Coinbase Global, Inc. (NASDAQ:COIN) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totalling 30,340,000 shares, a drop of 8.2% from the July 15th total of 33,060,000 shares. Approximately 20.4% of the company’s stock are sold short. Based on an average daily trading volume, of 17,370,000 shares, the days-to-cover ratio is currently 1.7 days.
Coinbase Global Price Performance
Shares of Coinbase Global stock opened at $91.97 on Tuesday. The business’s fifty day simple moving average is $63.74 and its 200 day simple moving average is $117.80. Coinbase Global has a 12 month low of $40.83 and a 12 month high of $368.90. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.58.
Insider Buying and Selling
In other Coinbase Global news, insider Paul Grewal sold 1,090 shares of the firm’s stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $67.26, for a total value of $73,313.40. Following the completion of the transaction, the insider now directly owns 43,220 shares in the company, valued at $2,906,977.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Coinbase Global news, insider Paul Grewal sold 1,090 shares of the firm’s stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $67.26, for a total value of $73,313.40. Following the completion of the transaction, the insider now directly owns 43,220 shares in the company, valued at $2,906,977.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Tobias Lutke purchased 3,930 shares of the firm’s stock in a transaction on Thursday, August 11th. The stock was bought at an average price of $97.24 per share, with a total value of $382,153.20. Following the completion of the purchase, the director now owns 29,430 shares of the company’s stock, valued at $2,861,773.20. The disclosure for this purchase can be found here. 36.10% of the stock is owned by corporate insiders.
Institutional Trading of Coinbase Global
A number of large investors have recently bought and sold shares of the company. Center for Financial Planning Inc. lifted its stake in Coinbase Global by 40.2% during the fourth quarter. Center for Financial Planning Inc. now owns 178 shares of the cryptocurrency exchange’s stock worth $45,000 after purchasing an additional 51 shares during the last quarter. Blue Square Asset Management LLC grew its holdings in shares of Coinbase Global by 1.1% during the 4th quarter. Blue Square Asset Management LLC now owns 4,701 shares of the cryptocurrency exchange’s stock worth $1,186,000 after acquiring an additional 51 shares during the period. ProShare Advisors LLC grew its holdings in shares of Coinbase Global by 2.7% during the 4th quarter. ProShare Advisors LLC now owns 2,535 shares of the cryptocurrency exchange’s stock worth $640,000 after acquiring an additional 67 shares during the period. Hilltop Holdings Inc. grew its stake in shares of Coinbase Global by 2.8% in the 4th quarter. Hilltop Holdings Inc. now owns 2,540 shares of the cryptocurrency exchange’s stock worth $641,000 after buying an additional 70 shares during the last quarter. Finally, Epic Trust Investment Advisors LLC grew its stake in shares of Coinbase Global by 6.4% in the 1st quarter. Epic Trust Investment Advisors LLC now owns 1,250 shares of the cryptocurrency exchange’s stock worth $237,000 after buying an additional 75 shares during the last quarter. 39.01% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research analysts have recently commented on COIN shares. JMP Securities reduced their target price on Coinbase Global from $205.00 to $195.00 and set a “market outperform” rating for the company in a research note on Wednesday, August 10th. Redburn Partners downgraded Coinbase Global from a “buy” rating to a “neutral” rating in a research note on Thursday, June 23rd. Piper Sandler reduced their target price on Coinbase Global from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, August 10th. The Goldman Sachs Group lifted their target price on Coinbase Global from $45.00 to $51.00 and gave the stock a “sell” rating in a research note on Thursday, August 11th. Finally, Moffett Nathanson reduced their target price on Coinbase Global from $600.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, May 24th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $167.19.
About Coinbase Global
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Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.
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