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

Coinbase Global, Inc. (NASDAQ:COIN) saw unusually large options trading activity on Thursday. Traders purchased 358,270 call options on the company. This is an increase of 38% compared to the average daily volume of 259,899 call options.

Analysts Set New Price Targets

COIN has been the topic of a number of research analyst reports. Sanford C. Bernstein upped their price target on Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Barclays upped their price target on Coinbase Global from $202.00 to $359.00 and gave the company an "equal weight" rating in a report on Thursday. China Renaissance initiated coverage on Coinbase Global in a report on Tuesday, June 17th. They set a "buy" rating and a $353.30 price target on the stock. JPMorgan Chase & Co. lowered their price target on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $400.00 price target on shares of Coinbase Global in a report on Friday, May 9th. One investment 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 MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $298.60.

Coinbase Global Trading Down 1.9%

Shares of NASDAQ:COIN traded down $7.41 during trading on Friday, hitting $381.55. The company had a trading volume of 9,538,569 shares, compared to its average volume of 10,876,418. The stock has a market cap of $96.87 billion, a price-to-earnings ratio of 71.25, a price-to-earnings-growth ratio of 27.35 and a beta of 3.70. Coinbase Global has a one year low of $142.58 and a one year high of $398.56. The company has a fifty day simple moving average of $278.42 and a two-hundred day simple moving average of $245.80. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same period in the previous year, the business earned $2.53 earnings per share. Coinbase Global's revenue for the quarter was up 24.2% on a year-over-year basis. As a group, equities analysts forecast that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the business's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total value of $3,486,400.00. Following the transaction, the insider owned 82,328 shares in the company, valued at approximately $28,702,833.92. The trade was a 10.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $338.29, for a total transaction of $8,457,250.00. Following the completion of the transaction, the chief executive officer owned 526 shares in the company, valued at $177,940.54. The trade was a 97.94% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 685,915 shares of company stock valued at $222,081,432. Insiders own 17.65% of the company's stock.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently modified their holdings of the business. Mascagni Wealth Management Inc. purchased a new position in shares of Coinbase Global in the 4th quarter valued at $25,000. Copia Wealth Management acquired a new stake in Coinbase Global during the 4th quarter worth about $26,000. Atala Financial Inc acquired a new stake in Coinbase Global during the 4th quarter worth about $27,000. Mpwm Advisory Solutions LLC acquired a new stake in Coinbase Global during the 4th quarter worth about $35,000. Finally, Brooklands Fund Management Ltd acquired a new stake in Coinbase Global during the 4th quarter worth about $37,245,000. 68.84% of the stock is owned by institutional investors.

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.