Coinbase Global, Inc. (NASDAQ:COIN) Short Interest Down 6.7% in June

Coinbase Global, Inc. (NASDAQ:COIN) was the target of a large drop in short interest in the month of June. As of June 15th, there was short interest totalling 9,280,000 shares, a drop of 6.7% from the May 31st total of 9,950,000 shares. Based on an average daily trading volume, of 9,040,000 shares, the days-to-cover ratio is currently 1.0 days. Currently, 4.9% of the company’s stock are sold short.

Coinbase Global Stock Performance

Coinbase Global stock traded down $5.86 during mid-day trading on Tuesday, hitting $227.51. 4,391,436 shares of the company’s stock traded hands, compared to its average volume of 11,792,904. The firm has a 50 day moving average price of $227.67 and a 200 day moving average price of $203.32. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52. The company has a market cap of $55.87 billion, a PE ratio of 45.41 and a beta of 3.40. Coinbase Global has a one year low of $69.63 and a one year high of $283.48.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.61. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. On average, equities analysts forecast that Coinbase Global will post 5.01 EPS for the current year.

Insider Activity at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $256.30, for a total transaction of $5,914,122.50. Following the completion of the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $134,813.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 16,380 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $256.19, for a total transaction of $4,196,392.20. Following the completion of the sale, the director now owns 4,662 shares in the company, valued at approximately $1,194,357.78. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $256.30, for a total value of $5,914,122.50. Following the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $134,813.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 353,141 shares of company stock worth $78,864,413. 23.43% of the stock is currently owned by company insiders.

Institutional Trading of Coinbase Global

Several hedge funds have recently added to or reduced their stakes in COIN. Barrett & Company Inc. bought a new stake in shares of Coinbase Global in the 4th quarter worth $26,000. Creekmur Asset Management LLC acquired a new position in shares of Coinbase Global in the 4th quarter worth $27,000. Concord Wealth Partners grew its holdings in shares of Coinbase Global by 322.2% in the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 87 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Coinbase Global by 833.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 100 shares during the last quarter. Finally, Mather Group LLC. acquired a new position in shares of Coinbase Global in the 1st quarter worth $32,000. Institutional investors own 68.84% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $260.00 price objective on shares of Coinbase Global in a research note on Wednesday, June 5th. Bank of America upgraded Coinbase Global from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $110.00 to $217.00 in a research report on Friday, May 17th. Singular Research reiterated a “buy” rating on shares of Coinbase Global in a research report on Wednesday, May 8th. Piper Sandler lifted their target price on Coinbase Global from $225.00 to $245.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. Finally, Raymond James upgraded Coinbase Global from an “underperform” rating to a “market perform” rating in a research report on Tuesday, March 12th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and a consensus price target of $215.50.

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.