Coinbase Global Target of Unusually Large Options Trading (NASDAQ:COIN)

Coinbase Global, Inc. (NASDAQ:COIN) was the recipient of unusually large options trading on Thursday. Traders purchased 307,726 call options on the stock. This is an increase of approximately 67% compared to the typical daily volume of 184,433 call options.

Coinbase Global Price Performance

Coinbase Global stock opened at $182.88 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03. Coinbase Global has a 52 week low of $80.81 and a 52 week high of $283.48. The stock has a market capitalization of $45.44 billion, a P/E ratio of 31.21 and a beta of 3.35. The stock has a fifty day moving average of $180.98 and a 200-day moving average of $208.73.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a return on equity of 15.38% and a net margin of 29.76%. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the firm posted ($0.42) EPS. The firm’s revenue was up 104.8% compared to the same quarter last year. On average, sell-side analysts expect that Coinbase Global will post 4.11 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on COIN shares. Bank of America lifted their price target on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research note on Thursday. HC Wainwright restated a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a report on Tuesday. B. Riley initiated coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target on the stock. The Goldman Sachs Group decreased their price objective on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. Finally, Needham & Company LLC increased their price target on Coinbase Global from $260.00 to $290.00 and gave the company a “buy” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $246.28.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 16,962 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the sale, the insider now owns 75,556 shares in the company, valued at $15,637,069.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $188.94, for a total transaction of $283,410.00. Following the completion of the transaction, the chief operating officer now directly owns 197,101 shares in the company, valued at approximately $37,240,262.94. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Grewal sold 16,962 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the sale, the insider now directly owns 75,556 shares of the company’s stock, valued at $15,637,069.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 79,687 shares of company stock valued at $14,908,594. 23.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC boosted its holdings in shares of Coinbase Global by 135.1% during the 3rd quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock valued at $477,000 after acquiring an additional 1,540 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Coinbase Global during the second quarter valued at about $2,908,000. Intech Investment Management LLC grew its holdings in shares of Coinbase Global by 454.3% during the first quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock worth $10,752,000 after purchasing an additional 33,240 shares during the last quarter. QRG Capital Management Inc. increased its stake in shares of Coinbase Global by 130.5% in the second quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock valued at $2,156,000 after buying an additional 5,493 shares during the period. Finally, Blue Trust Inc. raised its holdings in Coinbase Global by 122.2% in the 3rd quarter. Blue Trust Inc. now owns 7,503 shares of the cryptocurrency exchange’s stock valued at $1,337,000 after buying an additional 4,127 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.