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

Coinbase Global (NASDAQ:COIN) had its target price boosted by The Goldman Sachs Group from $239.00 to $268.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has a neutral rating on the cryptocurrency exchange's stock.

A number of other analysts also recently issued reports on the company. Cantor Fitzgerald initiated coverage on Coinbase Global in a research report on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 price target for the company. Oppenheimer reiterated an "outperform" rating and issued a $395.00 target price (up previously from $293.00) on shares of Coinbase Global in a research note on Thursday, June 26th. Compass Point upgraded Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 target price on the stock in a research note on Monday, May 12th. China Renaissance began coverage on Coinbase Global in a research note on Tuesday, June 17th. They set a "buy" rating and a $353.30 price target on the stock. Finally, Sanford C. Bernstein raised their price objective on Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a research report on Wednesday, June 25th. Ten equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $293.74.

Coinbase Global Price Performance

Shares of NASDAQ COIN traded down $3.49 during midday trading on Monday, reaching $353.61. 7,182,904 shares of the stock traded hands, compared to its average volume of 10,765,407. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52. The stock has a market capitalization of $89.77 billion, a PE ratio of 66.22, a P/E/G ratio of 26.03 and a beta of 3.70. Coinbase Global has a one year low of $142.58 and a one year high of $382.00. The company's 50 day moving average is $268.27 and its 200 day moving average is $243.30.

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

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $338.29, for a total transaction of $8,457,250.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares in the company, valued at approximately $177,940.54. This trade represents a 97.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total value of $3,486,400.00. Following the transaction, the insider owned 82,328 shares of the company's stock, valued at approximately $28,702,833.92. This represents a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 685,915 shares of company stock valued at $222,081,432 over the last quarter. 23.43% of the stock is currently owned by company insiders.

Institutional Trading of Coinbase Global

Institutional investors and hedge funds have recently made changes to their positions in the business. Mascagni Wealth Management Inc. purchased a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $25,000. Copia Wealth Management purchased a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $26,000. Bessemer Group Inc. increased its position in shares of Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after buying an additional 113 shares in the last quarter. Atala Financial Inc purchased a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $27,000. Finally, McClarren Financial Advisors Inc. purchased a new stake in shares of Coinbase Global during the first quarter worth approximately $30,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.