Coinbase Global, Inc. (NASDAQ:COIN) was the target of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 24,380,000 shares, an increase of 8.1% from the October 15th total of 22,550,000 shares. Approximately 13.7% of the shares of the company are short sold. Based on an average daily trading volume, of 8,080,000 shares, the short-interest ratio is presently 3.0 days.
Insider Activity at Coinbase Global
In related news, Director Gokul Rajaram sold 1,145 shares of the business’s stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $74.38, for a total transaction of $85,165.10. Following the completion of the sale, the director now owns 11,703 shares of the company’s stock, valued at approximately $870,469.14. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Coinbase Global news, Director Gokul Rajaram sold 1,145 shares of the business’s stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $74.38, for a total transaction of $85,165.10. Following the completion of the transaction, the director now directly owns 11,703 shares of the company’s stock, valued at approximately $870,469.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Lawrence J. Brock sold 19,814 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $78.34, for a total transaction of $1,552,228.76. Following the transaction, the insider now directly owns 11,019 shares of the company’s stock, valued at $863,228.46. The disclosure for this sale can be found here. Insiders sold a total of 33,612 shares of company stock valued at $2,712,958 in the last quarter. Insiders own 33.16% of the company’s stock.
Institutional Investors Weigh In On Coinbase Global
A number of large investors have recently made changes to their positions in COIN. Lazard Asset Management LLC increased its stake in Coinbase Global by 3,355.6% in the 1st quarter. Lazard Asset Management LLC now owns 311 shares of the cryptocurrency exchange’s stock valued at $59,000 after buying an additional 302 shares during the period. Bradley & Co. Private Wealth Management LLC acquired a new position in Coinbase Global in the 1st quarter valued at approximately $27,000. Tyler Stone Wealth Management acquired a new position in Coinbase Global in the 2nd quarter valued at approximately $31,000. Covestor Ltd increased its stake in Coinbase Global by 9,516.7% in the 1st quarter. Covestor Ltd now owns 577 shares of the cryptocurrency exchange’s stock valued at $110,000 after buying an additional 571 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S increased its stake in Coinbase Global by 231.7% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 597 shares of the cryptocurrency exchange’s stock valued at $40,000 after buying an additional 417 shares during the period. Institutional investors and hedge funds own 45.96% of the company’s stock.
Coinbase Global Trading Up 2.2 %
Shares of COIN stock traded up $2.13 during trading hours on Friday, reaching $99.05. 7,361,960 shares of the stock traded hands, compared to its average volume of 14,480,855. Coinbase Global has a 1-year low of $31.55 and a 1-year high of $114.43. The business has a fifty day moving average price of $79.93 and a 200 day moving average price of $75.62. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $23.70 billion, a PE ratio of -30.67 and a beta of 2.65.
Analysts Set New Price Targets
COIN has been the subject of a number of analyst reports. Citigroup reduced their target price on shares of Coinbase Global from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, November 1st. The Goldman Sachs Group upped their price target on shares of Coinbase Global from $45.00 to $51.00 and gave the stock a “sell” rating in a research note on Friday, August 4th. Mizuho upped their price target on shares of Coinbase Global from $27.00 to $31.00 and gave the stock an “underperform” rating in a research note on Friday, November 10th. Canaccord Genuity Group upped their price target on shares of Coinbase Global from $70.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday, August 1st. Finally, Wedbush reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Coinbase Global in a research note on Tuesday, November 7th. Seven analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global currently has an average rating of “Hold” and an average price target of $75.64.
View Our Latest Analysis on COIN
Coinbase Global Company Profile
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. It offers the primary financial account in the cryptoeconomy for consumers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.
Further Reading
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