Short Interest in Coinbase Global, Inc. (NASDAQ:COIN) Decreases By 11.2%

Coinbase Global, Inc. (NASDAQ:COIN) was the recipient of a significant decrease in short interest in October. As of October 15th, there was short interest totalling 9,830,000 shares, a decrease of 11.2% from the September 30th total of 11,070,000 shares. Based on an average daily volume of 8,160,000 shares, the days-to-cover ratio is presently 1.2 days. Approximately 5.1% of the company’s stock are sold short.

Wall Street Analyst Weigh In

COIN has been the topic of several research reports. Needham & Company LLC reissued a “buy” rating and set a $260.00 price objective on shares of Coinbase Global in a research report on Monday, August 5th. Monness Crespi & Hardt assumed coverage on Coinbase Global in a research report on Monday. They issued a “buy” rating and a $245.00 price target on the stock. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $260.00 to $345.00 in a research report on Tuesday, July 23rd. B. Riley started coverage on Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price on the stock. Finally, The Goldman Sachs Group lowered their price objective on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global currently has an average rating of “Hold” and a consensus price target of $242.94.

Coinbase Global Price Performance

NASDAQ COIN traded down $7.92 during trading hours on Wednesday, reaching $211.74. The company’s stock had a trading volume of 9,415,963 shares, compared to its average volume of 10,388,323. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $52.61 billion, a PE ratio of 39.11 and a beta of 3.35. The company’s 50-day moving average is $181.83 and its two-hundred day moving average is $209.20. Coinbase Global has a fifty-two week low of $73.56 and a fifty-two week high of $283.48.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). The company had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The company’s revenue for the quarter was up 104.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.42) earnings per share. Analysts forecast that Coinbase Global will post 3.92 EPS for the current year.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 16,962 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $206.96, for a total value of $3,510,455.52. Following the transaction, the insider now directly owns 75,556 shares of the company’s stock, valued at $15,637,069.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Coinbase Global news, Director Gokul Rajaram sold 400 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total value of $81,776.00. Following the completion of the sale, the director now owns 7,771 shares in the company, valued at approximately $1,588,703.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 16,962 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the transaction, the insider now owns 75,556 shares in the company, valued at approximately $15,637,069.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,687 shares of company stock valued at $14,908,594 over the last three months. 23.43% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

Institutional investors and hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC raised its stake in Coinbase Global by 135.1% in the 3rd quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock valued at $477,000 after purchasing an additional 1,540 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in Coinbase Global in the 2nd quarter valued at $2,908,000. Intech Investment Management LLC lifted its stake in shares of Coinbase Global by 454.3% during the 1st quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock worth $10,752,000 after purchasing an additional 33,240 shares during the period. QRG Capital Management Inc. lifted its position in Coinbase Global by 130.5% during the second quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock worth $2,156,000 after buying an additional 5,493 shares during the period. Finally, Blue Trust Inc. grew its holdings in Coinbase Global by 122.2% in the 3rd quarter. Blue Trust Inc. now owns 7,503 shares of the cryptocurrency exchange’s stock valued at $1,337,000 after buying an additional 4,127 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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.