The Goldman Sachs Group Cuts Coinbase Global (NASDAQ:COIN) Price Target to $340.00

Coinbase Global (NASDAQ:COIN) had its price objective cut by The Goldman Sachs Group from $397.00 to $340.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a neutral rating on the cryptocurrency exchange's stock.

Several other analysts have also recently commented on the company. HC Wainwright restated a "buy" rating and issued a $295.00 target price on shares of Coinbase Global in a research report on Tuesday, October 29th. Needham & Company LLC raised their price target on Coinbase Global from $375.00 to $420.00 and gave the company a "buy" rating in a report on Monday, December 9th. Mizuho upped their price objective on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an "underperform" rating in a report on Thursday, October 31st. Piper Sandler raised their target price on shares of Coinbase Global from $245.00 to $285.00 and gave the company a "neutral" rating in a research note on Tuesday. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $320.00 price target on shares of Coinbase Global in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $285.28.

Coinbase Global Stock Down 0.5 %

Shares of NASDAQ:COIN traded down $1.23 during midday trading on Friday, reaching $258.78. The company had a trading volume of 5,567,384 shares, compared to its average volume of 7,704,143. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The stock's fifty day moving average price is $285.74 and its 200-day moving average price is $229.23. Coinbase Global has a one year low of $114.51 and a one year high of $349.75. The stock has a market capitalization of $64.79 billion, a P/E ratio of 44.16 and a beta of 3.59.

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

Insider Activity at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 22,842 shares of the company's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $281.94, for a total transaction of $6,440,073.48. Following the transaction, the director now owns 10,417 shares of the company's stock, valued at approximately $2,936,968.98. This represents a 68.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Friday, October 25th. The shares were 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 of the company's stock, 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 a total of 328,483 shares of company stock valued at $96,470,997 over the last quarter. 23.43% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in COIN. Clear Street Derivatives LLC bought a new position in Coinbase Global during the 3rd quarter worth approximately $409,919,000. Renaissance Technologies LLC raised its holdings in Coinbase Global by 185.9% in the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange's stock worth $236,258,000 after purchasing an additional 691,288 shares during the period. American Century Companies Inc. boosted its position in shares of Coinbase Global by 1,136.7% during the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange's stock worth $105,389,000 after purchasing an additional 435,886 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Coinbase Global by 10.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange's stock valued at $609,789,000 after buying an additional 314,388 shares during the period. Finally, Azora Capital LP increased its position in shares of Coinbase Global by 214.1% in the 3rd quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange's stock valued at $57,525,000 after buying an additional 220,078 shares in the last quarter. 68.84% of the stock is currently owned by 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.