Traders Purchase Large Volume of Coinbase Global Call Options (NASDAQ:COIN)

Coinbase Global, Inc. (NASDAQ:COIN) saw unusually large options trading on Friday. Stock traders purchased 296,613 call options on the stock. This is an increase of 36% compared to the average volume of 218,520 call options.

Analyst Upgrades and Downgrades

A number of research firms have commented on COIN. JPMorgan Chase & Co. reduced 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. Monness Crespi & Hardt lowered Coinbase Global from a “buy” rating to a “neutral” rating in a research report on Tuesday. Piper Sandler boosted their target price on shares of Coinbase Global from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Friday. Canaccord Genuity Group restated a “buy” rating and set a $400.00 price objective on shares of Coinbase Global in a research note on Friday. Finally, Oppenheimer cut their target price on Coinbase Global from $279.00 to $269.00 and set an “outperform” rating on the stock in a research note on Friday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $268.65.

Coinbase Global Stock Down 3.4 %

COIN stock opened at $199.47 on Friday. Coinbase Global has a twelve month low of $142.58 and a twelve month high of $349.75. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $50.64 billion, a PE ratio of 21.00 and a beta of 3.62. The stock has a 50-day simple moving average of $187.38 and a two-hundred day simple moving average of $242.76.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter last year, the business posted $2.53 EPS. The business’s revenue was up 24.2% compared to the same quarter last year. On average, equities analysts predict that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $200.54, for a total transaction of $5,013,500.00. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $105,484.04. The trade was a 97.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alesia J. Haas sold 7,575 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the sale, the chief financial officer now owns 114,866 shares in the company, valued at approximately $22,973,200. The trade was a 6.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 153,742 shares of company stock valued at $32,639,759. 23.43% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors have recently modified their holdings of the company. SOA Wealth Advisors LLC. increased its position in Coinbase Global by 17.7% during the 4th quarter. SOA Wealth Advisors LLC. now owns 266 shares of the cryptocurrency exchange’s stock valued at $66,000 after buying an additional 40 shares in the last quarter. Farther Finance Advisors LLC raised its stake in Coinbase Global by 4.3% during the 4th quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange’s stock valued at $239,000 after buying an additional 40 shares during the last quarter. Yousif Capital Management LLC lifted its holdings in Coinbase Global by 1.7% in the fourth quarter. Yousif Capital Management LLC now owns 2,559 shares of the cryptocurrency exchange’s stock valued at $635,000 after acquiring an additional 44 shares during the period. Capital Advisors Wealth Management LLC grew its position in Coinbase Global by 3.2% during the fourth quarter. Capital Advisors Wealth Management LLC now owns 1,470 shares of the cryptocurrency exchange’s stock valued at $365,000 after buying an additional 45 shares during the period. Finally, IPG Investment Advisors LLC increased its stake in shares of Coinbase Global by 2.0% in the 4th quarter. IPG Investment Advisors LLC now owns 2,261 shares of the cryptocurrency exchange’s stock worth $561,000 after purchasing an additional 45 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors.

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.