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

Coinbase Global, Inc. (NASDAQ:COIN) saw some unusual options trading on Friday. Traders acquired 321,330 call options on the stock. This is an increase of approximately 41% compared to the average volume of 228,193 call options.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $172,528. The trade was a 99.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Alesia J. Haas sold 5,250 shares of Coinbase Global stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total value of $1,025,062.50. Following the sale, the chief financial officer now owns 169,786 shares of the company’s stock, valued at approximately $33,150,716.50. This represents a 3.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 194,091 shares of company stock valued at $50,033,426. Insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Crewe Advisors LLC increased its holdings in Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after acquiring an additional 104 shares during the period. Lynx Investment Advisory bought a new stake in Coinbase Global during the second quarter valued at approximately $29,000. Versant Capital Management Inc increased its holdings in shares of Coinbase Global by 75.0% in the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 57 shares during the last quarter. RPg Family Wealth Advisory LLC bought a new position in Coinbase Global in the third quarter valued at $25,000. Finally, Spirit of America Management Corp NY purchased a new stake in shares of Coinbase Global in the 2nd quarter valued at $33,000. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Price Performance

Shares of COIN stock traded up $9.41 on Friday, hitting $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 50 day moving average of $211.36 and a 200 day moving average of $214.61. The stock has a market cap of $76.27 billion, a P/E ratio of 50.98 and a beta of 3.34. Coinbase Global has a 12 month low of $107.98 and a 12 month high of $341.75. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

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

Analysts Set New Price Targets

COIN has been the subject of a number of recent research reports. Bank of America increased their price objective on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Monness Crespi & Hardt assumed coverage on Coinbase Global in a report on Monday, October 28th. They issued a “buy” rating and a $245.00 price objective on the stock. Barclays upped their price target on Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 31st. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. Finally, Piper Sandler reissued a “neutral” rating and set a $245.00 target price on shares of Coinbase Global in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $251.00.

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.