Short Interest in Coinbase Global, Inc. (NASDAQ:COIN) Rises By 27.3%

Coinbase Global, Inc. (NASDAQ:COIN) saw a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 9,840,000 shares, a growth of 27.3% from the February 13th total of 7,730,000 shares. Currently, 4.9% of the shares of the company are sold short. Based on an average trading volume of 9,710,000 shares, the days-to-cover ratio is presently 1.0 days.

Analysts Set New Price Targets

A number of brokerages recently issued reports on COIN. HC Wainwright reissued a “buy” rating and set a $350.00 price objective on shares of Coinbase Global in a report on Friday, February 21st. Rosenblatt Securities started coverage on Coinbase Global in a report on Friday, March 7th. They issued a “buy” rating and a $305.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $330.00 price target on shares of Coinbase Global in a report on Thursday, February 13th. Monness Crespi & Hardt set a $420.00 price target on Coinbase Global in a report on Tuesday, February 18th. Finally, Canaccord Genuity Group raised their price target on Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a report on Friday, February 14th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $322.78.

Insider Transactions at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 5,262 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $300.09, for a total transaction of $1,579,073.58. Following the sale, the director now owns 10,417 shares of the company’s stock, valued at approximately $3,126,037.53. This represents a 33.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Grewal sold 10,978 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total value of $2,326,567.54. Following the sale, the insider now directly owns 83,313 shares in the company, valued at $17,656,524.09. This trade represents a 11.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 219,455 shares of company stock worth $60,955,968. 23.43% of the stock is owned by company insiders.

Institutional Trading of Coinbase Global

Several hedge funds have recently bought and sold shares of COIN. Clear Street Derivatives LLC purchased a new position in shares of Coinbase Global in the third quarter valued at about $409,919,000. Norges Bank purchased a new position in shares of Coinbase Global in the fourth quarter valued at about $536,484,000. Groupama Asset Managment purchased a new position in shares of Coinbase Global in the fourth quarter valued at about $372,450,000. Proficio Capital Partners LLC lifted its position in shares of Coinbase Global by 30,664.4% in the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock valued at $103,888,000 after acquiring an additional 417,036 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its position in shares of Coinbase Global by 445.4% in the fourth quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange’s stock valued at $101,431,000 after acquiring an additional 333,600 shares in the last quarter. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Performance

NASDAQ:COIN traded down $7.82 during mid-day trading on Tuesday, hitting $181.14. 7,333,403 shares of the company traded hands, compared to its average volume of 9,756,237. The stock’s fifty day moving average price is $253.10 and its 200-day moving average price is $241.15. Coinbase Global has a one year low of $146.12 and a one year high of $349.75. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The firm has a market cap of $45.99 billion, a price-to-earnings ratio of 19.07 and a beta of 3.66.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. Research analysts anticipate that Coinbase Global will post 7.22 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.