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

Coinbase Global, Inc. (NASDAQ:COIN) saw a significant drop in short interest in the month of 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. Approximately 3.7% of the company’s shares 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

COIN has been the subject of several recent research reports. Keefe, Bruyette & Woods dropped their price objective on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a research report on Monday, January 13th. Barclays raised their price target on shares of Coinbase Global from $282.00 to $328.00 and gave the company an “equal weight” rating in a report on Friday. Canaccord Genuity Group raised their price target on shares of Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a report on Friday. Needham & Company LLC reaffirmed a “buy” rating and set a $330.00 price target on shares of Coinbase Global in a report on Thursday. Finally, JMP Securities raised their price target on shares of Coinbase Global from $400.00 to $475.00 and gave the company a “market outperform” rating in a report on Friday. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $301.17.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $144,786.76. This represents a 97.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Grewal sold 7,104 shares of the stock in a transaction 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 sale, the insider now directly owns 79,407 shares of the company’s stock, valued at $24,441,474.60. The trade was a 8.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 386,798 shares of company stock valued at $114,707,944 over the last quarter. Company insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several hedge funds have recently bought and sold shares of the company. SOA Wealth Advisors LLC. lifted its position in Coinbase Global by 17.7% in the 4th quarter. SOA Wealth Advisors LLC. now owns 266 shares of the cryptocurrency exchange’s stock valued at $66,000 after purchasing an additional 40 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Coinbase Global by 4.3% in the 4th quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange’s stock valued at $239,000 after purchasing an additional 40 shares during the last quarter. Empowered Funds LLC lifted its position in Coinbase Global by 0.8% in the 3rd quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock valued at $924,000 after purchasing an additional 43 shares during the last quarter. Yousif Capital Management LLC lifted its position in Coinbase Global by 1.7% in the 4th quarter. Yousif Capital Management LLC now owns 2,559 shares of the cryptocurrency exchange’s stock valued at $635,000 after purchasing an additional 44 shares during the last quarter. Finally, Capital Advisors Wealth Management LLC raised its position in shares of Coinbase Global by 3.2% during the 4th quarter. Capital Advisors Wealth Management LLC now owns 1,470 shares of the cryptocurrency exchange’s stock worth $365,000 after buying an additional 45 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Stock Performance

Shares of Coinbase Global stock traded down $23.80 during trading hours 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’s 50 day simple moving average is $280.97 and its 200 day simple moving average is $238.36. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. Coinbase Global has a one year low of $146.12 and a one year high of $349.75. The stock has a market cap of $68.67 billion, a P/E ratio of 46.81 and a beta of 3.61.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, topping 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 expect that Coinbase Global will post 4.81 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.