Coinbase Global, Inc. (NASDAQ:COIN) Sees Significant Increase in Short Interest

Coinbase Global, Inc. (NASDAQ:COIN) was the recipient of a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 9,840,000 shares, a growth of 27.3% from the February 13th total of 7,730,000 shares. Approximately 4.9% of the shares of the stock are sold short. Based on an average daily volume of 9,710,000 shares, the short-interest ratio is presently 1.0 days.

Coinbase Global Stock Up 2.4 %

Shares of COIN stock traded up $4.43 during trading hours on Monday, reaching $187.55. The company had a trading volume of 3,799,519 shares, compared to its average volume of 9,400,744. The stock’s fifty day simple moving average is $255.08 and its 200 day simple moving average is $241.14. The company has a market capitalization of $47.62 billion, a P/E ratio of 19.75 and a beta of 3.66. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. Coinbase Global has a twelve month low of $146.12 and a twelve month high of $349.75.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. As a group, sell-side analysts expect that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

COIN has been the topic of several analyst reports. The Goldman Sachs Group decreased their price objective on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Bank of America decreased their price target on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Monness Crespi & Hardt set a $420.00 price objective on shares of Coinbase Global in a report on Tuesday, February 18th. Rosenblatt Securities assumed coverage on shares of Coinbase Global in a research report on Friday, March 7th. They issued a “buy” rating and a $305.00 target price on the stock. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of Coinbase Global in a research report on Monday, February 10th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Coinbase Global currently has a consensus rating of “Moderate Buy” and an average target price of $316.67.

Insider Buying and Selling

In other news, CFO Alesia J. Haas sold 5,700 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $266.87, for a total value of $1,521,159.00. Following the completion of the transaction, the chief financial officer now owns 144,470 shares of the company’s stock, valued at $38,554,708.90. The trade was a 3.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $261.07, for a total transaction of $6,526,750.00. Following the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $137,322.82. This trade represents a 97.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 219,455 shares of company stock worth $60,955,968 in the last ninety days. Insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors have recently added to or reduced their stakes in the company. Clear Street Derivatives LLC acquired a new stake in Coinbase Global during the third quarter valued at approximately $409,919,000. Norges Bank bought a new stake in Coinbase Global during the fourth quarter valued at $536,484,000. Groupama Asset Managment bought a new position in shares of Coinbase Global in the 4th quarter worth about $372,450,000. Proficio Capital Partners LLC boosted its holdings in shares of Coinbase Global by 30,664.4% in the 4th quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock valued at $103,888,000 after buying an additional 417,036 shares during the period. Finally, Two Sigma Advisers LP raised its stake in Coinbase Global by 445.4% during the fourth quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange’s stock worth $101,431,000 after acquiring an additional 333,600 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.