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

Coinbase Global, Inc. (NASDAQ:COIN) saw 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. Based on an average daily trading volume, of 9,710,000 shares, the short-interest ratio is currently 1.0 days. Currently, 4.9% of the shares of the stock are short sold.

Insider Buying and Selling

In other Coinbase Global news, insider Paul Grewal sold 10,978 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total transaction 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 represents a 11.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Frederick Ernest Ehrsam III sold 7,614 shares of the company’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 value 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 219,455 shares of company stock worth $60,955,968. Corporate insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Coinbase Global by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange’s stock valued at $4,573,462,000 after purchasing an additional 128,802 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Coinbase Global by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock valued at $882,822,000 after purchasing an additional 127,075 shares during the last quarter. Clear Street Derivatives LLC purchased a new position in Coinbase Global in the 3rd quarter worth $409,919,000. Norges Bank purchased a new position in Coinbase Global in the 4th quarter worth $536,484,000. Finally, Groupama Asset Managment purchased a new position in Coinbase Global in the 4th quarter worth $372,450,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Down 4.1 %

NASDAQ COIN traded down $7.82 during midday trading on Tuesday, hitting $181.14. 7,333,403 shares of the company traded hands, compared to its average volume of 9,756,237. Coinbase Global has a 52 week low of $146.12 and a 52 week high of $349.75. The company’s 50-day simple moving average is $253.10 and its 200-day simple moving average is $241.15. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. The company has a market cap of $45.99 billion, a PE ratio of 19.07 and a beta of 3.66.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 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%. As a group, equities research analysts forecast that Coinbase Global will post 7.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $330.00 target price on shares of Coinbase Global in a research note on Thursday, February 13th. Monness Crespi & Hardt set a $420.00 target price on Coinbase Global in a research note on Tuesday, February 18th. HC Wainwright reissued a “buy” rating and issued a $350.00 price objective on shares of Coinbase Global in a research note on Friday, February 21st. Piper Sandler increased their price objective on Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Finally, The Goldman Sachs Group dropped their price objective on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average 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.