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

Coinbase Global, Inc. (NASDAQ:COIN) was the recipient of unusually large options trading activity on Friday. Stock investors acquired 321,330 call options on the stock. This represents an increase of approximately 41% compared to the average volume of 228,193 call options.

Insider Transactions at Coinbase Global

In related news, Director Gokul Rajaram sold 400 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total value of $81,776.00. Following the completion of the transaction, the director now owns 7,771 shares of the company’s stock, valued at approximately $1,588,703.24. This represents a 4.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total value of $4,013,434.75. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at $91,487.18. The trade was a 97.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 194,091 shares of company stock worth $50,033,426 in the last quarter. Company insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of COIN. Geode Capital Management LLC raised its position in shares of Coinbase Global by 10.1% in 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. Sumitomo Mitsui Trust Group Inc. increased its holdings in Coinbase Global by 2.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock worth $570,341,000 after acquiring an additional 71,398 shares in the last quarter. Clear Street Derivatives LLC acquired a new stake in shares of Coinbase Global in the third quarter valued at about $409,919,000. Cowen AND Company LLC increased its stake in shares of Coinbase Global by 1.5% during the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock worth $330,895,000 after purchasing an additional 22,071 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Coinbase Global by 185.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after buying an additional 691,288 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Monness Crespi & Hardt began coverage on Coinbase Global in a research note on Monday, October 28th. They issued a “buy” rating and a $245.00 price target for the company. Barclays raised their target price on shares of Coinbase Global from $175.00 to $204.00 and gave the company an “equal weight” rating in a research note on Thursday, October 31st. B. Riley started coverage on Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research note on Tuesday, October 29th. Finally, Needham & Company LLC increased their price target on shares of Coinbase Global from $290.00 to $375.00 and gave the company a “buy” rating in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $251.00.

Coinbase Global Trading Up 3.2 %

Coinbase Global stock opened at $304.64 on Friday. Coinbase Global has a 52 week low of $107.98 and a 52 week high of $341.75. The stock has a 50-day moving average price of $214.20 and a 200 day moving average price of $215.15. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $76.27 billion, a price-to-earnings ratio of 51.99 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS 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 analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm’s revenue was up 78.8% on a year-over-year basis. During the same period last year, the company earned ($0.01) earnings per share. Sell-side analysts anticipate that Coinbase Global will post 4.27 EPS for the current year.

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.