Coinbase Global, Inc. (NASDAQ:COIN) Sees Large Growth in Short Interest

Coinbase Global, Inc. (NASDAQ:COIN) was the target of a significant growth in short interest in the month of November. As of November 30th, there was short interest totalling 9,880,000 shares, a growth of 7.6% from the November 15th total of 9,180,000 shares. Based on an average daily volume of 12,880,000 shares, the days-to-cover ratio is presently 0.8 days. Currently, 5.1% of the shares of the stock are short sold.

Insider Buying and Selling

In related news, CAO Jennifer N. Jones sold 1,837 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $295.02, for a total transaction of $541,951.74. Following the transaction, the chief accounting officer now directly owns 1,160 shares of the company’s stock, valued at $342,223.20. This represents a 61.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at $172,528. This represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 270,720 shares of company stock valued at $79,787,248 over the last 90 days. 23.43% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Clear Street Derivatives LLC purchased a new position in Coinbase Global in the third quarter worth about $409,919,000. Renaissance Technologies LLC grew its holdings in shares of Coinbase Global by 185.9% in the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after purchasing an additional 691,288 shares during the period. American Century Companies Inc. grew its holdings in Coinbase Global by 1,136.7% during the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after acquiring an additional 435,886 shares in the last quarter. Geode Capital Management LLC raised its position in Coinbase Global by 10.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after purchasing an additional 314,388 shares during the last quarter. Finally, Azora Capital LP grew its stake in shares of Coinbase Global by 214.1% during the 3rd quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock worth $57,525,000 after purchasing an additional 220,078 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Price Performance

NASDAQ COIN traded down $1.50 during trading hours on Tuesday, reaching $313.81. 5,893,840 shares of the stock traded hands, compared to its average volume of 11,237,833. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. Coinbase Global has a 1 year low of $114.51 and a 1 year high of $349.75. The company has a market cap of $78.56 billion, a price-to-earnings ratio of 53.41 and a beta of 3.57. The stock has a 50 day simple moving average of $259.81 and a two-hundred day simple moving average of $225.48.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the company posted ($0.01) earnings per share. The company’s quarterly revenue was up 78.8% compared to the same quarter last year. On average, analysts predict that Coinbase Global will post 4.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. The Goldman Sachs Group raised their target price on Coinbase Global from $183.00 to $397.00 and gave the company a “neutral” rating in a report on Monday, December 2nd. Monness Crespi & Hardt assumed coverage on shares of Coinbase Global in a research note on Monday, October 28th. They issued a “buy” rating and a $245.00 price target on the stock. Bank of America raised their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. B. Riley initiated coverage on Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. Finally, JMP Securities reissued a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $276.22.

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.