Coinbase Global Sees Unusually Large Options Volume (NASDAQ:COIN)

Coinbase Global, Inc. (NASDAQ:COIN) was the target of unusually large options trading activity on Friday. Traders acquired 321,330 call options on the company. This is an increase of 41% compared to the average daily volume of 228,193 call options.

Coinbase Global Stock Up 3.2 %

Shares of COIN stock traded up $9.41 during trading hours on Friday, reaching $304.64. 12,040,885 shares of the company’s stock were exchanged, compared to its average volume of 11,171,175. 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 has a fifty-two week low of $107.98 and a fifty-two week high of $341.75. The company has a market cap of $76.27 billion, a price-to-earnings ratio of 50.98 and a beta of 3.34. The stock’s 50 day moving average is $211.36 and its 200-day moving average is $214.61.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. Coinbase Global’s quarterly revenue was up 78.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.01) EPS. Analysts predict that Coinbase Global will post 4.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on COIN. JMP Securities reissued a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a report on Wednesday, October 9th. Piper Sandler reissued a “neutral” rating and set a $245.00 target price on shares of Coinbase Global in a research note on Friday, November 1st. HC Wainwright restated a “buy” rating and set a $295.00 price objective on shares of Coinbase Global in a report on Tuesday, October 29th. Mizuho raised their target price on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. Finally, Monness Crespi & Hardt started coverage on shares of Coinbase Global in a research report on Monday, October 28th. They set a “buy” rating and a $245.00 target price on the stock. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Coinbase Global presently has an average rating of “Hold” and an average price target of $251.00.

Insider Buying and Selling

In other Coinbase Global news, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares in the company, valued at $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the insider now owns 75,556 shares in the company, valued at approximately $15,637,069.76. The trade was a 18.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 194,091 shares of company stock valued at $50,033,426 over the last ninety days. Insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds have recently modified their holdings of COIN. Virtu Financial LLC acquired a new position in Coinbase Global during the third quarter worth about $3,866,000. TD Private Client Wealth LLC acquired a new position in shares of Coinbase Global in the 3rd quarter valued at $77,000. Sunbelt Securities Inc. increased its holdings in shares of Coinbase Global by 25.9% in the third quarter. Sunbelt Securities Inc. now owns 696 shares of the cryptocurrency exchange’s stock valued at $124,000 after purchasing an additional 143 shares during the period. Coldstream Capital Management Inc. boosted its holdings in shares of Coinbase Global by 17.0% in the third quarter. Coldstream Capital Management Inc. now owns 2,772 shares of the cryptocurrency exchange’s stock valued at $517,000 after acquiring an additional 402 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Coinbase Global by 10.1% during the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after acquiring an additional 314,388 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.