The Goldman Sachs Group Forecasts Strong Price Appreciation for Coinbase Global (NASDAQ:COIN) Stock

Key Points

• Goldman Sachs raised its Coinbase price target to $196 from $173 and maintained a “buy” rating, implying 9.2% upside from the prior close.
• Analyst sentiment is mixed: Coinbase has a consensus “hold” rating and average price target of $215.90, despite 18 buy ratings, nine holds and five sells.
• Coinbase recently missed quarterly expectations, reporting an adjusted loss of $1.36 per share versus the expected $0.44 loss, while revenue fell 18.5% year over year; ongoing legal and regulatory uncertainty remains a key risk.

Coinbase Global (NASDAQ:COIN) had its target price upped by analysts at The Goldman Sachs Group from $173.00 to $196.00 in a note issued to investors on Tuesday, MarketBeat reports. The brokerage currently has a "buy" rating on the cryptocurrency exchange's stock. The Goldman Sachs Group's price target indicates a potential upside of 9.20% from the stock's previous close.

Several other equities research analysts also recently weighed in on the company. President Capital upped their price target on Coinbase Global from $236.00 to $264.00 and gave the stock a "buy" rating in a report on Tuesday, May 12th. Wolfe Research set a $325.00 price objective on Coinbase Global in a research note on Thursday, July 9th. Oppenheimer reduced their target price on shares of Coinbase Global from $209.00 to $193.00 and set an "outperform" rating on the stock in a report on Friday, July 31st. Robert W. Baird set a $130.00 price objective on shares of Coinbase Global in a research report on Friday, July 31st. Finally, Weiss Ratings downgraded Coinbase Global from a "hold (c-)" rating to a "sell (d)" rating in a report on Friday, July 31st. Eighteen equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, Coinbase Global presently has a consensus rating of "Hold" and an average price target of $215.90.

Coinbase Global Price Performance

Shares of COIN stock opened at $179.48 on Tuesday. The company has a market capitalization of $47.35 billion, a PE ratio of -46.74 and a beta of 3.36. Coinbase Global has a 12 month low of $139.11 and a 12 month high of $402.16. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.42 and a quick ratio of 2.42. The firm's 50-day moving average is $158.87 and its two-hundred day moving average is $174.04.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.92). The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.29 billion. Coinbase Global had a positive return on equity of 3.12% and a negative net margin of 15.72%.The business's revenue was down 18.5% on a year-over-year basis. During the same quarter last year, the firm earned $5.14 EPS. Analysts predict that Coinbase Global will post -0.06 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other news, Director Frederick R. Wilson sold 35,068 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $144.32, for a total value of $5,061,013.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer N. Jones sold 2,051 shares of the firm's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $158.15, for a total value of $324,365.65. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 59,079 shares of company stock worth $9,138,364. 16.66% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of COIN. California State Teachers Retirement System increased its holdings in Coinbase Global by 14,352.9% in the second quarter. California State Teachers Retirement System now owns 46,883,279 shares of the cryptocurrency exchange's stock valued at $6,853,867,000 after buying an additional 46,558,893 shares in the last quarter. Norges Bank acquired a new position in Coinbase Global during the fourth quarter worth $656,744,000. Capital World Investors boosted its position in Coinbase Global by 847.2% during the fourth quarter. Capital World Investors now owns 1,536,534 shares of the cryptocurrency exchange's stock worth $347,472,000 after purchasing an additional 1,374,318 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Coinbase Global during the second quarter worth $142,995,000. Finally, Southpoint Capital Advisors LP acquired a new stake in Coinbase Global in the first quarter valued at $104,766,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Coinbase Global

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Analyst upgrade and Bitcoin momentum: A Seeking Alpha analysis upgraded Coinbase and argued that the recent Bitcoin rally could support stronger trading activity and reinforce the company’s long-term growth outlook. Bernstein analyst Gautam Chhugani also maintains a Street-high $330 price target, implying substantial upside from recent levels. Coinbase: Buy This Confidently Amid Bitcoin Bump
• Positive Sentiment: Tokenized-stock launch expands Coinbase’s addressable market: Coinbase launched 1:1-backed tokenized U.S. stocks on its Base network for eligible non-U.S. users. The assets can trade continuously and potentially be used in decentralized-finance lending, borrowing, trading and structured products. Chainlink will provide pricing data, improving the tokens’ utility across Base’s DeFi ecosystem. Coinbase Selects Chainlink for Tokenized Stocks
• Positive Sentiment: Broader trading products: Integration of Hyperliquid perpetual futures adds more than 290 leveraged markets to the Base App, including crypto, tokenized stocks and commodities. The move could increase trading volume and fee opportunities, although it also introduces greater risk and regulatory complexity. Coinbase Adds Leveraged Markets
• Neutral Sentiment: Stablecoin and advocacy comments: CEO Brian Armstrong highlighted stablecoins as a way for people in inflation-hit countries to access digital dollars. Separately, Coinbase-backed Stand With Crypto endorsed 32 midterm candidates, seeking a more crypto-friendly Congress. These developments may support long-term adoption and policy prospects, but do not provide an immediate earnings catalyst.
• Negative Sentiment: Legal and regulatory overhang: A federal judge allowed a Coinbase investor class-action lawsuit to proceed. In addition, the industry’s preferred Clarity Act remains stalled in the Senate, limiting near-term regulatory certainty. Coinbase Investor Class Action

About Coinbase Global

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase's product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source