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

Coinbase Global (NASDAQ:COIN) had its price target lowered by The Goldman Sachs Group from $314.00 to $294.00 in a report released on Friday,MarketScreener reports. The firm currently has a "neutral" rating on the cryptocurrency exchange's stock. The Goldman Sachs Group's target price suggests a potential upside of 7.28% from the company's previous close.

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Several other research analysts also recently weighed in on the company. B. Riley upped their price target on Coinbase Global from $185.00 to $243.00 and gave the stock a "neutral" rating in a research note on Monday, November 3rd. Argus reiterated a "hold" rating on shares of Coinbase Global in a report on Tuesday, November 25th. Jefferies Financial Group reissued a "hold" rating and set a $384.00 price objective on shares of Coinbase Global in a report on Wednesday, October 29th. China Renaissance boosted their target price on Coinbase Global from $444.60 to $479.30 in a research report on Monday, November 3rd. Finally, JPMorgan Chase & Co. dropped their price target on Coinbase Global from $404.00 to $399.00 and set an "overweight" rating for the company in a research note on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $396.94.

Check Out Our Latest Stock Analysis on Coinbase Global

Coinbase Global Price Performance

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NASDAQ COIN opened at $274.05 on Friday. 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 has a 12 month low of $142.58 and a 12 month high of $444.64. The stock has a market cap of $73.90 billion, a price-to-earnings ratio of 23.71 and a beta of 3.69. The company's 50 day moving average is $315.98 and its two-hundred day moving average is $317.90.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its earnings results 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. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The company had revenue of $1.87 billion for the quarter, compared to analysts' expectations of $1.77 billion. During the same quarter in the previous year, the company earned $0.28 EPS. Coinbase Global's revenue for the quarter was up 55.1% on a year-over-year basis. As a group, research analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Buying and Selling

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In related news, CEO Brian Armstrong sold 40,000 shares of the business's stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $271.87, for a total value of $10,874,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 277,074 shares of the firm's stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $309.92, for a total value of $85,870,774.08. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 728,971 shares of company stock valued at $225,494,313 in the last 90 days. Company insiders own 16.56% of the company's stock.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds have recently modified their holdings of COIN. IFP Advisors Inc purchased a new position in shares of Coinbase Global in the 3rd quarter valued at $2,698,000. Swiss Life Asset Management Ltd grew its stake in Coinbase Global by 6.8% in the third quarter. Swiss Life Asset Management Ltd now owns 21,189 shares of the cryptocurrency exchange's stock valued at $7,151,000 after purchasing an additional 1,341 shares during the last quarter. Strategic Advocates LLC bought a new position in Coinbase Global in the third quarter worth about $156,000. KERR FINANCIAL PLANNING Corp purchased a new stake in shares of Coinbase Global during the third quarter valued at about $370,000. Finally, CIBC Private Wealth Group LLC grew its position in shares of Coinbase Global by 20.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,319 shares of the cryptocurrency exchange's stock worth $445,000 after buying an additional 220 shares during 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.

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