Stock Traders Buy High Volume of Coinbase Global Call Options (NASDAQ:COIN)

Coinbase Global, Inc. (NASDAQ:COIN) was the target of some unusual options trading on Friday. Stock traders acquired 346,763 call options on the stock. This represents an increase of approximately 36% compared to the typical volume of 255,168 call options.

Insider Buying and Selling at Coinbase Global

In other news, CAO Jennifer N. Jones sold 1,837 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $295.02, for a total value of $541,951.74. Following the sale, the chief accounting officer now owns 1,160 shares of the company’s stock, valued at approximately $342,223.20. This represents a 61.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Alesia J. Haas sold 20,000 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $300.00, for a total transaction of $6,000,000.00. Following the completion of the sale, the chief financial officer now directly owns 124,470 shares of the company’s stock, valued at approximately $37,341,000. The trade was a 13.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 347,033 shares of company stock worth $102,613,277 in the last quarter. 23.43% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

Several large investors have recently made changes to their positions in the company. Acadian Asset Management LLC purchased a new position in Coinbase Global during the second quarter worth approximately $422,000. Envestnet Asset Management Inc. increased its position in Coinbase Global by 14.8% during the second quarter. Envestnet Asset Management Inc. now owns 44,847 shares of the cryptocurrency exchange’s stock worth $9,966,000 after purchasing an additional 5,767 shares during the last quarter. Wealth Alliance purchased a new position in Coinbase Global during the second quarter worth about $230,000. Mercer Global Advisors Inc. ADV boosted its holdings in Coinbase Global by 26.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 12,118 shares of the cryptocurrency exchange’s stock valued at $2,697,000 after purchasing an additional 2,565 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Coinbase Global by 6.6% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,570 shares of the cryptocurrency exchange’s stock valued at $571,000 after buying an additional 160 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Price Performance

COIN traded up $13.85 during midday trading on Friday, hitting $295.48. 11,250,894 shares of the company traded hands, compared to its average volume of 7,827,058. The business has a 50 day simple moving average of $290.71 and a two-hundred day simple moving average of $230.81. Coinbase Global has a 52-week low of $114.51 and a 52-week high of $349.75. The company has a market capitalization of $73.97 billion, a price-to-earnings ratio of 50.42 and a beta of 3.59. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. The company’s quarterly revenue was up 78.8% on a year-over-year basis. On average, equities analysts forecast that Coinbase Global will post 4.69 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. B. Riley started coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective for the company. Oppenheimer lowered their target price on shares of Coinbase Global from $358.00 to $334.00 and set an “outperform” rating for the company in a research note on Friday. Piper Sandler boosted their price target on Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. The Goldman Sachs Group dropped their price objective on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Finally, Mizuho upped their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $282.83.

About Coinbase Global

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.