Fintel reports that on August 4, 2023, Goldman Sachs maintained coverage of Coinbase Global Inc – (NASDAQ:COIN) with a Sell recommendation.

Analyst Price Forecast Suggests 3.14% Downside

As of August 2, 2023, the average one-year price target for Coinbase Global Inc – is 84.57. The forecasts range from a low of 27.27 to a high of $210.00. The average price target represents a decrease of 3.14% from its latest reported closing price of 87.31.

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The projected annual revenue for Coinbase Global Inc – is 3,421MM, an increase of 32.59%. The projected annual non-GAAP EPS is -5.96.

What is the Fund Sentiment?

There are 928 funds or institutions reporting positions in Coinbase Global Inc -. This is an increase of 37 owner(s) or 4.15% in the last quarter. Average portfolio weight of all funds dedicated to COIN is 0.70%, a decrease of 27.45%. Total shares owned by institutions decreased in the last three months by 10.00% to 121,798K shares. The put/call ratio of COIN is 1.22, indicating a bearish outlook.

What are Other Shareholders Doing?

ARK Investment Management holds 12,122K shares representing 5.17% ownership of the company. In it’s prior filing, the firm reported owning 11,776K shares, representing an increase of 2.85%. The firm increased its portfolio allocation in COIN by 5.00% over the last quarter.

Sumitomo Mitsui Trust Holdings holds 9,166K shares representing 3.91% ownership of the company. In it’s prior filing, the firm reported owning 8,611K shares, representing an increase of 6.06%. The firm increased its portfolio allocation in COIN by 17.84% over the last quarter.

Nikko Asset Management Americas holds 8,299K shares representing 3.54% ownership of the company. In it’s prior filing, the firm reported owning 7,000K shares, representing an increase of 15.65%. The firm increased its portfolio allocation in COIN by 77.16% over the last quarter.

ARKK – ARK Innovation ETF holds 7,685K shares representing 3.28% ownership of the company. In it’s prior filing, the firm reported owning 5,940K shares, representing an increase of 22.70%. The firm increased its portfolio allocation in COIN by 35.82% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 4,545K shares representing 1.94% ownership of the company. In it’s prior filing, the firm reported owning 4,361K shares, representing an increase of 4.05%. The firm increased its portfolio allocation in COIN by 83.74% over the last quarter.

Coinbase Global Background Information
(This description is provided by the company.)

Coinbase is building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system enabled by crypto. The company started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader cryptoeconomy.

This article originally appeared on Fintel

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