The Goldman Sachs Group Forecasts Strong Price Appreciation for Coinbase Global (NASDAQ:COIN) Stock

Coinbase Global (NASDAQ:COIN) had its target price boosted by research analysts at The Goldman Sachs Group from $183.00 to $397.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the cryptocurrency exchange’s stock. The Goldman Sachs Group’s target price points to a potential upside of 28.33% from the company’s previous close.

Other analysts have also issued research reports about the stock. Barclays upped their target price on shares of Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 31st. HC Wainwright restated a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a research report on Tuesday, October 29th. Bank of America increased their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Oppenheimer increased their price target on shares of Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a research report on Monday, November 25th. Finally, B. Riley began coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $265.33.

Coinbase Global Stock Performance

NASDAQ COIN opened at $309.35 on Monday. Coinbase Global has a 1 year low of $114.51 and a 1 year high of $341.75. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $77.45 billion, a price-to-earnings ratio of 52.79 and a beta of 3.57. The company has a fifty day moving average price of $230.81 and a 200-day moving average price of $219.36.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the previous year, the company earned ($0.01) EPS. The business’s revenue was up 78.8% compared to the same quarter last year. As a group, equities research analysts predict that Coinbase Global will post 4.44 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total value of $1,701,000.00. Following the transaction, the insider now directly owns 74,956 shares in the company, valued at approximately $12,750,015.60. This represents a 11.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alesia J. Haas sold 5,250 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the completion of the transaction, the chief financial officer now owns 169,786 shares in the company, valued at approximately $33,150,716.50. This trade represents a 3.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 206,644 shares of company stock valued at $59,887,556. 23.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Cetera Investment Advisers grew its position in Coinbase Global by 303.5% during the first quarter. Cetera Investment Advisers now owns 25,935 shares of the cryptocurrency exchange’s stock valued at $6,876,000 after acquiring an additional 19,508 shares during the last quarter. Cetera Advisors LLC lifted its stake in Coinbase Global by 49.2% in the first quarter. Cetera Advisors LLC now owns 10,911 shares of the cryptocurrency exchange’s stock worth $2,893,000 after acquiring an additional 3,597 shares during the period. Versant Capital Management Inc lifted its stake in Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 57 shares during the period. Lynx Investment Advisory purchased a new stake in Coinbase Global in the second quarter worth $29,000. Finally, Simplicity Wealth LLC lifted its stake in Coinbase Global by 11.5% in the second quarter. Simplicity Wealth LLC now owns 3,752 shares of the cryptocurrency exchange’s stock worth $834,000 after acquiring an additional 387 shares during the period. 68.84% of the stock is currently owned by 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.