Coinbase Global (NASDAQ:COIN) Coverage Initiated at The Goldman Sachs Group

Stock analysts at The Goldman Sachs Group started coverage on shares of Coinbase Global (NASDAQ:COIN) in a research report issued on Thursday. The brokerage set a “neutral” rating and a $195.00 price target on the cryptocurrency exchange’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 1.31% from the company’s current price.

Other research analysts have also issued reports about the company. Rosenblatt Securities initiated coverage on Coinbase Global in a report on Friday, March 7th. They set a “buy” rating and a $305.00 price target on the stock. Oppenheimer reissued an “outperform” rating on shares of Coinbase Global in a research note on Monday, February 10th. Monness Crespi & Hardt set a $420.00 price target on shares of Coinbase Global in a research note on Tuesday, February 18th. Mizuho dropped their target price on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $350.00 price target on shares of Coinbase Global in a research note on Friday, February 21st. Seven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $314.72.

Coinbase Global Stock Performance

Shares of NASDAQ COIN traded up $2.72 during trading on Thursday, reaching $192.47. The stock had a trading volume of 991,174 shares, compared to its average volume of 9,246,246. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The stock has a market cap of $48.86 billion, a PE ratio of 20.22 and a beta of 3.66. Coinbase Global has a one year low of $146.12 and a one year high of $349.75. The firm’s 50 day moving average price is $250.03 and its two-hundred day moving average price is $240.77.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. On average, research analysts forecast that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 7,614 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $295.10, for a total value of $2,246,891.40. Following the completion of the sale, the director now owns 10,417 shares in the company, valued at approximately $3,074,056.70. This trade represents a 42.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total value of $2,566,900.00. Following the completion of the sale, the insider now owns 69,407 shares of the company’s stock, valued at $17,816,082.83. This represents a 12.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 219,455 shares of company stock worth $60,955,968 over the last ninety days. Company insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Victory Capital Management Inc. increased its holdings in Coinbase Global by 6.7% in the 3rd quarter. Victory Capital Management Inc. now owns 64,837 shares of the cryptocurrency exchange’s stock valued at $11,552,000 after buying an additional 4,076 shares during the period. CIBC Asset Management Inc raised its position in Coinbase Global by 5.6% in the third quarter. CIBC Asset Management Inc now owns 6,962 shares of the cryptocurrency exchange’s stock worth $1,240,000 after purchasing an additional 367 shares in the last quarter. Empowered Funds LLC boosted its holdings in Coinbase Global by 0.8% during the third quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock valued at $924,000 after purchasing an additional 43 shares in the last quarter. Prospera Financial Services Inc grew its stake in shares of Coinbase Global by 3.6% in the 3rd quarter. Prospera Financial Services Inc now owns 1,979 shares of the cryptocurrency exchange’s stock valued at $353,000 after purchasing an additional 68 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Coinbase Global in the 3rd quarter worth approximately $809,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.