Coinbase Global (NASDAQ:COIN) Price Target Raised to $385.00 at The Goldman Sachs Group

Coinbase Global (NASDAQ:COIN) had its price target boosted by The Goldman Sachs Group from $363.00 to $385.00 in a research report released on Tuesday,MarketScreener reports. The Goldman Sachs Group currently has a neutral rating on the cryptocurrency exchange’s stock.

Other analysts also recently issued reports about the company. Rosenblatt Securities reiterated a “buy” rating and set a $470.00 target price on shares of Coinbase Global in a research note on Friday, August 1st. Piper Sandler reiterated a “neutral” rating and set a $350.00 target price on shares of Coinbase Global in a research note on Thursday, July 31st. Benchmark increased their target price on Coinbase Global from $301.00 to $421.00 and gave the company a “buy” rating in a research note on Monday, June 23rd. China Renaissance started coverage on Coinbase Global in a research note on Tuesday, June 17th. They set a “buy” rating and a $353.30 target price on the stock. Finally, Williams Trading set a $405.00 price target on Coinbase Global in a research note on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $367.94.

Coinbase Global Stock Down 4.3%

COIN stock opened at $341.55 on Tuesday. The business has a 50 day moving average of $326.71 and a 200 day moving average of $290.13. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. Coinbase Global has a twelve month low of $142.58 and a twelve month high of $444.64. The firm has a market cap of $87.76 billion, a PE ratio of 33.03 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS 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 business had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the prior year, the business posted $0.14 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. On average, research analysts forecast that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Paul Grewal sold 15,439 shares of Coinbase Global stock in a transaction on Monday, August 25th. The stock was sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the transaction, the insider directly owned 82,328 shares in the company, valued at approximately $25,587,542.40. The trade was a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alesia J. Haas sold 4,675 shares of Coinbase Global stock in a transaction on Monday, September 15th. The shares were sold at an average price of $322.24, for a total value of $1,506,472.00. Following the transaction, the chief financial officer owned 89,220 shares in the company, valued at $28,750,252.80. This trade represents a 4.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 174,515 shares of company stock valued at $56,329,451 over the last three months. 23.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Highline Wealth Partners LLC lifted its position in Coinbase Global by 82.5% during the third quarter. Highline Wealth Partners LLC now owns 250 shares of the cryptocurrency exchange’s stock valued at $84,000 after purchasing an additional 113 shares in the last quarter. Argent Capital Management LLC purchased a new position in Coinbase Global during the third quarter valued at $1,553,000. Farther Finance Advisors LLC raised its holdings in Coinbase Global by 51.8% during the third quarter. Farther Finance Advisors LLC now owns 3,313 shares of the cryptocurrency exchange’s stock valued at $1,118,000 after acquiring an additional 1,130 shares during the period. Patton Fund Management Inc. raised its holdings in Coinbase Global by 658.8% during the third quarter. Patton Fund Management Inc. now owns 9,629 shares of the cryptocurrency exchange’s stock valued at $3,250,000 after acquiring an additional 8,360 shares during the period. Finally, Elevation Wealth Partners LLC raised its holdings in Coinbase Global by 37.6% during the third quarter. Elevation Wealth Partners LLC now owns 117 shares of the cryptocurrency exchange’s stock valued at $39,000 after acquiring an additional 32 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.