Coinbase Global, Inc. (NASDAQ:COIN) Short Interest Down 12.9% in January

Coinbase Global, Inc. (NASDAQ:COIN) was the target of a large decrease in short interest in January. As of January 31st, there was short interest totalling 7,130,000 shares, a decrease of 12.9% from the January 15th total of 8,190,000 shares. Currently, 3.7% of the company’s shares are sold short. Based on an average daily volume of 11,970,000 shares, the days-to-cover ratio is currently 0.6 days.

Coinbase Global Stock Performance

Shares of NASDAQ COIN traded down $9.68 during trading on Tuesday, reaching $264.63. 11,497,011 shares of the company traded hands, compared to its average volume of 8,682,839. The firm has a 50 day simple moving average of $279.49 and a 200-day simple moving average of $239.21. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $66.25 billion, a PE ratio of 45.16 and a beta of 3.61. Coinbase Global has a 52-week low of $146.12 and a 52-week high of $349.75.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. Equities research analysts anticipate that Coinbase Global will post 4.81 earnings per share for the current year.

Insiders Place Their Bets

In other Coinbase Global news, CAO Jennifer N. Jones sold 1,837 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $295.02, for a total value of $541,951.74. Following the completion of the transaction, the chief accounting officer now directly owns 1,160 shares in the company, valued at approximately $342,223.20. This represents a 61.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the completion of the transaction, the insider now owns 69,407 shares of the company’s stock, valued at $17,816,082.83. This trade represents a 12.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 336,143 shares of company stock worth $97,842,603. 23.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Institutional investors and hedge funds have recently made changes to their positions in the business. Wingate Wealth Advisors Inc. purchased a new position in shares of Coinbase Global in the fourth quarter worth approximately $27,000. Atala Financial Inc purchased a new position in shares of Coinbase Global in the fourth quarter worth approximately $27,000. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after buying an additional 106 shares during the last quarter. RPg Family Wealth Advisory LLC purchased a new position in shares of Coinbase Global in the third quarter worth approximately $25,000. Finally, Mpwm Advisory Solutions LLC purchased a new position in shares of Coinbase Global in the fourth quarter worth approximately $35,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Mizuho upgraded shares of Coinbase Global from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $250.00 to $290.00 in a research note on Wednesday, January 29th. Keefe, Bruyette & Woods increased their price target on shares of Coinbase Global from $255.00 to $305.00 and gave the stock a “market perform” rating in a research note on Tuesday. JMP Securities increased their price target on shares of Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a research note on Friday. The Goldman Sachs Group decreased their price target on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Finally, Piper Sandler increased their price target on shares of Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a research note on Friday. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Coinbase Global presently has an average rating of “Moderate Buy” and an average price target of $303.94.

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.