Coinbase Global, Inc. (NASDAQ:COIN) Sees Large Drop in Short Interest

Coinbase Global, Inc. (NASDAQ:COIN) saw a large drop in short interest in January. As of January 31st, there was short interest totalling 7,130,000 shares, a drop of 12.9% from the January 15th total of 8,190,000 shares. Currently, 3.7% of the shares of the stock are sold short. Based on an average daily volume of 11,970,000 shares, the short-interest ratio is currently 0.6 days.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on COIN shares. Mizuho raised shares of Coinbase Global from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $250.00 to $290.00 in a research report on Wednesday, January 29th. The Goldman Sachs Group decreased their price target on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Oppenheimer decreased their price target on shares of Coinbase Global from $358.00 to $334.00 and set an “outperform” rating for the company in a report on Friday, January 17th. B. Riley started coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target for the company. Finally, Canaccord Genuity Group raised their price target on shares of Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a report on Friday. Nine research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Coinbase Global has a consensus rating of “Moderate Buy” and a consensus target price of $303.94.

Insider Activity

In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $298.31, for a total transaction of $447,465.00. Following the completion of the sale, the chief operating officer now directly owns 177,576 shares of the company’s stock, valued at approximately $52,972,696.56. This represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Grewal sold 7,104 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $307.80, for a total transaction of $2,186,611.20. Following the sale, the insider now directly owns 79,407 shares of the company’s stock, valued at $24,441,474.60. This represents a 8.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 336,143 shares of company stock worth $97,842,603. Corporate insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently bought and sold shares of COIN. Inspire Investing LLC increased its position in Coinbase Global by 33.2% during the third quarter. Inspire Investing LLC now owns 1,587 shares of the cryptocurrency exchange’s stock worth $283,000 after acquiring an additional 396 shares during the period. Creative Planning increased its position in Coinbase Global by 42.5% during the third quarter. Creative Planning now owns 71,545 shares of the cryptocurrency exchange’s stock worth $12,747,000 after acquiring an additional 21,335 shares during the period. Global Retirement Partners LLC increased its position in Coinbase Global by 135.1% during the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after acquiring an additional 1,540 shares during the period. V Square Quantitative Management LLC bought a new position in Coinbase Global during the third quarter worth $55,000. Finally, Blue Trust Inc. increased its position in Coinbase Global by 122.2% during the third quarter. Blue Trust Inc. now owns 7,503 shares of the cryptocurrency exchange’s stock worth $1,337,000 after acquiring an additional 4,127 shares during the period. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Performance

Shares of NASDAQ:COIN traded down $9.68 during trading on Tuesday, reaching $264.63. The stock had a trading volume of 11,497,011 shares, compared to its average volume of 8,682,839. Coinbase Global has a 52 week low of $146.12 and a 52 week high of $349.75. The firm has a market capitalization of $66.25 billion, a price-to-earnings ratio of 45.16 and a beta of 3.61. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a fifty day simple moving average of $279.49 and a two-hundred day simple moving average of $239.21.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. As a group, analysts anticipate that Coinbase Global will post 4.81 earnings per share for the current fiscal year.

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.