Coinbase shares fell 3.2% over the past week despite a monthly gain of 10.3%. Short interest dropped to 10.2% of float as bears trimmed positions before the crypto exchange's April 30 earnings call. Analyst opinion remains mixed after recent target-price cuts.
COIN closed at $199.77 on April 24, up 0.9% on the day. The stock retreated 3.2% over the past week but held a monthly gain of 10.3%. Shares traded near $200 after climbing from the $180 level in mid-March.
Short interest stood at 23.2 million shares on April 23, or 10.2% of float. That marks a 2.7% decline from the prior week and a 6.3% drop from a month ago. The current level sits near the low end of the past 30 days. Short sellers covered steadily through March and early April. FINRA reported 25.2 million shares short as of the April 15 settlement date, with days to cover at 2.8.
Cost to borrow registered 0.41% on April 23, down 1.9% week-over-week but up 11.2% from a month ago. CTB bounced between 0.32% and 0.53% over the past 30 days. The current reading sits below mid-April peaks around 0.52%.
Utilisation reached 26.1% on April 23, below the 52-week high of 29.3% hit on April 1. The metric climbed from 21.3% in mid-March to near 28% in mid-April before easing. Over the past week utilisation fluctuated between 25.4% and 27.5%.
The put/call ratio stood at 0.66 on April 24, below the 20-day mean of 0.68. The z-score of -0.46 indicates a modest tilt toward calls relative to recent trading. PCR traded in a 0.61–0.78 range over the past month, with the current level near the lower end. The 52-week high reached 0.90 and the low hit 0.59.
The mean price target sits at $240.76, implying upside from the current price. Recent firm changes show divergent views. Cantor Fitzgerald raised its target to $250 from $221 on April 21, maintaining Overweight. Piper Sandler lifted its Neutral-rated target to $180 from $150 on April 15. Citizens lowered its target to $355 from $400 on April 10, keeping Market Outperform. Barclays downgraded to Underweight on April 8, cutting the target to $140 from $148.
Earlier moves saw Goldman Sachs trim to $235 from $270 on March 26 while holding Buy. Bernstein cut to $330 from $440 on March 30, staying at Outperform. Baird raised its Neutral target to $215 from $165 on March 17.
Bull commentary from Benzinga noted Coinbase's 23% year-over-year jump in subscription and services revenue to $2.8 billion for full-year 2025, surpassing prior cycle peaks. Institutional transaction revenue rose 37% sequentially to $185 million, driven by derivatives demand. Bear commentary flagged 4Q25 net revenue of $1.71 billion missing consensus, down 5% sequentially. The firm revised FY'26 transaction revenue estimates lower to $4.34 billion, citing lower trading volumes.
The P/E ratio stood at 52.6 on April 24, up 10.1 points over the past 30 days. EV/EBITDA registered 17.8, down 0.9 from a month ago. The price-to-book ratio of 3.5 rose 0.3 over the past month.
Factor scores placed Coinbase at the 4th percentile for EPS momentum (30-day and 90-day) and EPS surprise. The stock ranked at the 47th percentile for 12-month forward EPS growth. Analyst recommendation differential sat at the 5th percentile. Short score rank came in at the 14th percentile, while sector score reached the 83rd percentile. Days-to-cover ranked at the 42nd percentile, utilisation at the 24th.
Vanguard held 26.4 million shares as of March 31, adding 184,000 shares. BlackRock increased its stake by 966,000 shares to 17.0 million. State Street added 153,000 shares to reach 9.5 million. Geode Capital lifted its position by 189,000 shares to 6.1 million. ARK Investment Management added 146,000 shares to 2.5 million. Capital Research and Management built a 1.7 million share position, up 1.4 million from the prior quarter.
Co-founder Brian Armstrong held 25.6 million shares, unchanged since early January. Co-founder Frederick Ehrsam trimmed 5,500 shares to 14.7 million in mid-January.
Insiders sold a net 215,671 shares over the past 90 days, valued at $36.8 million. CFO Alesia Haas sold 10,020 shares at $200 on April 16 for $2.0 million. She sold a similar block on March 16 at $201.59 for $2.0 million and again on March 4 at $200. Chief Legal Officer Paul Grewal executed smaller transactions in late February, totaling under $200,000.
Coinbase reports earnings on April 30 at 8:00 PM UTC. The print will offer updated transaction revenue, subscription revenue, and institutional derivatives volume. Crypto market volatility and regulatory developments will shape Q1 results and forward guidance.
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