Coinbase Global, Inc. (NASDAQ:COIN) Short Interest Update

Coinbase Global, Inc. (NASDAQ:COIN) was the recipient of a significant growth in short interest in 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. Approximately 4.9% of the shares of the company are short sold. Based on an average daily volume of 9,710,000 shares, the short-interest ratio is currently 1.0 days.

Coinbase Global Trading Down 4.1 %

Shares of COIN opened at $181.14 on Wednesday. The firm has a market cap of $45.99 billion, a price-to-earnings ratio of 19.07 and a beta of 3.66. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. Coinbase Global has a fifty-two week low of $146.12 and a fifty-two week high of $349.75. The firm has a 50 day moving average price of $251.44 and a 200-day moving average price of $241.13.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, topping the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. As a group, equities research analysts forecast that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Transactions at Coinbase Global

In other news, CFO Alesia J. Haas sold 5,700 shares of Coinbase Global stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $266.87, for a total value of $1,521,159.00. Following the completion of the transaction, the chief financial officer now owns 144,470 shares in the company, valued at $38,554,708.90. This trade represents a 3.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III sold 10,216 shares of Coinbase Global stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $310.14, for a total transaction of $3,168,390.24. Following the completion of the transaction, the director now owns 10,417 shares of the company’s stock, valued at $3,230,728.38. The trade was a 49.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 219,455 shares of company stock worth $60,955,968 over the last quarter. Corporate insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in COIN. Banco Santander S.A. increased its position in Coinbase Global by 12.7% during the 3rd quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock valued at $26,531,000 after purchasing an additional 16,737 shares during the period. Wellington Management Group LLP increased its position in Coinbase Global by 168.2% during the 3rd quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock valued at $4,648,000 after purchasing an additional 16,363 shares during the period. McElhenny Sheffield Capital Management LLC purchased a new position in Coinbase Global during the 4th quarter valued at $252,000. Virtu Financial LLC purchased a new position in Coinbase Global during the 3rd quarter valued at $3,866,000. Finally, Blueshift Asset Management LLC increased its position in Coinbase Global by 916.8% during the 3rd quarter. Blueshift Asset Management LLC now owns 18,852 shares of the cryptocurrency exchange’s stock valued at $3,359,000 after purchasing an additional 16,998 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on COIN. Bank of America reduced their price objective on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. Barclays boosted their price objective on shares of Coinbase Global from $282.00 to $328.00 and gave the company an “equal weight” rating in a research note on Friday, February 14th. The Goldman Sachs Group reduced their price objective 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. Needham & Company LLC reaffirmed a “buy” rating and set a $330.00 price objective on shares of Coinbase Global in a research note on Thursday, February 13th. Finally, Piper Sandler boosted their price objective on shares of Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $322.78.

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.