The Goldman Sachs Group Cuts Coinbase Global (NASDAQ:COIN) Price Target to $294.00

Coinbase Global (NASDAQ:COIN) had its target price decreased by The Goldman Sachs Group from $314.00 to $294.00 in a research note released on Friday,MarketScreener reports. The Goldman Sachs Group currently has a neutral rating on the cryptocurrency exchange’s stock.

A number of other brokerages have also issued reports on COIN. Needham & Company LLC reiterated a “buy” rating and issued a $400.00 price target on shares of Coinbase Global in a report on Friday, October 31st. Rothschild & Co Redburn lowered their target price on Coinbase Global from $417.00 to $404.00 and set a “buy” rating for the company in a report on Friday, November 28th. President Capital increased their price target on Coinbase Global from $401.00 to $472.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Mizuho lifted their price objective on Coinbase Global from $300.00 to $320.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Finally, UBS Group set a $404.00 price objective on shares of Coinbase Global in a research note on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $396.94.

Coinbase Global Trading Down 1.6%

NASDAQ COIN opened at $269.73 on Friday. The stock has a market cap of $72.73 billion, a PE ratio of 23.33 and a beta of 3.69. Coinbase Global has a 12 month low of $142.58 and a 12 month high of $444.64. The company’s 50-day moving average price is $315.13 and its 200-day moving average price is $318.76. The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 0.37.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.40. The company had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.77 billion. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The firm’s revenue for the quarter was up 55.1% on a year-over-year basis. During the same quarter last year, the business posted $0.28 EPS. Equities research analysts forecast that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other news, insider Lawrence J. Brock sold 5,902 shares of the stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $250.58, for a total value of $1,478,923.16. Following the transaction, the insider directly owned 497 shares of the company’s stock, valued at approximately $124,538.26. This represents a 92.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jennifer N. Jones sold 1,787 shares of the firm’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $244.49, for a total value of $436,903.63. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 728,971 shares of company stock worth $225,494,313. 16.56% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Coinbase Global by 8.3% in the 3rd quarter. Vanguard Group Inc. now owns 26,216,793 shares of the cryptocurrency exchange’s stock worth $8,847,905,000 after acquiring an additional 2,007,930 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Coinbase Global by 46.1% in the second quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange’s stock valued at $1,940,805,000 after purchasing an additional 1,755,146 shares during the period. Groupama Asset Managment increased its stake in shares of Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after purchasing an additional 1,500,000 shares in the last quarter. Norges Bank acquired a new position in shares of Coinbase Global during the 2nd quarter worth about $1,044,354,000. Finally, Northern Trust Corp lifted its stake in Coinbase Global by 5.9% in the 3rd quarter. Northern Trust Corp now owns 1,959,871 shares of the cryptocurrency exchange’s stock valued at $661,437,000 after buying an additional 108,751 shares in 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.