Coinbase Global (NASDAQ:COIN) Coverage Initiated at The Goldman Sachs Group

Investment analysts at The Goldman Sachs Group initiated coverage on shares of Coinbase Global (NASDAQ:COIN) in a research note issued to investors on Thursday, Marketbeat reports. The firm set a “neutral” rating and a $195.00 price target on the cryptocurrency exchange’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 2.71% from the stock’s current price.

COIN has been the topic of several other research reports. Monness Crespi & Hardt set a $420.00 price target on Coinbase Global in a research note on Tuesday, February 18th. Piper Sandler boosted their price objective on shares of Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Sanford C. Bernstein raised shares of Coinbase Global to a “strong-buy” rating in a research note on Tuesday. Keefe, Bruyette & Woods lifted their price target on shares of Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a research report on Tuesday, February 18th. Finally, Oppenheimer restated an “outperform” rating on shares of Coinbase Global in a report on Monday, February 10th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $314.72.

Coinbase Global Price Performance

Coinbase Global stock opened at $189.86 on Thursday. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. The company has a 50-day moving average price of $247.26 and a 200 day moving average price of $240.47. Coinbase Global has a 12-month low of $146.12 and a 12-month high of $349.75. The stock has a market cap of $48.20 billion, a P/E ratio of 19.99 and a beta of 3.66.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. Sell-side analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Activity at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 10,216 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $310.14, for a total transaction of $3,168,390.24. Following the transaction, the director now owns 10,417 shares in the company, valued at $3,230,728.38. This trade represents a 49.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul Grewal sold 10,978 shares of Coinbase Global stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total value of $2,326,567.54. Following the transaction, the insider now directly owns 83,313 shares in the company, valued at approximately $17,656,524.09. This trade represents a 11.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 219,455 shares of company stock valued at $60,955,968 in the last ninety days. Insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several institutional investors and hedge funds have recently bought and sold shares of the business. Clear Street Derivatives LLC acquired a new position in Coinbase Global in the third quarter valued at $409,919,000. Norges Bank purchased a new position in shares of Coinbase Global during the fourth quarter worth about $536,484,000. Groupama Asset Managment acquired a new position in Coinbase Global in the 4th quarter valued at about $372,450,000. Proficio Capital Partners LLC raised its stake in Coinbase Global by 30,664.4% during the 4th quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock valued at $103,888,000 after acquiring an additional 417,036 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its position in Coinbase Global by 445.4% during the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange’s stock worth $101,431,000 after acquiring an additional 333,600 shares during the period. 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.