Investment analysts at The Goldman Sachs Group upped their price objective on Coinbase Global (NASDAQ:COIN) from $189.00 to $209.00 in a note issued to investors on Monday morning. The brokerage currently has a “neutral” rating on the cryptocurrency exchange’s stock.
The Goldman Sachs Group’s target price indicates a potential downside of 18.65% from the stock’s previous close.
A number of other equities analysts have also recently weighed in on COIN. Sanford C. Bernstein raised Coinbase Global to a “strong-buy” rating in a report on Tuesday, March 18th. Compass Point raised Coinbase Global from a “sell” rating to a “neutral” rating and set a $195.00 price target for the company in a report on Monday. Canaccord Genuity Group reaffirmed a “buy” rating and set a $400.00 price target on shares of Coinbase Global in a report on Friday, May 9th. Mizuho dropped their price target on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Finally, Oppenheimer lowered their target price on Coinbase Global from $279.00 to $269.00 and set an “outperform” rating for the company in a research note on Friday, May 9th. Ten research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average target price of $262.75.
Coinbase Global (NASDAQ:COIN – Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same period in the prior year, the business earned $2.53 earnings per share. The company’s revenue was up 24.2% on a year-over-year basis. On average, sell-side analysts predict that Coinbase Global will post 7.22 EPS for the current fiscal year.
In related news, CFO Alesia J. Haas sold 7,575 shares of Coinbase Global stock in a transaction on Monday, March 24th. The stock was sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the sale, the chief financial officer now directly owns 114,866 shares of the company’s stock, valued at $22,973,200. The trade was a 6.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available via this link.
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Moreover, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction on Monday, May 5th. The stock was sold at an average price of $200.54, for a total value of $5,013,500.00. Following the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $105,484.04. This trade represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be accessed here. Insiders sold a total of 128,742 shares of company stock valued at $25,758,259 over the last three months. Company insiders own 17.65% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Norges Bank acquired a new position in Coinbase Global during the fourth quarter with a value of $536,484,000. Groupama Asset Managment acquired a new position in Coinbase Global during the fourth quarter with a value of $372,450,000.
Vanguard Group Inc. grew its stake in Coinbase Global by 4.8% during the first quarter. Vanguard Group
