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

Coinbase Global, Inc. (NASDAQ:COIN) was the target of some unusual options trading on Wednesday. Traders acquired 546,138 call options on the stock. This is an increase of 137% compared to the average volume of 230,316 call options.

Coinbase Global Price Performance

Shares of COIN opened at $295.29 on Thursday. The firm has a market cap of $74.97 billion, a PE ratio of 55.30, a P/E/G ratio of 18.50 and a beta of 3.61. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40. The firm has a fifty day simple moving average of $227.26 and a two-hundred day simple moving average of $241.11. Coinbase Global has a 1-year low of $142.58 and a 1-year high of $349.75.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). The company had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. Coinbase Global’s quarterly revenue was up 24.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.53 earnings per share. On average, equities analysts anticipate that Coinbase Global will post 7.22 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $198.15, for a total value of $1,981,500.00. Following the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $104,226.90. The trade was a 95.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total value of $7,622,597.56. Following the completion of the sale, the director now directly owns 10,417 shares in the company, valued at approximately $2,632,167.56. This represents a 74.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 228,538 shares of company stock valued at $51,299,116. 17.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

A number of hedge funds have recently added to or reduced their stakes in COIN. Allspring Global Investments Holdings LLC increased its stake in shares of Coinbase Global by 4.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 8,592 shares of the cryptocurrency exchange’s stock worth $2,210,000 after purchasing an additional 356 shares in the last quarter. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Coinbase Global in the 4th quarter worth $236,000. Everhart Financial Group Inc. purchased a new stake in shares of Coinbase Global in the 4th quarter worth $234,000. Principal Securities Inc. increased its stake in shares of Coinbase Global by 35.3% in the 4th quarter. Principal Securities Inc. now owns 1,032 shares of the cryptocurrency exchange’s stock worth $256,000 after purchasing an additional 269 shares in the last quarter. Finally, Allworth Financial LP increased its stake in shares of Coinbase Global by 4.1% in the 4th quarter. Allworth Financial LP now owns 2,265 shares of the cryptocurrency exchange’s stock worth $562,000 after purchasing an additional 90 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on COIN. JPMorgan Chase & Co. dropped their price target on Coinbase Global from $276.00 to $215.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Rosenblatt Securities restated a “buy” rating and issued a $300.00 price objective on shares of Coinbase Global in a report on Monday. William Blair initiated coverage on shares of Coinbase Global in a report on Wednesday, June 11th. They issued an “outperform” rating for the company. Mizuho decreased their price objective on shares of Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Coinbase Global from $183.00 to $205.00 and gave the stock a “market perform” rating in a report on Friday, May 9th. Eleven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $271.88.

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.