Investors Buy Large Volume of Coinbase Global Call Options (NASDAQ:COIN)

Coinbase Global, Inc. (NASDAQ:COIN) was the recipient of some unusual options trading on Thursday. Stock traders bought 268,721 call options on the company. This represents an increase of 62% compared to the typical daily volume of 166,342 call options.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Barclays raised Coinbase Global from an “underweight” rating to an “equal weight” rating and cut their price objective for the stock from $206.00 to $169.00 in a research report on Friday, September 6th. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Compass Point dropped their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. JMP Securities reissued a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a report on Friday, August 2nd. Finally, HC Wainwright dropped their target price on Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $246.06.

Coinbase Global Stock Performance

Shares of NASDAQ COIN traded up $13.53 during midday trading on Thursday, reaching $180.61. 10,808,382 shares of the company were exchanged, compared to its average volume of 10,406,536. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. Coinbase Global has a 1 year low of $69.95 and a 1 year high of $283.48. The stock has a fifty day simple moving average of $194.16 and a 200 day simple moving average of $220.03. The stock has a market cap of $44.88 billion, a P/E ratio of 35.92 and a beta of 3.36.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the business earned ($0.42) EPS. The business’s quarterly revenue was up 104.8% compared to the same quarter last year. On average, research analysts forecast that Coinbase Global will post 3.96 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $235.75, for a total transaction of $2,357,500.00. Following the transaction, the insider now directly owns 71,195 shares in the company, valued at $16,784,221.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $233.00, for a total transaction of $349,500.00. Following the sale, the chief operating officer now owns 194,971 shares of the company’s stock, valued at $45,428,243. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $235.75, for a total value of $2,357,500.00. Following the sale, the insider now directly owns 71,195 shares in the company, valued at approximately $16,784,221.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 101,562 shares of company stock worth $20,920,899. Insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp lifted its position in shares of Coinbase Global by 0.4% during the 2nd quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock valued at $2,777,000 after acquiring an additional 55 shares during the period. Versant Capital Management Inc lifted its position in shares of Coinbase Global by 75.0% during the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 57 shares during the period. Larson Financial Group LLC lifted its position in shares of Coinbase Global by 12.1% during the 2nd quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock valued at $118,000 after acquiring an additional 57 shares during the period. Benjamin Edwards Inc. lifted its position in shares of Coinbase Global by 3.1% during the 2nd quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock valued at $446,000 after acquiring an additional 61 shares during the period. Finally, Capital Advisors Wealth Management LLC lifted its position in shares of Coinbase Global by 4.6% during the 2nd quarter. Capital Advisors Wealth Management LLC now owns 1,413 shares of the cryptocurrency exchange’s stock valued at $314,000 after acquiring an additional 62 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.