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

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

Coinbase Global Trading Down 3.5 %

COIN stock traded down $9.68 during mid-day trading on Tuesday, reaching $264.63. 11,497,011 shares of the stock traded hands, compared to its average volume of 8,682,839. The business has a 50-day moving average price of $279.49 and a two-hundred day moving average price of $239.21. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. 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 one year low of $146.12 and a one year high of $349.75.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, topping 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 expect that Coinbase Global will post 4.81 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on COIN shares. Piper Sandler lifted their price objective on shares of Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a research report on Friday. Monness Crespi & Hardt lifted their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. The Goldman Sachs Group reduced their price objective on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Bank of America upped their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, Canaccord Genuity Group upped their price target on shares of Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a research note on Friday. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Coinbase Global has an average rating of “Moderate Buy” and an average price target of $303.94.

Insiders Place Their Bets

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 7,614 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $295.10, for a total transaction of $2,246,891.40. Following the sale, the director now owns 10,417 shares in the company, valued at approximately $3,074,056.70. This trade represents a 42.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Grewal sold 7,104 shares of Coinbase Global stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $307.80, for a total transaction of $2,186,611.20. Following the sale, the insider now owns 79,407 shares in the company, valued at approximately $24,441,474.60. The trade was a 8.21 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 336,143 shares of company stock worth $97,842,603. Company insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in COIN. Inspire Investing LLC grew its holdings in shares of Coinbase Global by 33.2% in the third quarter. Inspire Investing LLC now owns 1,587 shares of the cryptocurrency exchange’s stock worth $283,000 after purchasing an additional 396 shares during the last quarter. Creative Planning grew its holdings in Coinbase Global by 42.5% during the 3rd quarter. Creative Planning now owns 71,545 shares of the cryptocurrency exchange’s stock worth $12,747,000 after acquiring an additional 21,335 shares in the last quarter. Global Retirement Partners LLC grew its holdings in Coinbase Global by 135.1% during the 3rd quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after acquiring an additional 1,540 shares in the last quarter. V Square Quantitative Management LLC bought a new position in Coinbase Global during the 3rd quarter worth about $55,000. Finally, Blue Trust Inc. grew its holdings in Coinbase Global by 122.2% during the 3rd quarter. Blue Trust Inc. now owns 7,503 shares of the cryptocurrency exchange’s stock worth $1,337,000 after acquiring an additional 4,127 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors.

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.