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

Coinbase Global, Inc. (NASDAQ:COIN) saw a large 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 daily volume of 8,440,000 shares, the short-interest ratio is currently 1.1 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Compass Point decreased their price objective on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Barclays boosted their price target on Coinbase Global from $196.00 to $206.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. JMP Securities reiterated a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a report on Friday, August 2nd. Keefe, Bruyette & Woods boosted their target price on Coinbase Global from $230.00 to $240.00 and gave the company a “market perform” rating in a research note on Friday, May 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $260.00 price target on shares of Coinbase Global in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Coinbase Global currently has a consensus rating of “Hold” and a consensus target price of $248.38.

Insider Activity at Coinbase Global

In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $246.16, for a total value of $369,240.00. Following the completion of the sale, the chief operating officer now directly owns 207,471 shares of the company’s stock, valued at $51,071,061.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Lawrence J. Brock sold 16,456 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $223.34, for a total value of $3,675,283.04. Following the transaction, the insider now owns 16,140 shares in the company, valued at $3,604,707.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction on Friday, June 14th. The stock was sold at an average price of $246.16, for a total transaction of $369,240.00. Following the completion of the transaction, the chief operating officer now directly owns 207,471 shares in the company, valued at $51,071,061.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 126,505 shares of company stock valued at $29,218,061. Insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several institutional investors have recently bought and sold shares of the company. Creekmur Asset Management LLC purchased a new stake in shares of Coinbase Global during the fourth quarter valued at approximately $27,000. Crewe Advisors LLC increased its holdings in shares of Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after purchasing an additional 104 shares in the last quarter. Lynx Investment Advisory purchased a new position in shares of Coinbase Global in the second quarter worth $29,000. Concord Wealth Partners lifted its holdings in shares of Coinbase Global by 322.2% during the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 87 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its position in shares of Coinbase Global by 833.3% during the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after buying an additional 100 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Stock Performance

Shares of COIN opened at $197.25 on Wednesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52. The stock has a market cap of $48.44 billion, a P/E ratio of 39.37 and a beta of 3.40. The business’s 50 day moving average price is $223.30 and its 200-day moving average price is $221.11. Coinbase Global has a 52 week low of $69.63 and a 52 week high of $283.48.

Coinbase Global (NASDAQ:COIN) last released 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 company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm posted ($0.42) earnings per share. The company’s revenue was up 104.8% compared to the same quarter last year. Equities research analysts anticipate that Coinbase Global will post 4.95 earnings per share for the current fiscal year.

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.