The Goldman Sachs Group Cuts Coinbase Global (NASDAQ:COIN) Price Target to $340.00

Coinbase Global (NASDAQ:COIN) had its target price reduced by The Goldman Sachs Group from $397.00 to $340.00 in a research note released on Friday morning,Benzinga reports. They currently have a neutral rating on the cryptocurrency exchange’s stock.

Several other equities analysts have also recently weighed in on the stock. Barclays increased their price objective on shares of Coinbase Global from $204.00 to $355.00 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. Mizuho lifted their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. B. Riley started coverage on Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective for the company. Keefe, Bruyette & Woods lifted their target price on Coinbase Global from $165.00 to $275.00 and gave the company a “market perform” rating in a research report on Friday, December 20th. Finally, Piper Sandler boosted their price target on Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $285.28.

Coinbase Global Stock Down 0.5 %

Shares of Coinbase Global stock opened at $258.78 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. Coinbase Global has a twelve month low of $114.51 and a twelve month high of $349.75. The company has a market cap of $64.79 billion, a price-to-earnings ratio of 44.16 and a beta of 3.59. The company’s 50 day moving average is $287.26 and its 200 day moving average is $229.71.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s quarterly revenue was up 78.8% on a year-over-year basis. During the same quarter last year, the business earned ($0.01) earnings per share. Research analysts anticipate that Coinbase Global will post 4.44 EPS for the current year.

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $172,528. This represents a 99.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 22,842 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $281.94, for a total transaction of $6,440,073.48. Following the completion of the sale, the director now directly owns 10,417 shares in the company, valued at $2,936,968.98. This trade represents a 68.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 326,983 shares of company stock worth $96,198,957 in the last three months. Insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently modified their holdings of COIN. RPg Family Wealth Advisory LLC purchased a new stake in Coinbase Global in the 3rd quarter valued at about $25,000. ORG Wealth Partners LLC purchased a new stake in shares of Coinbase Global in the third quarter valued at approximately $32,000. Brown Brothers Harriman & Co. grew its stake in Coinbase Global by 408.0% in the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after purchasing an additional 204 shares in the last quarter. Abich Financial Wealth Management LLC increased its holdings in Coinbase Global by 548.5% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 214 shares of the cryptocurrency exchange’s stock worth $48,000 after purchasing an additional 181 shares during the period. Finally, V Square Quantitative Management LLC bought a new stake in Coinbase Global during the 3rd quarter valued at $55,000. 68.84% of the stock is currently 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.