Investors Buy High Volume of Coinbase Global Call Options (NASDAQ:COIN)

Coinbase Global, Inc. (NASDAQ:COIN) saw some unusual options trading on Friday. Investors acquired 346,763 call options on the company. This represents an increase of approximately 36% compared to the typical daily volume of 255,168 call options.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on COIN. Keefe, Bruyette & Woods lowered their price objective on Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a research note on Monday, January 13th. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research report on Thursday, October 31st. JMP Securities restated a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a research report on Wednesday, October 9th. Mizuho boosted their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. Finally, The Goldman Sachs Group cut their price target on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a report on Friday, January 10th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $282.83.

Coinbase Global Stock Performance

Shares of Coinbase Global stock opened at $295.48 on Friday. The stock has a market capitalization of $73.97 billion, a price-to-earnings ratio of 50.42 and a beta of 3.59. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The business has a 50-day moving average of $290.71 and a 200 day moving average of $230.81. Coinbase Global has a 12 month low of $114.51 and a 12 month high of $349.75.

Coinbase Global (NASDAQ:COIN) last posted 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). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the previous year, the business posted ($0.01) EPS. The company’s revenue for the quarter was up 78.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Coinbase Global will post 4.69 earnings per share for the current year.

Insider Buying and Selling at Coinbase Global

In other news, CAO Jennifer N. Jones sold 1,837 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $295.02, for a total value of $541,951.74. Following the transaction, the chief accounting officer now directly owns 1,160 shares of the company’s stock, valued at approximately $342,223.20. This trade represents a 61.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the transaction, the insider now owns 74,956 shares in the company, valued at $15,739,260.88. The trade was a 11.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 347,033 shares of company stock worth $102,613,277. Corporate insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Red Door Wealth Management LLC purchased a new position in Coinbase Global in the fourth quarter valued at $304,000. Avior Wealth Management LLC raised its position in Coinbase Global by 7.8% in the 4th quarter. Avior Wealth Management LLC now owns 965 shares of the cryptocurrency exchange’s stock valued at $240,000 after purchasing an additional 70 shares in the last quarter. Dakota Wealth Management purchased a new position in shares of Coinbase Global in the 4th quarter valued at about $509,000. Simon Quick Advisors LLC grew its position in shares of Coinbase Global by 8.5% during the fourth quarter. Simon Quick Advisors LLC now owns 2,122 shares of the cryptocurrency exchange’s stock worth $527,000 after buying an additional 166 shares in the last quarter. Finally, Oxinas Partners Wealth Management LLC acquired a new stake in Coinbase Global in the fourth quarter valued at approximately $265,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.