Coinbase Global, Inc. (NASDAQ:COIN) was the recipient of a large growth in short interest in September. As of September 30th, there was short interest totalling 5,580,000 shares, a growth of 24.0% from the September 15th total of 4,500,000 shares. Based on an average daily volume of 3,850,000 shares, the short-interest ratio is currently 1.4 days. Approximately 3.9% of the shares of the stock are sold short.
Several research firms have recently issued reports on COIN. Redburn Partners began coverage on Coinbase Global in a report on Thursday, August 5th. They set a “buy” rating on the stock. Wedbush raised their price objective on Coinbase Global from $275.00 to $300.00 and gave the stock an “outperform” rating in a report on Wednesday, August 11th. Zacks Investment Research upgraded Coinbase Global from a “sell” rating to a “hold” rating in a report on Friday, August 13th. JMP Securities lifted their target price on Coinbase Global from $300.00 to $330.00 and gave the company an “outperform” rating in a report on Thursday, October 14th. Finally, Oppenheimer reiterated a “buy” rating and issued a $444.00 target price on shares of Coinbase Global in a report on Wednesday, October 6th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $356.21.
In other Coinbase Global news, CAO Jennifer N. Jones sold 4,918 shares of the stock in a transaction on Thursday, August 12th. The stock was sold at an average price of $259.38, for a total transaction of $1,275,630.84. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Paul Grewal sold 46,289 shares of the stock in a transaction on Tuesday, August 31st. The shares were sold at an average price of $259.05, for a total value of $11,991,165.45. Following the sale, the insider now owns 33,746 shares in the company, valued at approximately $8,741,901.30. The disclosure for this sale can be found here. Insiders sold a total of 938,604 shares of company stock valued at $243,067,560 over the last ninety days.
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A number of hedge funds have recently modified their holdings of COIN. ARK Investment Management LLC acquired a new position in shares of Coinbase Global during the second quarter worth approximately $1,422,891,000. Vanguard Group Inc. acquired a new position in shares of Coinbase Global during the second quarter worth approximately $1,301,556,000. Nikko Asset Management Americas Inc. bought a new stake in Coinbase Global during the second quarter worth approximately $859,736,000. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Coinbase Global during the second quarter worth approximately $830,242,000. Finally, FMR LLC bought a new stake in Coinbase Global during the second quarter worth approximately $341,269,000. Institutional investors own 20.26% of the company’s stock.
Shares of NASDAQ COIN opened at $293.34 on Tuesday. Coinbase Global has a 1 year low of $208.00 and a 1 year high of $429.54. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.47 and a current ratio of 1.47. The stock’s 50-day simple moving average is $252.10.
Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Monday, August 9th. The cryptocurrency exchange reported $6.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.26 by $4.16. The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $1.83 billion. Coinbase Global’s quarterly revenue was up 1040.2% compared to the same quarter last year. Equities research analysts anticipate that Coinbase Global will post 13.96 earnings per share for the current year.
Coinbase Global Company Profile
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy. The company provides primary financial account for the cryptoeconomy, a platform to invest, store, spend, earn, and use crypto assets; an online marketplace for hedge funds, money managers, and corporations; and a platform with technology and services to developers, merchants, and asset issuers that enables them to build applications that leverage crypto protocols.
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