Coinbase Global, Inc. (NASDAQ:COIN) shares rose 5.4% during trading

Coinbase Global, Inc. (NASDAQ:COIN) shares rose 5.4% during trading

The Goldman Sachs Group has raised their price target on shares of Coinbase Global (NASDAQ:COIN) from $189 to $209 and keeps a neutral rating on the company in a research note issued on Monday. The Goldman Sachs Group analysts noted that the company's first-quarter earnings per share (EPS) missed expectations, while revenue fell short of analysts' anticipations. Despite this, the analysts observed a positive development in the company's adjusted operating expenses, which came in lower than anticipated.

"Adjusted operating expenses were better than expected, driven in part by a strong performance in technology and product development, and a decline in marketing spend. As a result, we now expect higher EPS for 2024," the analysts wrote.

Furthermore, the analysts adjusted their price target on Coinbase Global to reflect the increment in their valuation multiple on 2024E earnings per share.

Credit Suisse also downgraded Coinbase Global from a “outperform” rating to a “neutral” rating and decreased their price target from $250 to $200 in a research report on Tuesday, May 6.

“We are downgrading Coinbase to Neutral and adjusting the price target to $200 per share. Despite the impressive Q1 results that exceeded expectations on both the top and bottom lines, we believe the stock has already priced in a significant portion of the positive developments, ” the analysts wrote.

Monness Crespi & Hardt downgraded Coinbase Global from a “buy” rating to a “neutral” rating in a research report.

Rosenblatt Securities reissued a “buy” rating and issued a $260.00 target price on shares of Coinbase Global in a research report.

JMP Securities reissued a “market outperform” rating and issued a $400.00 target price on shares of Coinbase Global in a research report.

Barclays raised their target price on Coinbase Global from $169.00 to $202.00 and gave the stock an “equal weight” rating in a research report.

Finally, Mizuho decreased their target price on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company.

Eleven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to , the company has a consensus rating of “Moderate Buy” and a consensus price target of $268.75.

Coinbase Global shares opened at $199.32 on Monday. The stock has a 50-day simple moving average of $187.08 and a 200-day simple moving average of $243.32. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. The company has a market cap of $52.61 billion, a P/E ratio of 21.81 and a beta of 3.62.

Coinbase Global (NASDAQ:COIN – Get Free Report) last issued its quarterly earnings results 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). Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The firm had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same period last year, the firm earned $2.53 EPS. The company’s revenue was up 24.2% on a year-over-year basis. On average, analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

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.