock in a research note on Thursday, November 10th. Finally, Compass Point dropped their price target on Coinbase Global from $95.00 to $75.00 in a research note on Wednesday, October 26th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus target price of $89.17.

Coinbase Global Stock Performance

COIN stock opened at $43.39 on Tuesday. The business’s 50-day moving average price is $63.94 and its two-hundred day moving average price is $66.02. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.60. The firm has a market cap of $9.85 billion, a PE ratio of -7.16 and a beta of 2.50. Coinbase Global has a 1-year low of $40.61 and a 1-year high of $331.70.

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

Insider Activity at Coinbase Global

In related news, CFO Alesia J. Haas sold 103,859 shares of Coinbase Global stock in a transaction dated Tuesday, November 22nd. The stock was sold at an average price of $42.44, for a total value of $4,407,775.96. Following the sale, the chief financial officer now owns 92,317 shares of the company’s stock, valued at $3,917,933.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Coinbase Global news, CFO Alesia J. Haas sold 103,859 shares of the business’s stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $42.44, for a total transaction of $4,407,775.96. Following the transaction, the chief financial officer now owns 92,317 shares of the company’s stock, valued at $3,917,933.48. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Tobias Lutke purchased 5,894 shares of the stock in a transaction on Wednesday, September 7th. The shares were acquired at an average cost of $62.00 per share, for a total transaction of $365,428.00. Following the transaction, the director now owns 50,101 shares of the company’s stock, valued at $3,106,262. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 68,268 shares of company stock valued at $4,476,456. 36.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors have recently bought and sold shares of COIN. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Coinbase Global during the second quarter worth approximately $326,251,000. Renaissance Technologies LLC increased its position in Coinbase Global by 304.3% during the second quarter. Renaissance Technologies LLC now owns 4,253,200 shares of the cryptocurrency exchange’s stock worth $199,985,000 after buying an additional 3,201,200 shares during the last quarter. Vanguard Group Inc. increased its position in Coinbase Global by 19.8% during the third quarter. Vanguard Group Inc. now owns 12,786,266 shares of the cryptocurrency exchange’s stock worth $824,587,000 after buying an additional 2,110,196 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its holdings in shares of Coinbase Global by 34.7% during the second quarter. Nikko Asset Management Americas Inc. now owns 6,606,262 shares of the cryptocurrency exchange’s stock worth $312,366,000 after acquiring an additional 1,701,828 shares during the period. Finally, Paradigm Operations LP boosted its holdings in shares of Coinbase Global by 45.6% during the second quarter. Paradigm Operations LP now owns 3,705,596 shares of the cryptocurrency exchange’s stock worth $174,237,000 after acquiring an additional 1,160,841 shares during the period. Institutional investors and hedge funds own 49.31% of the company’s stock.

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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