Coinbase Global (NASDAQ:COIN) Price Target Cut to $255.00

Coinbase Global (NASDAQ:COIN) had its price objective lowered by The Goldman Sachs Group from $295.00 to $255.00 in a report released on Friday morning, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the cryptocurrency exchange’s stock.

Several other research firms also recently weighed in on COIN. Piper Sandler raised their price target on Coinbase Global from $225.00 to $245.00 and gave the stock a neutral rating in a research note on Friday, April 12th. JPMorgan Chase & Co. boosted their target price on Coinbase Global from $95.00 to $150.00 and gave the stock a neutral rating in a report on Friday, March 15th. Raymond James upgraded shares of Coinbase Global from an underperform rating to a market perform rating in a report on Tuesday, March 12th. Oppenheimer boosted their price objective on shares of Coinbase Global from $200.00 to $276.00 and gave the stock an outperform rating in a research note on Thursday, April 4th. Finally, TheStreet raised shares of Coinbase Global from a d rating to a c- rating in a research note on Friday, February 16th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Coinbase Global currently has an average rating of Hold and an average price target of $185.48.

Coinbase Global Price Performance

COIN stock traded down $5.60 during trading on Friday, hitting $223.25. The stock had a trading volume of 13,739,132 shares, compared to its average volume of 9,158,455. Coinbase Global has a 1-year low of $46.43 and a 1-year high of $283.48. The stock has a market cap of $54.09 billion, a price-to-earnings ratio of 44.56 and a beta of 3.46. The company’s 50 day moving average price is $236.37 and its two-hundred day moving average price is $165.79. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.03 and a current ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $1.13. The firm had revenue of $953.80 million for the quarter, compared to analyst estimates of $826.10 million. Coinbase Global had a net margin of 33.98% and a return on equity of 10.24%. Coinbase Global’s revenue was up 51.6% compared to the same quarter last year. During the same quarter last year, the business earned ($2.46) earnings per share. On average, sell-side analysts forecast that Coinbase Global will post 2.71 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $215.00, for a total value of $322,500.00. Following the completion of the transaction, the chief operating officer now owns 213,851 shares in the company, valued at approximately $45,977,965. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $215.00, for a total transaction of $322,500.00. Following the completion of the sale, the chief operating officer now owns 213,851 shares of the company’s stock, valued at approximately $45,977,965. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Grewal sold 10,257 shares of Coinbase Global stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $275.60, for a total value of $2,826,829.20. Following the completion of the transaction, the insider now owns 66,122 shares of the company’s stock, valued at $18,223,223.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 420,597 shares of company stock worth $86,053,862. Corporate insiders own 33.16% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fountainhead AM LLC boosted its position in shares of Coinbase Global by 2.1% during the fourth quarter. Fountainhead AM LLC now owns 3,957 shares of the cryptocurrency exchange’s stock worth $688,000 after buying an additional 81 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Coinbase Global by 0.6% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,726 shares of the cryptocurrency exchange’s stock worth $2,561,000 after acquiring an additional 81 shares during the period. Nilsine Partners LLC boosted its position in Coinbase Global by 1.2% during the 1st quarter. Nilsine Partners LLC now owns 6,738 shares of the cryptocurrency exchange’s stock worth $1,786,000 after acquiring an additional 81 shares during the period. Arkadios Wealth Advisors grew its stake in shares of Coinbase Global by 2.6% in the fourth quarter. Arkadios Wealth Advisors now owns 3,395 shares of the cryptocurrency exchange’s stock worth $590,000 after purchasing an additional 86 shares in the last quarter. Finally, Concord Wealth Partners increased its holdings in shares of Coinbase Global by 322.2% during the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 87 shares during the period. 68.84% of the stock is 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.