Coinbase Global (NASDAQ:COIN) Price Target Raised to $290.00

Coinbase Global (NASDAQ:COIN) had its target price upped by Needham & Company LLC from $260.00 to $290.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the cryptocurrency exchange’s stock.

Several other equities research analysts have also recently commented on COIN. Barclays boosted their price objective on shares of Coinbase Global from $169.00 to $175.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Compass Point decreased their price objective on Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a research report on Friday, August 2nd. Bank of America decreased their price target on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Finally, B. Riley started coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global presently has a consensus rating of “Hold” and a consensus price target of $246.28.

Coinbase Global Trading Up 2.0 %

NASDAQ:COIN opened at $182.88 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.03 and a quick ratio of 1.03. The business’s 50-day simple moving average is $180.98 and its 200-day simple moving average is $208.66. Coinbase Global has a fifty-two week low of $80.81 and a fifty-two week high of $283.48. The stock has a market capitalization of $45.44 billion, a PE ratio of 31.21 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). Coinbase Global had a net margin of 29.76% and a return on equity of 15.38%. The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the firm posted ($0.42) EPS. The business’s quarterly revenue was up 104.8% compared to the same quarter last year. Sell-side analysts expect that Coinbase Global will post 4.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $209.98, for a total value of $2,099,800.00. Following the sale, the insider now owns 74,956 shares in the company, valued at $15,739,260.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $209.98, for a total value of $2,099,800.00. Following the transaction, the insider now directly owns 74,956 shares in the company, valued at $15,739,260.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gokul Rajaram sold 400 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total transaction of $81,776.00. Following the completion of the transaction, the director now directly owns 7,771 shares in the company, valued at $1,588,703.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 79,687 shares of company stock worth $14,908,594. Company insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Coinbase Global by 18.4% during the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock worth $4,482,190,000 after purchasing an additional 2,624,989 shares during the last quarter. Cowen AND Company LLC increased its position in Coinbase Global by 1.5% during the 2nd quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock worth $330,895,000 after buying an additional 22,071 shares during the period. Renaissance Technologies LLC increased its position in Coinbase Global by 185.9% during the 2nd 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 period. Canada Pension Plan Investment Board boosted its position in shares of 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 acquiring an additional 486,512 shares during the period. Finally, American Century Companies Inc. grew its stake in shares of Coinbase Global by 1,136.7% in the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after acquiring an additional 435,886 shares in the last quarter. 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.