Needham & Company LLC Has Lowered Expectations for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its price target decreased by analysts at Needham & Company LLC from $400.00 to $290.00 in a report released on Monday. The brokerage currently has a “buy” rating on the cryptocurrency exchange’s stock. Needham & Company LLC’s price target points to a potential upside of 22.41% from the company’s current price.

Several other equities analysts have also recently weighed in on COIN. Rosenblatt Securities raised their price objective on Coinbase Global from $450.00 to $470.00 in a report on Friday, October 31st. Rothschild & Co Redburn reduced their price target on Coinbase Global from $417.00 to $404.00 and set a “buy” rating for the company in a research report on Friday, November 28th. B. Riley raised their price target on Coinbase Global from $185.00 to $243.00 and gave the company a “neutral” rating in a research note on Monday, November 3rd. Jefferies Financial Group reaffirmed a “hold” rating and set a $384.00 price target on shares of Coinbase Global in a research report on Wednesday, October 29th. Finally, Bank of America dropped their price objective on Coinbase Global from $369.00 to $340.00 in a research note on Wednesday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Coinbase Global presently has an average rating of “Moderate Buy” and a consensus target price of $379.88.

Coinbase Global Price Performance

NASDAQ COIN opened at $236.90 on Monday. The firm’s 50 day moving average is $283.87 and its 200-day moving average is $318.53. The company has a quick ratio of 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $63.88 billion, a PE ratio of 20.49 and a beta of 3.69. Coinbase Global has a 12-month low of $142.58 and a 12-month high of $444.64.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.40. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The business had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter last year, the firm earned $0.28 earnings per share. The firm’s revenue for the quarter was up 55.1% compared to the same quarter last year. Equities research analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, COO Emilie Choi sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $310.88, for a total transaction of $31,088,000.00. Following the transaction, the chief operating officer directly owned 187,802 shares of the company’s stock, valued at approximately $58,383,885.76. The trade was a 34.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 277,074 shares of the stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $309.92, for a total value of $85,870,774.08. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 833,179 shares of company stock worth $250,839,195. 16.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Coinbase Global by 8.3% in the 3rd quarter. Vanguard Group Inc. now owns 26,216,793 shares of the cryptocurrency exchange’s stock valued at $8,847,905,000 after buying an additional 2,007,930 shares during the last quarter. Geode Capital Management LLC lifted its position in Coinbase Global by 46.1% during the second quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange’s stock worth $1,940,805,000 after acquiring an additional 1,755,146 shares during the last quarter. Norges Bank bought a new stake in shares of Coinbase Global during the second quarter worth approximately $1,044,354,000. Northern Trust Corp grew its position in shares of Coinbase Global by 5.9% in the third quarter. Northern Trust Corp now owns 1,959,871 shares of the cryptocurrency exchange’s stock valued at $661,437,000 after purchasing an additional 108,751 shares during the last quarter. Finally, Amundi grew its position in shares of Coinbase Global by 44.1% in the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock valued at $268,850,000 after purchasing an additional 481,786 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

Coinbase Global Company Profile

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.