Coinbase Global (NASDAQ:COIN) Price Target Raised to $196.00 at The Goldman Sachs Group

Coinbase Global (NASDAQ:COIN) had its price objective upped by equities research analysts at The Goldman Sachs Group from $173.00 to $196.00 in a research report issued on Tuesday, MarketBeat.com reports. The brokerage presently has a “buy” rating on the cryptocurrency exchange’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 9.20% from the company’s previous close.

COIN has been the topic of several other reports. Zacks Research downgraded Coinbase Global from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 5th. B. Riley Financial dropped their price objective on Coinbase Global from $243.00 to $203.00 and set a “neutral” rating for the company in a research report on Monday, June 1st. Barclays reduced their target price on shares of Coinbase Global from $99.00 to $95.00 and set an “underweight” rating on the stock in a report on Friday, July 31st. BTIG Research decreased their price target on shares of Coinbase Global from $260.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Finally, Cantor Fitzgerald lowered their price target on shares of Coinbase Global from $250.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, August 3rd. Eighteen research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $215.90.

Coinbase Global Stock Down 3.8%

COIN stock opened at $179.48 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.42 and a quick ratio of 2.42. The company’s 50 day simple moving average is $158.87 and its 200-day simple moving average is $174.04. Coinbase Global has a 12 month low of $139.11 and a 12 month high of $402.16. The firm has a market capitalization of $47.35 billion, a PE ratio of -46.74 and a beta of 3.36.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, July 30th. The cryptocurrency exchange reported ($1.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.92). The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.29 billion. Coinbase Global had a positive return on equity of 3.12% and a negative net margin of 15.72%.The company’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.14 earnings per share. Equities analysts expect that Coinbase Global will post -0.06 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, Director Frederick R. Wilson sold 35,068 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $144.32, for a total value of $5,061,013.76. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer N. Jones sold 2,051 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $158.15, for a total value of $324,365.65. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 59,079 shares of company stock worth $9,138,364. Corporate insiders own 16.66% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently bought and sold shares of COIN. North Dakota State Investment Board bought a new stake in shares of Coinbase Global in the 4th quarter worth $1,626,000. Mizuho Markets Cayman LP bought a new position in Coinbase Global during the fourth quarter valued at about $33,921,000. Harvest Portfolios Group Inc. boosted its stake in Coinbase Global by 21.7% during the fourth quarter. Harvest Portfolios Group Inc. now owns 376,578 shares of the cryptocurrency exchange’s stock valued at $85,159,000 after buying an additional 67,082 shares in the last quarter. First Citizens Bank & Trust Co. grew its holdings in Coinbase Global by 37.4% during the first quarter. First Citizens Bank & Trust Co. now owns 40,467 shares of the cryptocurrency exchange’s stock worth $7,066,000 after acquiring an additional 11,020 shares during the period. Finally, QRG Capital Management Inc. grew its holdings in Coinbase Global by 65.4% during the first quarter. QRG Capital Management Inc. now owns 24,102 shares of the cryptocurrency exchange’s stock worth $4,208,000 after acquiring an additional 9,532 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Coinbase Global

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Analyst upgrade and Bitcoin momentum: A Seeking Alpha analysis upgraded Coinbase and argued that the recent Bitcoin rally could support stronger trading activity and reinforce the company’s long-term growth outlook. Bernstein analyst Gautam Chhugani also maintains a Street-high $330 price target, implying substantial upside from recent levels. Coinbase: Buy This Confidently Amid Bitcoin Bump
• Positive Sentiment: Tokenized-stock launch expands Coinbase’s addressable market: Coinbase launched 1:1-backed tokenized U.S. stocks on its Base network for eligible non-U.S. users. The assets can trade continuously and potentially be used in decentralized-finance lending, borrowing, trading and structured products. Chainlink will provide pricing data, improving the tokens’ utility across Base’s DeFi ecosystem. Coinbase Selects Chainlink for Tokenized Stocks
• Positive Sentiment: Broader trading products: Integration of Hyperliquid perpetual futures adds more than 290 leveraged markets to the Base App, including crypto, tokenized stocks and commodities. The move could increase trading volume and fee opportunities, although it also introduces greater risk and regulatory complexity. Coinbase Adds Leveraged Markets
• Neutral Sentiment: Stablecoin and advocacy comments: CEO Brian Armstrong highlighted stablecoins as a way for people in inflation-hit countries to access digital dollars. Separately, Coinbase-backed Stand With Crypto endorsed 32 midterm candidates, seeking a more crypto-friendly Congress. These developments may support long-term adoption and policy prospects, but do not provide an immediate earnings catalyst.
• Negative Sentiment: Legal and regulatory overhang: A federal judge allowed a Coinbase investor class-action lawsuit to proceed. In addition, the industry’s preferred Clarity Act remains stalled in the Senate, limiting near-term regulatory certainty. Coinbase Investor Class Action

About Coinbase Global

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.