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

Coinbase Global (NASDAQ:COIN) had its price target dropped by research analysts at The Goldman Sachs Group from $397.00 to $340.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the cryptocurrency exchange’s stock. The Goldman Sachs Group’s price target suggests a potential upside of 30.94% from the stock’s current price.

A number of other research firms have also weighed in on COIN. Mizuho upped their price objective on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. B. Riley initiated coverage on Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price on the stock. Piper Sandler increased their target price on Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday. Needham & Company LLC increased their target price on Coinbase Global from $375.00 to $420.00 and gave the company a “buy” rating in a report on Monday, December 9th. Finally, Monness Crespi & Hardt increased their target price on Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Coinbase Global has an average rating of “Hold” and an average price target of $285.28.

Coinbase Global Trading Down 0.1 %

NASDAQ:COIN traded down $0.34 during trading hours on Friday, reaching $259.67. 2,848,283 shares of the stock were exchanged, compared to its average volume of 7,209,158. 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 business has a 50-day moving average of $285.74 and a two-hundred day moving average of $229.23. Coinbase Global has a twelve month low of $114.51 and a twelve month high of $349.75. The company has a market capitalization of $65.01 billion, a price-to-earnings ratio of 44.31 and a beta of 3.59.

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

Insider Transactions at Coinbase Global

In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $181.36, for a total value of $272,040.00. Following the sale, the chief operating officer now owns 176,601 shares of the company’s stock, valued at approximately $32,028,357.36. The trade was a 0.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gokul Rajaram sold 400 shares of Coinbase Global stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total value of $81,776.00. Following the completion of the sale, the director now directly owns 7,771 shares in the company, valued at $1,588,703.24. This represents a 4.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 328,483 shares of company stock worth $96,470,997. Company insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Several institutional investors have recently modified their holdings of COIN. Clear Street Derivatives LLC purchased a new stake in shares of Coinbase Global during the 3rd quarter worth approximately $409,919,000. Renaissance Technologies LLC raised its position in shares of Coinbase Global by 185.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after purchasing an additional 691,288 shares during the last quarter. American Century Companies Inc. raised its position in shares of Coinbase Global by 1,136.7% during the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after purchasing an additional 435,886 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Coinbase Global by 10.1% during the 3rd 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 last quarter. Finally, Azora Capital LP raised its position in shares of Coinbase Global by 214.1% during the 3rd 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 last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.