Coinbase Global, Inc. (NASDAQ:COIN) Short Interest Update

Coinbase Global, Inc. (NASDAQ:COIN) was the target of a large drop in short interest in October. As of October 31st, there was short interest totalling 8,820,000 shares, a drop of 10.3% from the October 15th total of 9,830,000 shares. Based on an average trading volume of 9,760,000 shares, the short-interest ratio is presently 0.9 days. Approximately 4.6% of the shares of the company are short sold.

Insider Activity at Coinbase Global

In other news, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total value of $4,013,434.75. Following the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at $91,487.18. This trade represents a 97.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frederick R. Wilson sold 40,000 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $300.00, for a total transaction of $12,000,000.00. Following the sale, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $15,000,000. This represents a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 135,822 shares of company stock valued at $30,921,194. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Hedge funds and other institutional investors have recently made changes to their positions in the business. Crewe Advisors LLC increased its position in Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after acquiring an additional 104 shares in the last quarter. Lynx Investment Advisory bought a new position in Coinbase Global in the 2nd quarter worth approximately $29,000. Versant Capital Management Inc raised its position in Coinbase Global by 75.0% in the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 57 shares during the last quarter. RPg Family Wealth Advisory LLC acquired a new position in Coinbase Global during the 3rd quarter worth $25,000. Finally, Spirit of America Management Corp NY acquired a new stake in shares of Coinbase Global in the 2nd quarter valued at $33,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on COIN shares. B. Riley assumed coverage on Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. Monness Crespi & Hardt initiated coverage on Coinbase Global in a research report on Monday, October 28th. They issued a “buy” rating and a $245.00 price objective for the company. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a research note on Thursday, October 31st. Compass Point cut their target price on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Finally, Bank of America increased their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $251.00.

Coinbase Global Price Performance

COIN stock traded down $2.63 during trading on Tuesday, hitting $322.78. 11,509,058 shares of the stock traded hands, compared to its average volume of 11,043,814. The stock has a market cap of $80.81 billion, a price-to-earnings ratio of 54.72 and a beta of 3.34. Coinbase Global has a one year low of $100.01 and a one year high of $334.86. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a 50 day simple moving average of $202.13 and a 200 day simple moving average of $212.58.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the company earned ($0.01) earnings per share. The firm’s revenue was up 78.8% on a year-over-year basis. Equities analysts expect that Coinbase Global will post 4.27 EPS for the current fiscal year.

Coinbase Global Company Profile

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.