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

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

COIN has been the subject of a number of other research reports. Keefe, Bruyette & Woods reduced their target price on Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a report on Monday, January 13th. Piper Sandler boosted their price objective on Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. B. Riley began coverage on Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. Mizuho raised Coinbase Global from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $250.00 to $290.00 in a report on Wednesday, January 29th. Finally, Oppenheimer cut their price objective on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $284.06.

Coinbase Global Stock Down 1.7 %

COIN stock opened at $270.37 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $67.69 billion, a PE ratio of 46.14 and a beta of 3.61. Coinbase Global has a twelve month low of $114.51 and a twelve month high of $349.75. The stock has a 50-day simple moving average of $285.66 and a two-hundred day simple moving average of $236.83.

Insider Buying and Selling at Coinbase Global

In related news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $298.31, for a total transaction of $447,465.00. Following the completion of the transaction, the chief operating officer now owns 177,576 shares in the company, valued at $52,972,696.56. This represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jennifer N. Jones sold 1,837 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $295.02, for a total value of $541,951.74. Following the transaction, the chief accounting officer now owns 1,160 shares of the company’s stock, valued at approximately $342,223.20. This represents a 61.29 % 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 currently owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COIN. Clear Street Derivatives LLC purchased a new stake in Coinbase Global in the third quarter worth $409,919,000. Proficio Capital Partners LLC grew its stake in Coinbase Global by 30,664.4% in the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock worth $103,888,000 after purchasing an additional 417,036 shares during the period. Geode Capital Management LLC grew its stake in Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after purchasing an additional 314,388 shares during the period. Azora Capital LP grew its stake in Coinbase Global by 214.1% in the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock worth $57,525,000 after purchasing an additional 220,078 shares during the period. Finally, Holocene Advisors LP purchased a new stake in shares of Coinbase Global in the third quarter worth $38,535,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.