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. Traders bought 296,613 call options on the stock. This represents an increase of approximately 36% compared to the typical volume of 218,520 call options.

Wall Street Analyst Weigh In

Several research firms have weighed in on COIN. Monness Crespi & Hardt downgraded shares of Coinbase Global from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 6th. HC Wainwright reissued a “buy” rating and set a $350.00 price objective on shares of Coinbase Global in a report on Friday, February 21st. Barclays restated an “equal weight” rating on shares of Coinbase Global in a research note on Thursday. Piper Sandler boosted their price target on Coinbase Global from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Mizuho reduced their price objective on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $268.65.

Insider Buying and Selling

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

Institutional Trading of Coinbase Global

Several institutional investors have recently modified their holdings of the stock. Mascagni Wealth Management Inc. acquired a new stake in Coinbase Global in the 4th quarter worth about $25,000. Copia Wealth Management purchased a new stake in shares of Coinbase Global during the fourth quarter worth approximately $26,000. Bessemer Group Inc. raised its stake in Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock valued at $26,000 after purchasing an additional 113 shares during the last quarter. Wingate Wealth Advisors Inc. purchased a new position in Coinbase Global in the 4th quarter valued at $27,000. Finally, Atala Financial Inc acquired a new stake in Coinbase Global during the 4th quarter worth $27,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Stock Performance

NASDAQ COIN opened at $199.47 on Friday. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. Coinbase Global has a twelve month low of $142.58 and a twelve month high of $349.75. The stock has a 50-day moving average of $187.38 and a 200 day moving average of $243.06. The stock has a market capitalization of $50.64 billion, a price-to-earnings ratio of 21.00 and a beta of 3.62.

Coinbase Global (NASDAQ:COIN) last announced its 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). The business had revenue of $2.03 billion for 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 company’s quarterly revenue was up 24.2% on a year-over-year basis. During the same quarter last year, the business earned $2.53 EPS. Sell-side analysts anticipate that Coinbase Global will post 7.22 EPS for the current fiscal year.

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.