Needham & Company LLC Issues Pessimistic Forecast for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its price target dropped by investment analysts at Needham & Company LLC from $420.00 to $330.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the cryptocurrency exchange’s stock. Needham & Company LLC’s price target would indicate a potential upside of 22.05% from the stock’s previous close.

COIN has been the topic of a number of other reports. The Goldman Sachs Group lowered their price target on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Piper Sandler increased their target price on Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. HC Wainwright reissued a “buy” rating and issued a $295.00 target price on shares of Coinbase Global in a report on Tuesday, October 29th. Oppenheimer lowered their target price on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Finally, Monness Crespi & Hardt increased their target price on Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $284.06.

Coinbase Global Trading Down 1.7 %

Shares of NASDAQ:COIN opened at $270.37 on Friday. The company has a market cap of $67.69 billion, a P/E ratio of 46.14 and a beta of 3.61. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. Coinbase Global has a 1 year low of $114.51 and a 1 year high of $349.75. The stock’s fifty day moving average price is $285.66 and its 200-day moving average price is $236.83.

Insider Buying and Selling

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 15,228 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $280.51, for a total transaction of $4,271,606.28. Following the completion of the transaction, the director now owns 10,417 shares in the company, valued at $2,922,072.67. This trade represents a 59.38 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Alesia J. Haas sold 5,700 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $266.87, for a total value of $1,521,159.00. Following the transaction, the chief financial officer now owns 144,470 shares of the company’s stock, valued at $38,554,708.90. This represents a 3.80 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 401,798 shares of company stock worth $119,826,444. 23.43% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Institutional investors and hedge funds have recently modified their holdings of the stock. RPg Family Wealth Advisory LLC purchased a new position in shares of Coinbase Global in the 3rd quarter worth approximately $25,000. Wingate Wealth Advisors Inc. purchased a new position in shares of Coinbase Global in the 4th quarter worth approximately $27,000. ORG Wealth Partners LLC purchased a new position in shares of Coinbase Global in the 3rd quarter worth approximately $32,000. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Coinbase Global by 365.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after purchasing an additional 106 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its stake in shares of Coinbase Global by 408.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after acquiring an additional 204 shares during the last quarter. Hedge funds and other 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.