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

Coinbase Global, Inc. (NASDAQ:COIN) was the recipient of a large drop in short interest during the month of 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 daily volume of 9,760,000 shares, the short-interest ratio is currently 0.9 days. Currently, 4.6% of the shares of the stock are sold short.

Coinbase Global Stock Up 6.4 %

Shares of NASDAQ:COIN traded up $19.56 during trading hours on Monday, hitting $325.41. The company’s stock had a trading volume of 25,629,448 shares, compared to its average volume of 11,041,122. Coinbase Global has a 52 week low of $100.01 and a 52 week high of $334.86. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $81.47 billion, a price-to-earnings ratio of 55.53 and a beta of 3.34. The firm’s fifty day moving average price is $202.13 and its 200 day moving average price is $212.58.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on COIN. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a report on Thursday, October 31st. Barclays raised their price objective on shares of Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. JMP Securities reissued a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a research report on Wednesday, October 9th. Mizuho lifted their target price on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. Finally, Piper Sandler restated a “neutral” rating and issued a $245.00 price objective on shares of Coinbase Global in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Coinbase Global has a consensus rating of “Hold” and an average price target of $251.00.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 16,962 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the transaction, the insider now owns 75,556 shares in the company, valued at approximately $15,637,069.76. The trade was a 18.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $188.94, for a total transaction of $283,410.00. Following the completion of the transaction, the chief operating officer now owns 197,101 shares of the company’s stock, valued at $37,240,262.94. This trade represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 135,822 shares of company stock valued at $30,921,194 in the last ninety days. Insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of COIN. TD Private Client Wealth LLC purchased a new position in shares of Coinbase Global in the third quarter valued at approximately $77,000. Sunbelt Securities Inc. boosted its stake in shares of Coinbase Global by 25.9% in the third quarter. Sunbelt Securities Inc. now owns 696 shares of the cryptocurrency exchange’s stock valued at $124,000 after purchasing an additional 143 shares during the period. Coldstream Capital Management Inc. boosted its stake in shares of Coinbase Global by 17.0% in the third quarter. Coldstream Capital Management Inc. now owns 2,772 shares of the cryptocurrency exchange’s stock valued at $517,000 after purchasing an additional 402 shares during the period. Geode Capital Management LLC boosted its stake in shares of Coinbase Global by 10.1% in the third 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 period. Finally, M&T Bank Corp boosted its stake in shares of Coinbase Global by 18.3% in the third quarter. M&T Bank Corp now owns 7,100 shares of the cryptocurrency exchange’s stock valued at $1,265,000 after purchasing an additional 1,100 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.