Needham & Company LLC Forecasts Strong Price Appreciation for Coinbase Global (NASDAQ:COIN) Stock

Coinbase Global (NASDAQ:COIN) had its target price upped by analysts at Needham & Company LLC from $290.00 to $375.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the cryptocurrency exchange's stock. Needham & Company LLC's target price would indicate a potential upside of 15.18% from the company's previous close.

A number of other research analysts have also commented on COIN. Canaccord Genuity Group restated a "buy" rating and issued a $280.00 price objective on shares of Coinbase Global in a research note on Thursday, October 31st. HC Wainwright reaffirmed a "buy" rating and set a $295.00 price objective on shares of Coinbase Global in a research note on Tuesday, October 29th. JMP Securities reissued a "market outperform" rating and issued a $320.00 target price on shares of Coinbase Global in a report on Wednesday, October 9th. Citigroup raised shares of Coinbase Global from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. Finally, B. Riley started coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They set a "neutral" rating and a $185.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $251.00.

Coinbase Global Stock Performance

Shares of Coinbase Global stock traded up $19.73 during trading on Monday, hitting $325.58. 25,094,260 shares of the company's stock were exchanged, compared to its average volume of 11,038,951. Coinbase Global has a 52-week low of $100.01 and a 52-week high of $334.86. The stock has a market capitalization of $81.51 billion, a price-to-earnings ratio of 51.09 and a beta of 3.34. The business has a 50-day simple moving average of $198.72 and a 200-day simple moving average of $211.90. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.26 billion. During the same period in the previous year, the company earned ($0.01) EPS. Coinbase Global's quarterly revenue was up 78.8% compared to the same quarter last year. On average, research analysts forecast that Coinbase Global will post 4.27 EPS for the current year.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 16,962 shares of Coinbase Global stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $206.96, for a total value of $3,510,455.52. Following the completion of the transaction, the insider now directly owns 75,556 shares of the company's stock, valued at approximately $15,637,069.76. The trade was a 18.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Frederick R. Wilson sold 40,000 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $300.00, for a total transaction of $12,000,000.00. Following the transaction, the director now directly owns 50,000 shares in the company, valued at $15,000,000. The trade was a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 135,822 shares of company stock worth $30,921,194 in the last 90 days. 23.43% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. Clear Street Derivatives LLC bought a new stake in Coinbase Global during the 3rd quarter worth approximately $409,919,000. Renaissance Technologies LLC raised its stake in shares of Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange's stock worth $236,258,000 after buying an additional 691,288 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in Coinbase Global by 1,186.6% in the first quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange's stock valued at $139,854,000 after buying an additional 486,512 shares during the period. American Century Companies Inc. grew its stake in shares of Coinbase Global by 1,136.7% during the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange's stock worth $105,389,000 after purchasing an additional 435,886 shares during the period. Finally, APEIRON CAPITAL Ltd acquired a new position in shares of Coinbase Global during the 1st quarter worth about $108,434,000. 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.