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

Coinbase Global, Inc. (NASDAQ:COIN) was the target of a large decrease in short interest in the month of June. As of June 15th, there was short interest totalling 9,280,000 shares, a decrease 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. Approximately 4.9% of the shares of the stock are short sold.

Coinbase Global Trading Down 2.5 %

Coinbase Global stock traded down $5.86 during midday trading on Tuesday, reaching $227.51. 4,391,436 shares of the stock traded hands, compared to its average volume of 11,792,904. The company has a 50-day simple moving average of $227.67 and a two-hundred day simple moving average of $203.32. Coinbase Global has a 12-month low of $69.63 and a 12-month high of $283.48. The firm has a market cap of $55.87 billion, a PE ratio of 45.41 and a beta of 3.40. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.52.

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

Insider Transactions at Coinbase Global

In other news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $195.90, for a total transaction of $293,850.00. Following the completion of the transaction, the chief operating officer now directly owns 204,436 shares of the company’s stock, valued at approximately $40,049,012.40. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $195.90, for a total transaction of $293,850.00. Following the completion of the transaction, the chief operating officer now directly owns 204,436 shares of the company’s stock, valued at approximately $40,049,012.40. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Alesia J. Haas sold 4,200 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $247.54, for a total value of $1,039,668.00. Following the transaction, the chief financial officer now directly owns 192,622 shares of the company’s stock, valued at $47,681,649.88. The disclosure for this sale can be found here. Insiders sold a total of 353,141 shares of company stock valued at $78,864,413 in the last three months. 23.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently made changes to their positions in COIN. Barrett & Company Inc. purchased a new position in shares of Coinbase Global in the 4th quarter valued at about $26,000. Creekmur Asset Management LLC purchased a new position in shares of Coinbase Global in the 4th quarter valued at about $27,000. Concord Wealth Partners boosted its stake 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 valued at $30,000 after buying an additional 87 shares during the period. Geneos Wealth Management Inc. boosted its stake 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 valued at $30,000 after buying an additional 100 shares during the period. Finally, Mather Group LLC. purchased a new position in shares of Coinbase Global in the 1st quarter valued at about $32,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Wall Street Analysts Forecast Growth

COIN has been the subject of several research reports. Keefe, Bruyette & Woods boosted their price target on Coinbase Global from $230.00 to $240.00 and gave the stock a “market perform” rating in a research report on Friday, May 3rd. The Goldman Sachs Group dropped their price target on Coinbase Global from $295.00 to $255.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Mizuho upped their target price on Coinbase Global from $84.00 to $145.00 and gave the company an “underperform” rating in a report on Friday, April 12th. Wedbush upped their target price on Coinbase Global from $200.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Finally, Piper Sandler upped their target price on Coinbase Global from $225.00 to $245.00 and gave the company a “neutral” rating in a report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $215.50.

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.