Short Interest in Coinbase Global, Inc. (NASDAQ:COIN) Drops By 6.7%

Coinbase Global, Inc. (NASDAQ:COIN) saw a significant drop in short interest in June. As of June 15th, there was short interest totalling 9,280,000 shares, a drop of 6.7% from the May 31st total of 9,950,000 shares. Currently, 4.9% of the company’s stock are sold short. Based on an average trading volume of 9,040,000 shares, the days-to-cover ratio is currently 1.0 days.

Coinbase Global Price Performance

Shares of COIN traded down $2.57 during mid-day trading on Wednesday, hitting $224.94. The company’s stock had a trading volume of 3,241,374 shares, compared to its average volume of 11,725,735. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a 50-day moving average price of $227.68 and a 200 day moving average price of $203.47. Coinbase Global has a fifty-two week low of $69.63 and a fifty-two week high of $283.48. The stock has a market capitalization of $55.24 billion, a price-to-earnings ratio of 44.90 and a beta of 3.40.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.61. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. On average, research analysts predict that Coinbase Global will post 5.01 EPS for the current fiscal year.

Wall Street Analyst Weigh In

COIN has been the topic of several research analyst reports. Wedbush raised their price objective on Coinbase Global from $200.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. Piper Sandler upped their target price on Coinbase Global from $225.00 to $245.00 and gave the company a “neutral” rating in a report on Friday, April 12th. Raymond James raised Coinbase Global from an “underperform” rating to a “market perform” rating in a report on Tuesday, March 12th. Needham & Company LLC restated a “buy” rating and set a $260.00 price objective on shares of Coinbase Global in a research note on Wednesday, June 5th. Finally, Barclays raised their target price on Coinbase Global from $179.00 to $204.00 and gave the company an “underweight” rating in a research note on Monday, May 6th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $215.50.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CAO Jennifer N. Jones sold 450 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $225.70, for a total value of $101,565.00. Following the transaction, the chief accounting officer now owns 1,686 shares in the company, valued at approximately $380,530.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Jennifer N. Jones sold 450 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $225.70, for a total transaction of $101,565.00. Following the completion of the transaction, the chief accounting officer now directly owns 1,686 shares in the company, valued at approximately $380,530.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $256.30, for a total transaction of $5,914,122.50. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $134,813.80. The disclosure for this sale can be found here. Insiders sold 353,591 shares of company stock valued at $78,965,978 over the last 90 days. 23.43% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds have recently modified their holdings of the stock. Transcend Capital Advisors LLC increased its position in shares of Coinbase Global by 34.9% in the second quarter. Transcend Capital Advisors LLC now owns 3,713 shares of the cryptocurrency exchange’s stock worth $825,000 after acquiring an additional 960 shares in the last quarter. Chelsea Counsel Co. purchased a new stake in shares of Coinbase Global in the first quarter valued at $45,000. DekaBank Deutsche Girozentrale raised its position in Coinbase Global by 5.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 27,094 shares of the cryptocurrency exchange’s stock valued at $7,075,000 after buying an additional 1,349 shares during the period. EULAV Asset Management purchased a new stake in Coinbase Global in the 1st quarter worth about $13,521,000. Finally, Cetera Advisors LLC boosted its position in Coinbase Global by 49.2% during the 1st quarter. Cetera Advisors LLC now owns 10,911 shares of the cryptocurrency exchange’s stock worth $2,893,000 after acquiring an additional 3,597 shares during the period. 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.