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

Coinbase Global (NASDAQ:COIN) had its price target lowered by The Goldman Sachs Group from $397.00 to $340.00 in a report published on Friday,Benzinga reports. The firm currently has a neutral rating on the cryptocurrency exchange’s stock.

Several other research analysts also recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a report on Tuesday, October 29th. JMP Securities restated a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research report on Wednesday, October 9th. Bank of America lifted their price target on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Needham & Company LLC increased their price objective on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, Barclays raised their target price on Coinbase Global from $204.00 to $355.00 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $285.28.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $258.78 on Friday. The company has a market capitalization of $64.79 billion, a P/E ratio of 44.16 and a beta of 3.59. The business has a fifty day simple moving average of $287.26 and a two-hundred day simple moving average of $229.55. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. Coinbase Global has a 1 year low of $114.51 and a 1 year high of $349.75.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data 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 the consensus estimate of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company’s revenue was up 78.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.01) earnings per share. On average, analysts expect that Coinbase Global will post 4.44 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other news, insider Lawrence J. Brock sold 4,635 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $250.00, for a total value of $1,158,750.00. Following the completion of the sale, the insider now directly owns 18,525 shares in the company, valued at approximately $4,631,250. The trade was a 20.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the completion of the sale, the insider now directly owns 74,956 shares of the company’s stock, valued at $15,739,260.88. This trade represents a 11.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 328,483 shares of company stock worth $96,470,997 over the last 90 days. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in shares of Coinbase Global by 10.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after acquiring an additional 314,388 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in Coinbase Global by 2.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after purchasing an additional 71,398 shares during the last quarter. Clear Street Derivatives LLC purchased a new stake in shares of Coinbase Global during the third quarter valued at approximately $409,919,000. Renaissance Technologies LLC grew its holdings in shares of Coinbase Global by 185.9% in the second 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. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Coinbase Global by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock worth $163,752,000 after buying an additional 52,856 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.