Coinbase Global, Inc. (NASDAQ:COIN) Short Interest Down 12.9% in January

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

Coinbase Global Stock Down 8.0 %

NASDAQ COIN traded down $23.80 during trading on Friday, reaching $274.31. The company’s stock had a trading volume of 19,208,533 shares, compared to its average volume of 7,607,109. 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 stock has a market capitalization of $68.67 billion, a PE ratio of 46.81 and a beta of 3.61. The business has a 50-day moving average price of $280.97 and a 200-day moving average price of $238.36. Coinbase Global has a 1-year low of $146.12 and a 1-year high of $349.75.

Coinbase Global (NASDAQ:COIN) last posted its earnings results 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 29.76% and a return on equity of 14.81%. On average, research analysts forecast that Coinbase Global will post 4.81 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $330.00 price objective on shares of Coinbase Global in a research note on Thursday. Piper Sandler lifted their target price on shares of Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a research report on Friday. Canaccord Genuity Group lifted their target price on shares of Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a research report on Friday. Oppenheimer dropped their target price on shares of Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Finally, B. Riley initiated coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price on the stock. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $301.17.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $275.26, for a total value of $6,881,500.00. Following the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at $144,786.76. The trade was a 97.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Paul Grewal sold 7,104 shares of Coinbase Global stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $307.80, for a total transaction of $2,186,611.20. Following the completion of the transaction, the insider now directly owns 79,407 shares in the company, valued at $24,441,474.60. This represents a 8.21 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 386,798 shares of company stock worth $114,707,944. 23.43% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

A number of institutional investors have recently added to or reduced their stakes in COIN. RPg Family Wealth Advisory LLC acquired a new stake in shares of Coinbase Global in the third quarter worth $25,000. Wingate Wealth Advisors Inc. acquired a new stake in shares of Coinbase Global in the fourth quarter worth $27,000. Atala Financial Inc acquired a new stake in shares of Coinbase Global in the fourth quarter worth $27,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after buying an additional 106 shares during the last quarter. Finally, Brown Brothers Harriman & Co. lifted its stake in shares of Coinbase Global by 408.0% in the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after buying an additional 204 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.