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

Coinbase Global, Inc. (NASDAQ:COIN) was the recipient of some unusual options trading on Friday. Traders bought 296,613 call options on the stock. This is an increase of approximately 36% compared to the average daily volume of 218,520 call options.

Coinbase Global Trading Down 3.4 %

NASDAQ:COIN opened at $199.47 on Friday. Coinbase Global has a 12-month low of $142.58 and a 12-month high of $349.75. The firm has a market cap of $50.64 billion, a PE ratio of 21.00 and a beta of 3.62. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. The stock has a fifty day moving average price of $187.38 and a 200 day moving average price of $243.06.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). The company had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.22 billion. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The business’s quarterly revenue was up 24.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.53 EPS. Sell-side analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $275.26, for a total value of $6,881,500.00. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $144,786.76. This represents a 97.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 10,978 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the sale, the insider now owns 83,313 shares of the company’s stock, valued at approximately $17,656,524.09. The trade was a 11.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 153,742 shares of company stock valued at $32,639,759. 17.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Coinbase Global

Large investors have recently modified their holdings of the company. Headlands Technologies LLC acquired a new position in shares of Coinbase Global during the first quarter worth $1,294,000. Charles Schwab Investment Management Inc. boosted its position in shares of Coinbase Global by 1.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 951,848 shares of the cryptocurrency exchange’s stock worth $163,937,000 after acquiring an additional 16,816 shares in the last quarter. ASR Vermogensbeheer N.V. purchased a new position in shares of Coinbase Global in the 1st quarter valued at about $1,932,000. Citizens Financial Group Inc. RI purchased a new stake in Coinbase Global during the first quarter worth approximately $497,000. Finally, Vanguard Group Inc. lifted its stake in Coinbase Global by 4.8% during the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock worth $3,323,084,000 after purchasing an additional 875,359 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Keefe, Bruyette & Woods raised their price target on shares of Coinbase Global from $183.00 to $205.00 and gave the stock a “market perform” rating in a report on Friday. The Goldman Sachs Group initiated coverage on Coinbase Global in a research report on Thursday, March 20th. They issued a “neutral” rating and a $195.00 target price on the stock. JMP Securities reiterated a “market outperform” rating and set a $400.00 price target on shares of Coinbase Global in a report on Thursday. Benchmark started coverage on shares of Coinbase Global in a report on Wednesday, April 23rd. They issued a “buy” rating and a $252.00 price objective on the stock. Finally, Compass Point reaffirmed a “sell” rating and set a $180.00 target price on shares of Coinbase Global in a research note on Monday, April 28th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $268.65.

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.