As Barrons's reports: "Coinbase Global and other beaten-down cryptocurrency stocks ripped higher on Wednesday, only to fall sharply on Thursday. Analysis of the wild ride suggests that "short squeeze" dynamics in a volatile market are at play, and could continue." For more coverage, read the full article here. On the back of this news, Coinbase Global sank -3.2% to a price of $32.45.
Coinbase Global, Inc. provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company belongs to the Technology sector, which has an average price to earnings (P/E) ratio of 26.5 and an average price to book (P/B) ratio of 5.57. In contrast, Coinbase Global has a trailing 12 month P/E ratio of 2.4 and a P/B ratio of 1.3.
At today's price of $32.45 per share, Coinbase Global is -65.86% away from its target price of $95.04, and on average, analysts give the stock a rating of buy. 17.6% of the company's shares are linked to short positions, and 58.4% of the shares are owned by institutional investors.