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

Coinbase Global, Inc. (NASDAQ:COIN) was the recipient of a large increase in short interest in May. As of May 15th, there was short interest totalling 12,670,000 shares, an increase of 28.2% from the April 30th total of 9,880,000 shares. Based on an average daily volume of 11,130,000 shares, the days-to-cover ratio is presently 1.1 days. Currently, 6.3% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on COIN. Mizuho reduced their target price on Coinbase Global from $280.00 to $217.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. JPMorgan Chase & Co. cut their price objective on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Citigroup reiterated a "neutral" rating on shares of Coinbase Global in a report on Thursday, May 8th. Canaccord Genuity Group restated a "buy" rating and issued a $400.00 price target on shares of Coinbase Global in a report on Friday, May 9th. Finally, Oppenheimer set a $293.00 price target on shares of Coinbase Global in a research report on Thursday, May 15th. Eleven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $266.10.

Coinbase Global Stock Performance

COIN traded down $9.16 during trading hours on Thursday, hitting $246.84. 7,919,671 shares of the stock were exchanged, compared to its average volume of 10,138,328. Coinbase Global has a 12 month low of $142.58 and a 12 month high of $349.75. The stock has a 50-day simple moving average of $209.73 and a 200-day simple moving average of $244.84. 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 stock has a market cap of $62.67 billion, a price-to-earnings ratio of 25.98 and a beta of 3.61.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The business's revenue was up 24.2% on a year-over-year basis. During the same period in the prior year, the business earned $2.53 EPS. Analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Buying and Selling

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of Coinbase Global stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value of $7,622,597.56. Following the completion of the sale, the director now directly owns 10,417 shares of the company's stock, valued at approximately $2,632,167.56. The trade was a 74.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Grewal sold 12,931 shares of Coinbase Global stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $267.29, for a total value of $3,456,326.99. Following the completion of the sale, the insider now directly owns 84,280 shares of the company's stock, valued at approximately $22,527,201.20. This represents a 13.30% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 195,717 shares of company stock worth $42,980,101. 17.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently modified their holdings of the company. First Hawaiian Bank boosted its stake in Coinbase Global by 27.4% during the 1st quarter. First Hawaiian Bank now owns 1,675 shares of the cryptocurrency exchange's stock valued at $288,000 after purchasing an additional 360 shares during the period. Inspire Investing LLC boosted its position in shares of Coinbase Global by 71.4% during the first quarter. Inspire Investing LLC now owns 1,789 shares of the cryptocurrency exchange's stock worth $308,000 after buying an additional 745 shares during the period. Strs Ohio acquired a new position in shares of Coinbase Global during the first quarter worth approximately $13,535,000. Jacobi Capital Management LLC grew its holdings in Coinbase Global by 14.0% in the 1st quarter. Jacobi Capital Management LLC now owns 1,976 shares of the cryptocurrency exchange's stock worth $340,000 after buying an additional 243 shares in the last quarter. Finally, Chelsea Counsel Co. grew its holdings in Coinbase Global by 21.3% in the 1st quarter. Chelsea Counsel Co. now owns 570 shares of the cryptocurrency exchange's stock worth $98,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

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.