Coinbase Global (NASDAQ:COIN) Price Target Cut to $255.00 by Analysts at The Goldman Sachs Group

Coinbase Global (NASDAQ:COIN) had its price objective cut by The Goldman Sachs Group from $295.00 to $255.00 in a research report released on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the cryptocurrency exchange’s stock.

Several other equities analysts have also commented on COIN. Piper Sandler upped their price target on shares of Coinbase Global from $225.00 to $245.00 and gave the stock a neutral rating in a research report on Friday, April 12th. Keefe, Bruyette & Woods raised their price target on shares of Coinbase Global from $160.00 to $230.00 and gave the company a market perform rating in a research note on Wednesday, April 3rd. Mizuho boosted their price objective on Coinbase Global from $84.00 to $145.00 and gave the stock an underperform rating in a research report on Friday, April 12th. JMP Securities restated a market outperform rating on shares of Coinbase Global in a research report on Friday, March 22nd. Finally, Wedbush boosted their price target on Coinbase Global from $180.00 to $200.00 and gave the stock an outperform rating in a research report on Friday, February 16th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Coinbase Global currently has an average rating of Hold and an average target price of $193.85.

Coinbase Global Stock Performance

Shares of COIN stock opened at $226.93 on Friday. The company has a market cap of $54.98 billion, a P/E ratio of 45.30 and a beta of 3.46. The business has a 50 day moving average of $236.37 and a two-hundred day moving average of $167.06. Coinbase Global has a 52 week low of $46.43 and a 52 week high of $283.48. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $1.13. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. The business had revenue of $953.80 million during the quarter, compared to analyst estimates of $826.10 million. During the same quarter in the previous year, the firm posted ($2.46) EPS. The business’s revenue for the quarter was up 51.6% compared to the same quarter last year. As a group, analysts anticipate that Coinbase Global will post 2.71 EPS for the current year.

Insider Activity

In related news, Director Frederick Ernest Ehrsam III sold 82,130 shares of Coinbase Global stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $119.73, for a total value of $9,833,424.90. Following the transaction, the director now owns 4,662 shares of the company’s stock, valued at approximately $558,181.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $147.03, for a total value of $3,392,717.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III sold 82,130 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $119.73, for a total value of $9,833,424.90. Following the transaction, the director now directly owns 4,662 shares in the company, valued at $558,181.26. The disclosure for this sale can be found here. Insiders sold a total of 420,597 shares of company stock valued at $86,053,862 over the last three months. Insiders own 33.16% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently bought and sold shares of the business. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Coinbase Global by 0.6% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,726 shares of the cryptocurrency exchange’s stock valued at $2,561,000 after purchasing an additional 81 shares in the last quarter. Fountainhead AM LLC increased its stake in shares of Coinbase Global by 2.1% in the fourth quarter. Fountainhead AM LLC now owns 3,957 shares of the cryptocurrency exchange’s stock worth $688,000 after acquiring an additional 81 shares during the last quarter. Nilsine Partners LLC increased its stake in shares of Coinbase Global by 1.2% in the first quarter. Nilsine Partners LLC now owns 6,738 shares of the cryptocurrency exchange’s stock worth $1,786,000 after acquiring an additional 81 shares during the last quarter. Arkadios Wealth Advisors raised its holdings in shares of Coinbase Global by 2.6% during the fourth quarter. Arkadios Wealth Advisors now owns 3,395 shares of the cryptocurrency exchange’s stock worth $590,000 after acquiring an additional 86 shares in the last quarter. Finally, Concord Wealth Partners boosted its position in Coinbase Global by 322.2% during the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 87 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.