The Goldman Sachs Group Cuts 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 research note published on Friday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the cryptocurrency exchange’s stock.

COIN has been the subject of a number of other reports. Bank of America lifted their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. JMP Securities reiterated a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a report on Wednesday, October 9th. B. Riley began coverage on Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a research note on Thursday, October 31st. Finally, Keefe, Bruyette & Woods increased their price target on shares of Coinbase Global from $165.00 to $275.00 and gave the company a “market perform” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $285.28.

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Coinbase Global Price Performance

Coinbase Global stock opened at $258.78 on Friday. The business has a 50-day simple moving average of $287.26 and a 200 day simple moving average of $229.71. Coinbase Global has a 52 week low of $114.51 and a 52 week high of $349.75. The stock has a market cap of $64.79 billion, a price-to-earnings ratio of 44.16 and a beta of 3.59. 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 (NASDAQ:COINGet Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share 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 company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the company posted ($0.01) earnings per share. The firm’s revenue for the quarter was up 78.8% on a year-over-year basis. On average, research analysts forecast that Coinbase Global will post 4.44 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In related news, Director Gokul Rajaram sold 400 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total transaction of $81,776.00. Following the completion of the transaction, the director now owns 7,771 shares of the company’s stock, valued at $1,588,703.24. This trade represents a 4.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $209.98, for a total value of $2,099,800.00. Following the completion of the sale, the insider now directly owns 74,956 shares in the company, valued at $15,739,260.88. This trade represents a 11.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 326,983 shares of company stock worth $96,198,957 over the last ninety days. 23.43% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Several large investors have recently modified their holdings of the stock. Banco Santander S.A. raised its holdings in Coinbase Global by 12.7% in the third quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock worth $26,531,000 after buying an additional 16,737 shares during the last quarter. Global Retirement Partners LLC increased its position in shares of Coinbase Global by 135.1% during the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock valued at $477,000 after acquiring an additional 1,540 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new position in Coinbase Global in the 3rd quarter worth approximately $29,756,000. Lindbrook Capital LLC lifted its position in Coinbase Global by 30.2% in the 3rd quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock valued at $5,347,000 after acquiring an additional 6,963 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in Coinbase Global during the 2nd quarter valued at $2,908,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

About Coinbase Global

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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.

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Analyst Recommendations for Coinbase Global (NASDAQ:COIN)

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