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

Coinbase Global (NASDAQ:COIN) had its price objective boosted by research analysts at The Goldman Sachs Group from $264.00 to $270.00 in a research report issued on Friday,MarketScreener reports. The brokerage currently has a “buy” rating on the cryptocurrency exchange’s stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 37.06% from the stock’s previous close.

COIN has been the subject of several other reports. China Renaissance reduced their target price on Coinbase Global from $301.50 to $223.20 and set a “buy” rating for the company in a report on Monday, February 23rd. Piper Sandler decreased their price objective on shares of Coinbase Global from $270.00 to $150.00 and set a “neutral” rating for the company in a report on Friday, February 13th. Citigroup lowered their target price on shares of Coinbase Global from $505.00 to $400.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. President Capital cut their target price on shares of Coinbase Global from $472.00 to $236.00 and set a “buy” rating for the company in a research report on Wednesday, February 25th. Finally, Deutsche Bank Aktiengesellschaft set a $250.00 price objective on Coinbase Global in a research note on Friday, February 13th. Nineteen equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and an average price target of $270.87.

View Our Latest Stock Analysis on COIN

Coinbase Global Stock Performance

Shares of COIN opened at $197.00 on Friday. The firm has a market cap of $52.02 billion, a price-to-earnings ratio of 44.87, a price-to-earnings-growth ratio of 3.00 and a beta of 3.70. The company’s fifty day moving average is $202.74 and its 200-day moving average is $270.11. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.40. Coinbase Global has a 12 month low of $139.36 and a 12 month high of $444.64.

Coinbase Global (NASDAQ:COINGet Free Report) last posted its earnings results on Thursday, February 12th. The cryptocurrency exchange reported $0.66 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.17). Coinbase Global had a return on equity of 8.68% and a net margin of 17.55%.The business had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period in the previous year, the company earned $4.68 earnings per share. The company’s quarterly revenue was down 21.6% compared to the same quarter last year. Equities analysts expect that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 364,600 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $154.95, for a total value of $56,494,770.00. Following the completion of the sale, the chief financial officer owned 402,165 shares in the company, valued at approximately $62,315,466.75. This trade represents a 47.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $273.86, for a total value of $10,954,400.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 509,650 shares of company stock worth $93,915,594 over the last three months. Company insiders own 16.56% of the company’s stock.

Institutional Trading of Coinbase Global

Several institutional investors have recently made changes to their positions in the business. Evelyn Partners Investment Management Europe Ltd boosted its holdings in Coinbase Global by 92.3% during the second quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock valued at $29,000 after purchasing an additional 36 shares in the last quarter. REAP Financial Group LLC bought a new stake in Coinbase Global in the third quarter valued at $25,000. Palisade Asset Management LLC acquired a new position in Coinbase Global during the third quarter worth $29,000. Salomon & Ludwin LLC lifted its holdings in shares of Coinbase Global by 4,400.0% during the third quarter. Salomon & Ludwin LLC now owns 90 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 88 shares during the period. Finally, Financial Gravity Companies Inc. bought a new position in shares of Coinbase Global during the second quarter valued at $34,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Key Coinbase Global News

Here are the key news stories impacting Coinbase Global this week:

About Coinbase Global

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Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.

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Analyst Recommendations for Coinbase Global (NASDAQ:COIN)

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