Coinbase Global Sees Unusually Large Options Volume (NASDAQ:COIN)

Coinbase Global, Inc. (NASDAQ:COIN) was the recipient of unusually large options trading activity on Thursday. Investors purchased 358,270 call options on the company. This represents an increase of approximately 38% compared to the average volume of 259,899 call options.

Coinbase Global Trading Up 4.0%

COIN opened at $388.96 on Friday. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $98.75 billion, a PE ratio of 72.84, a PEG ratio of 27.35 and a beta of 3.70. Coinbase Global has a 1-year low of $142.58 and a 1-year high of $389.16. The firm has a 50-day moving average price of $278.42 and a two-hundred day moving average price of $245.80.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same quarter in the prior year, the firm earned $2.53 EPS. The firm’s quarterly revenue was up 24.2% compared to the same quarter last year. As a group, equities analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on COIN. Jefferies Financial Group reaffirmed a “hold” rating and set a $260.00 price target (up previously from $210.00) on shares of Coinbase Global in a research note on Tuesday, May 27th. JPMorgan Chase & Co. dropped their price target on shares of Coinbase Global from $276.00 to $215.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. Keefe, Bruyette & Woods lifted their price target on shares of Coinbase Global from $183.00 to $205.00 and gave the stock a “market perform” rating in a research note on Friday, May 9th. Citigroup reaffirmed a “buy” rating on shares of Coinbase Global in a research note on Wednesday, June 25th. Finally, 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, May 9th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global currently has an average rating of “Hold” and a consensus price target of $298.60.

Insider Buying and Selling

In other news, CFO Alesia J. Haas sold 3,000 shares of the firm’s stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $360.20, for a total value of $1,080,600.00. Following the transaction, the chief financial officer owned 97,366 shares of the company’s stock, valued at approximately $35,071,233.20. This trade represents a 2.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total transaction of $3,486,400.00. Following the completion of the transaction, the insider directly owned 82,328 shares in the company, valued at approximately $28,702,833.92. This represents a 10.83% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 685,915 shares of company stock worth $222,081,432. 17.65% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Amalgamated Bank lifted its stake in Coinbase Global by 4.8% in the first quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange’s stock valued at $2,368,000 after buying an additional 629 shares in the last quarter. KCM Investment Advisors LLC bought a new position in Coinbase Global in the fourth quarter valued at approximately $507,000. GAMMA Investing LLC lifted its stake in Coinbase Global by 8.1% in the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange’s stock valued at $193,000 after buying an additional 84 shares in the last quarter. Kingswood Wealth Advisors LLC lifted its stake in Coinbase Global by 124.5% in the first quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange’s stock valued at $453,000 after buying an additional 1,454 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in Coinbase Global by 10.4% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 2,456 shares of the cryptocurrency exchange’s stock valued at $610,000 after buying an additional 232 shares in the last quarter. 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.