Shares of Coinbase Global Are Skyrocketing - Can This Trend Continue?

Shares of Coinbase Global rose to $74.97 during today's afternoon trading session. Despite the 2.6% change, the large-cap Diversified Financial company still trades 18641.25% above its average analyst target price of $0.4. So there may be further downside for the Diversified Financial stock. Coinbase Global has target prices ranging from $0.4 to $0.4 per share, and its average rating is buy.

The stock has an above average percentage of its shares sold short at 13.2%, and a short ratio of 3.03. The company's insiders own 4.19% of its outstanding shares, which indicates a strong alignment between management and shareholder interests. Finally, we also note that an average number of institutional investors are invested in the stock, with 59.3% of Coinbase Global's shares being owned by this investor type.

Institutions Invested in Coinbase Global

Date Reported Holder Percentage Shares Value
2023-06-30 Vanguard Group Inc 7% 13,696,709 $1,026,773,740
2023-09-30 ARK Investment Management, LLC 6% 10,603,564 $794,896,136
2023-06-30 Sumitomo Mitsui Trust Holdings, Inc. 5% 9,166,044 $687,132,454
2023-06-30 Nikko Asset Management Americas, Inc. 5% 8,782,227 $658,359,614
2023-06-30 Blackrock Inc. 4% 8,021,645 $601,342,588
2023-06-30 Paradigm Operations LP 2% 4,515,596 $338,511,637
2023-06-30 State Street Corporation 2% 3,634,815 $272,483,893
2023-06-30 Renaissance Technologies, LLC 2% 3,057,000 $229,167,993
2023-06-30 Morgan Stanley 1% 2,768,439 $207,536,019
2023-06-30 Geode Capital Management, LLC 1% 2,510,007 $188,162,665

Besides an analyst belief that shares are overpriced, other market factors point to there being mixed market sentiment on Coinbase Global.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.

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