Coinbase Global, Inc. (NASDAQ:COIN) Sees Significant Drop in Short Interest

Coinbase Global, Inc. (NASDAQ:COIN) saw a significant decrease in short interest in July. As of July 31st, there was short interest totalling 9,170,000 shares, a decrease of 5.8% from the July 15th total of 9,730,000 shares. Approximately 4.9% of the company’s shares are short sold. Based on an average trading volume of 8,440,000 shares, the days-to-cover ratio is presently 1.1 days.

Analysts Set New Price Targets

COIN has been the subject of several recent research reports. Wedbush upped their price objective on Coinbase Global from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Citigroup raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and raised their price target for the stock from $260.00 to $345.00 in a research note on Tuesday, July 23rd. Needham & Company LLC reissued a “buy” rating and issued a $260.00 price objective on shares of Coinbase Global in a research report on Monday, August 5th. The Goldman Sachs Group reduced their target price on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $248.38.

Insiders Place Their Bets

In other news, CFO Alesia J. Haas sold 4,500 shares of Coinbase Global stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $229.09, for a total transaction of $1,030,905.00. Following the transaction, the chief financial officer now owns 182,903 shares in the company, valued at approximately $41,901,248.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $220.31, for a total transaction of $5,083,653.25. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $115,883.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alesia J. Haas sold 4,500 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $229.09, for a total transaction of $1,030,905.00. Following the completion of the sale, the chief financial officer now directly owns 182,903 shares in the company, valued at $41,901,248.27. The disclosure for this sale can be found here. Insiders sold 126,505 shares of company stock worth $29,218,061 over the last ninety days. 23.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Several large investors have recently bought and sold shares of COIN. EP Wealth Advisors LLC acquired a new position in Coinbase Global in the 2nd quarter valued at approximately $1,220,000. B. Riley Wealth Advisors Inc. increased its holdings in Coinbase Global by 11.7% in the second quarter. B. Riley Wealth Advisors Inc. now owns 6,085 shares of the cryptocurrency exchange’s stock valued at $1,352,000 after purchasing an additional 635 shares during the period. Quarry LP raised its position in Coinbase Global by 205.7% during the 2nd quarter. Quarry LP now owns 532 shares of the cryptocurrency exchange’s stock worth $118,000 after purchasing an additional 358 shares during the last quarter. Capital Impact Advisors LLC acquired a new position in Coinbase Global during the 2nd quarter worth about $770,000. Finally, Seaport Global Advisors LLC acquired a new position in shares of Coinbase Global in the second quarter worth approximately $385,000. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Trading Down 3.5 %

Shares of Coinbase Global stock opened at $197.25 on Wednesday. The business has a fifty day simple moving average of $223.30 and a two-hundred day simple moving average of $221.11. The company has a market capitalization of $48.44 billion, a price-to-earnings ratio of 39.37 and a beta of 3.40. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.02 and a quick ratio of 1.02. Coinbase Global has a 1 year low of $69.63 and a 1 year high of $283.48.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a return on equity of 14.72% and a net margin of 31.46%. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the firm posted ($0.42) EPS. The firm’s revenue was up 104.8% compared to the same quarter last year. Research analysts forecast that Coinbase Global will post 4.95 EPS for the current year.

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.