The Goldman Sachs Group Issues Positive Forecast for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its target price hoisted by The Goldman Sachs Group from $351.00 to $363.00 in a research report released on Friday morning,MarketScreener reports. They currently have a neutral rating on the cryptocurrency exchange’s stock.

COIN has been the subject of a number of other research reports. Benchmark increased their target price on Coinbase Global from $301.00 to $421.00 and gave the company a “buy” rating in a report on Monday, June 23rd. JMP Securities increased their price objective on Coinbase Global from $400.00 to $440.00 and gave the stock a “market outperform” rating in a research note on Monday, July 14th. Oppenheimer reaffirmed an “outperform” rating and set a $417.00 target price on shares of Coinbase Global in a research note on Thursday, July 31st. Needham & Company LLC upped their target price on Coinbase Global from $270.00 to $400.00 and gave the company a “buy” rating in a report on Friday, August 1st. Finally, Bank of America decreased their price target on shares of Coinbase Global from $369.00 to $340.00 in a report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $367.27.

Coinbase Global Stock Performance

Shares of COIN opened at $380.02 on Friday. The company has a 50-day moving average of $323.62 and a two-hundred day moving average of $282.11. The stock has a market cap of $97.64 billion, a price-to-earnings ratio of 36.75 and a beta of 3.68. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. Coinbase Global has a one year low of $142.58 and a one year high of $444.64.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter last year, the company posted $0.14 EPS. The firm’s revenue was up 3.3% compared to the same quarter last year. On average, equities research analysts expect that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Activity at Coinbase Global

In other news, CEO Brian Armstrong sold 25,000 shares of the firm’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $322.28, for a total value of $8,057,000.00. Following the sale, the chief executive officer directly owned 526 shares of the company’s stock, valued at approximately $169,519.28. This trade represents a 97.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lawrence J. Brock sold 5,903 shares of Coinbase Global stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $311.37, for a total value of $1,838,017.11. Following the completion of the transaction, the insider owned 478 shares in the company, valued at $148,834.86. The trade was a 92.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 714,515 shares of company stock valued at $272,046,775. 23.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Hedge funds have recently modified their holdings of the business. Cadent Capital Advisors LLC raised its stake in Coinbase Global by 1.0% during the 2nd quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange’s stock valued at $1,108,000 after purchasing an additional 30 shares during the last quarter. Ameriflex Group Inc. increased its holdings in shares of Coinbase Global by 20.0% during the 2nd quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange’s stock worth $68,000 after purchasing an additional 30 shares during the period. Pettinga Financial Advisors LLC raised its position in shares of Coinbase Global by 2.6% during the second quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange’s stock valued at $463,000 after buying an additional 34 shares during the last quarter. StoneX Group Inc. raised its position in shares of Coinbase Global by 1.8% during the second quarter. StoneX Group Inc. now owns 1,970 shares of the cryptocurrency exchange’s stock valued at $690,000 after buying an additional 34 shares during the last quarter. Finally, Evelyn Partners Investment Management Europe Ltd lifted its stake in shares of Coinbase Global by 92.3% in the second quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock valued at $29,000 after buying an additional 36 shares during the period. 68.84% of the stock is owned by institutional investors.

About Coinbase Global

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.