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

Coinbase Global, Inc. (NASDAQ:COIN) was the target of some unusual options trading on Thursday. Traders bought 268,721 call options on the stock. This represents an increase of approximately 62% compared to the average volume of 166,342 call options.

Coinbase Global Stock Up 7.7 %

COIN opened at $179.93 on Friday. Coinbase Global has a 12 month low of $69.95 and a 12 month high of $283.48. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The business’s 50-day moving average price is $193.09 and its 200-day moving average price is $219.75. The company has a market cap of $44.71 billion, a P/E ratio of 35.91 and a beta of 3.36.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the business posted ($0.42) EPS. The firm’s revenue for the quarter was up 104.8% on a year-over-year basis. On average, equities analysts expect that Coinbase Global will post 3.96 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other news, CAO Jennifer N. Jones sold 450 shares of Coinbase Global stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $225.70, for a total value of $101,565.00. Following the completion of the transaction, the chief accounting officer now owns 1,686 shares in the company, valued at $380,530.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $220.31, for a total value of $5,083,653.25. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $115,883.06. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Jennifer N. Jones sold 450 shares of Coinbase Global stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $225.70, for a total value of $101,565.00. Following the transaction, the chief accounting officer now directly owns 1,686 shares of the company’s stock, valued at approximately $380,530.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 100,062 shares of company stock valued at $20,584,974. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Several hedge funds and other institutional investors have recently modified their holdings of the company. Fifth Third Bancorp increased its holdings in 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 purchasing an additional 55 shares during the period. Versant Capital Management Inc raised its holdings in shares of Coinbase Global by 75.0% during the second 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 in the last quarter. Larson Financial Group LLC raised its holdings in shares of Coinbase Global by 12.1% during the second 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 in the last quarter. Benjamin Edwards Inc. lifted its stake in Coinbase Global by 3.1% in the second quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock worth $446,000 after acquiring an additional 61 shares during the period. Finally, Capital Advisors Wealth Management LLC boosted its holdings in Coinbase Global by 4.6% in the second 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 in the last quarter. 68.84% of the stock is owned by institutional investors.

Analyst Ratings Changes

COIN has been the topic of several research analyst reports. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Friday, August 2nd. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and raised their price target for the company from $260.00 to $345.00 in a report on Tuesday, July 23rd. The Goldman Sachs Group cut 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. Compass Point lowered their target price on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Finally, HC Wainwright dropped their target price on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $246.06.

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.