The Goldman Sachs Group Issues Positive Forecast for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its price objective boosted by equities researchers at The Goldman Sachs Group from $189.00 to $209.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the cryptocurrency exchange's stock. The Goldman Sachs Group's price objective suggests a potential upside of 0.99% from the company's previous close.

A number of other equities analysts have also recently weighed in on the stock. Oppenheimer decreased their price objective on shares of Coinbase Global from $279.00 to $269.00 and set an "outperform" rating for the company in a research report on Friday. Monness Crespi & Hardt cut shares of Coinbase Global from a "buy" rating to a "neutral" rating in a research report on Tuesday, May 6th. Needham & Company LLC reduced their price target on shares of Coinbase Global from $330.00 to $270.00 and set a "buy" rating on the stock in a research report on Monday. Sanford C. Bernstein raised shares of Coinbase Global to a "strong-buy" rating in a research report on Tuesday, March 18th. Finally, Mizuho cut their target price on shares of Coinbase Global from $280.00 to $217.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. Eleven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $268.75.

Coinbase Global Stock Performance

Shares of COIN stock traded up $7.62 during mid-day trading on Monday, hitting $206.94. 8,966,753 shares of the stock were exchanged, compared to its average volume of 9,656,966. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. Coinbase Global has a 12-month low of $142.58 and a 12-month high of $349.75. The stock's fifty day simple moving average is $187.38 and its two-hundred day simple moving average is $243.30. The stock has a market capitalization of $52.54 billion, a price-to-earnings ratio of 21.82 and a beta of 3.62.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The company's revenue for the quarter was up 24.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.53 earnings per share. On average, analysts forecast that Coinbase Global will post 7.22 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $198.12, for a total value of $1,981,200.00. Following the completion of the transaction, the insider now directly owns 83,313 shares in the company, valued at approximately $16,505,971.56. This trade represents a 10.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $275.26, for a total transaction of $6,881,500.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at $144,786.76. This represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 153,742 shares of company stock valued at $32,639,759 over the last three months. 17.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently bought and sold shares of COIN. Norges Bank purchased a new stake in Coinbase Global in the fourth quarter valued at approximately $536,484,000. Groupama Asset Managment purchased a new position in shares of Coinbase Global during the fourth quarter worth approximately $372,450,000. Vanguard Group Inc. raised its stake in shares of Coinbase Global by 4.8% during the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after acquiring an additional 875,359 shares in the last quarter. Proficio Capital Partners LLC raised its stake in shares of Coinbase Global by 30,664.4% during the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange's stock worth $103,888,000 after acquiring an additional 417,036 shares in the last quarter. Finally, Two Sigma Advisers LP increased its stake in shares of Coinbase Global by 445.4% in the fourth quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange's stock worth $101,431,000 after buying an additional 333,600 shares during the period. 68.84% of the stock is 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.

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