The Goldman Sachs Group Has Lowered Expectations for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its price objective cut 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 currently has a “neutral” rating on the cryptocurrency exchange’s stock. The Goldman Sachs Group’s target price points to a potential upside of 31.39% from the company’s current price.

A number of other research firms have also commented on COIN. HC Wainwright reiterated a “buy” rating and issued a $295.00 price target on shares of Coinbase Global in a research report on Tuesday, October 29th. Barclays increased their price objective on shares of Coinbase Global from $204.00 to $355.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Monness Crespi & Hardt increased their price target on Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. B. Riley started coverage on Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price on the stock. Finally, Piper Sandler boosted their price target on Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $285.28.

Coinbase Global Price Performance

Coinbase Global stock opened at $258.78 on Friday. The stock has a 50-day moving average price of $287.26 and a two-hundred day moving average price of $229.61. Coinbase Global has a 12 month low of $114.51 and a 12 month high of $349.75. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $64.79 billion, a PE ratio of 44.16 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter last year, the company posted ($0.01) earnings per share. The company’s revenue was up 78.8% compared to the same quarter last year. Analysts expect that Coinbase Global will post 4.44 EPS for the current year.

Insider Activity

In other news, Director Frederick R. Wilson sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $300.00, for a total value of $12,000,000.00. Following the completion of the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at $15,000,000. This represents a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $172,528. The trade was a 99.11 % decrease in their ownership of the stock. 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. 23.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

Several large investors have recently made changes to their positions in COIN. Empowered Funds LLC grew its position in Coinbase Global by 0.8% during the third quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock valued at $924,000 after buying an additional 43 shares during the period. Creative Financial Designs Inc. ADV grew its holdings in Coinbase Global by 9.4% during the third quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock valued at $106,000 after purchasing an additional 51 shares during the period. Benjamin Edwards Inc. increased its position in Coinbase Global by 3.1% in the second quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock worth $446,000 after buying an additional 61 shares during the last quarter. Brooklyn Investment Group raised its stake in shares of Coinbase Global by 3.9% in the third quarter. Brooklyn Investment Group now owns 1,760 shares of the cryptocurrency exchange’s stock valued at $314,000 after buying an additional 66 shares during the period. Finally, Prospera Financial Services Inc grew its stake in shares of Coinbase Global by 3.6% during the 3rd quarter. Prospera Financial Services Inc now owns 1,979 shares of the cryptocurrency exchange’s stock worth $353,000 after acquiring an additional 68 shares during the period. 68.84% of the stock is owned by hedge funds and other 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.