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

Coinbase Global (NASDAQ:COIN) had its price target boosted by equities researchers at The Goldman Sachs Group from $239.00 to $268.00 in a research note issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the cryptocurrency exchange's stock. The Goldman Sachs Group's price target points to a potential downside of 24.81% from the stock's previous close.

Several other research firms have also commented on COIN. Sanford C. Bernstein boosted their price target on Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Needham & Company LLC dropped their price objective on Coinbase Global from $330.00 to $270.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Oppenheimer restated an "outperform" rating and set a $395.00 price objective (up from $293.00) on shares of Coinbase Global in a report on Thursday, June 26th. Compass Point upgraded Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price objective on the stock in a report on Monday, May 12th. Finally, Keefe, Bruyette & Woods lifted their price objective on Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a report on Friday, May 9th. Ten investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $293.74.

Coinbase Global Trading Up 0.2%

Shares of NASDAQ COIN traded up $0.64 during midday trading on Monday, hitting $356.44. The stock had a trading volume of 4,641,817 shares, compared to its average volume of 10,767,471. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. Coinbase Global has a 1-year low of $142.58 and a 1-year high of $382.00. The company has a market capitalization of $90.49 billion, a price-to-earnings ratio of 66.96, a PEG ratio of 26.03 and a beta of 3.70. The company has a fifty day moving average price of $265.23 and a 200 day moving average price of $242.75.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The firm had revenue of $2.03 billion for the quarter, compared to analysts' expectations of $2.22 billion. During the same quarter in the previous year, the firm posted $2.53 EPS. The firm's revenue for the quarter was up 24.2% compared to the same quarter last year. On average, analysts predict that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 336,265 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of the transaction, the chief executive officer owned 526 shares of the company's stock, valued at approximately $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total value of $7,622,597.56. Following the completion of the transaction, the director directly owned 10,417 shares of the company's stock, valued at approximately $2,632,167.56. The trade was a 74.33% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 685,915 shares of company stock valued at $222,081,432. Company insiders own 23.43% of the company's stock.

Institutional Trading of Coinbase Global

Several institutional investors have recently modified their holdings of COIN. Norges Bank acquired a new stake in shares of Coinbase Global in the fourth quarter valued at $536,484,000. Groupama Asset Managment acquired a new stake in shares of Coinbase Global in the fourth quarter valued at $372,450,000. Vanguard Group Inc. lifted its holdings in shares of Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after buying an additional 875,359 shares during the period. Nuveen LLC acquired a new stake in shares of Coinbase Global in the first quarter valued at $83,454,000. Finally, Amundi lifted its holdings in shares of Coinbase Global by 44.1% during the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock valued at $268,850,000 after purchasing an additional 481,786 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

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.

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