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

Key Points

• The Goldman Sachs Group raised its price target for Coinbase Global (NASDAQ:COIN) from $363.00 to $385.00, indicating a potential upside of 7.85% from the current stock price.
• Analysts have mixed opinions on Coinbase, with Citigroup rating it as a "buy" and setting a target price of $505.00, while other firms maintain lower ratings and price targets.
• Coinbase's recent earnings report revealed a missed consensus estimate for earnings per share, reporting only $0.12 compared to an expected $0.91.

Coinbase Global (NASDAQ:COIN) had its price objective raised by equities researchers at The Goldman Sachs Group from $363.00 to $385.00 in a research note issued on Tuesday,MarketScreener reports. The firm presently has a "neutral" rating on the cryptocurrency exchange's stock. The Goldman Sachs Group's price target points to a potential upside of 7.85% from the stock's current price.

Several other research firms have also recently weighed in on COIN. Citigroup lifted their target price on Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Wall Street Zen raised shares of Coinbase Global from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Redburn Partners set a $417.00 price objective on Coinbase Global in a research report on Friday, October 3rd. Compass Point restated a "sell" rating and issued a $248.00 target price (down previously from $330.00) on shares of Coinbase Global in a research note on Monday, August 4th. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $350.00 price target on shares of Coinbase Global in a research note on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $367.94.

Coinbase Global Stock Down 0.0%

COIN stock opened at $356.99 on Tuesday. The firm's 50-day moving average is $325.84 and its two-hundred day moving average is $289.77. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $91.73 billion, a price-to-earnings ratio of 34.53 and a beta of 3.68. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the business earned $0.14 EPS. The company's quarterly revenue was up 3.3% compared to the same quarter last year. On average, analysts forecast that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, CFO Alesia J. Haas sold 1,742 shares of Coinbase Global stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $322.22, for a total value of $561,307.24. Following the transaction, the chief financial officer directly owned 5,226 shares of the company's stock, valued at $1,683,921.72. The trade was a 25.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Jennifer N. Jones sold 1,756 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $300.52, for a total value of $527,713.12. The disclosure for this sale can be found here. Insiders sold a total of 372,815 shares of company stock valued at $135,227,072 in the last quarter. Insiders own 23.43% of the company's stock.

Institutional Trading of Coinbase Global

A number of hedge funds have recently bought and sold shares of COIN. Evelyn Partners Investment Management Europe Ltd raised its position in shares of Coinbase Global by 92.3% during the second quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange's stock valued at $29,000 after buying an additional 36 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new position in Coinbase Global in the 2nd quarter valued at approximately $30,000. City State Bank acquired a new position in shares of Coinbase Global in the second quarter valued at $33,000. Financial Gravity Companies Inc. acquired a new stake in Coinbase Global during the second quarter worth $34,000. Finally, Fourth Dimension Wealth LLC increased its holdings in Coinbase Global by 300.0% in the 2nd quarter. Fourth Dimension Wealth LLC now owns 100 shares of the cryptocurrency exchange's stock valued at $35,000 after buying an additional 75 shares during the period. 68.84% of the stock is owned by 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.

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