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

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

Coinbase Global Price Performance

Shares of NASDAQ:COIN traded down $1.90 during trading on Friday, reaching $387.06. 16,560,793 shares of the company's stock traded hands, compared to its average volume of 10,940,417. Coinbase Global has a fifty-two week low of $142.58 and a fifty-two week high of $395.50. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. The firm has a market cap of $98.27 billion, a PE ratio of 72.48, a P/E/G ratio of 28.35 and a beta of 3.70. The company has a 50-day simple moving average of $282.06 and a 200-day simple moving average of $246.32.

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 return on equity of 20.25% and a net margin of 21.14%. The firm had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same quarter in the previous year, the firm posted $2.53 earnings per share. The company's quarterly revenue was up 24.2% on a year-over-year basis. As a group, analysts predict that Coinbase Global will post 7.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on COIN shares. Benchmark increased their price target on Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. JMP Securities reaffirmed a "market outperform" rating and set a $400.00 price target on shares of Coinbase Global in a research report on Wednesday, June 25th. Cantor Fitzgerald started coverage on Coinbase Global in a research report on Tuesday, April 8th. They set an "overweight" rating and a $245.00 price target on the stock. Canaccord Genuity Group reaffirmed a "buy" rating and set a $400.00 price target on shares of Coinbase Global in a research report on Friday, May 9th. Finally, Needham & Company LLC cut their price target on Coinbase Global from $330.00 to $270.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. One 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, the company presently has a consensus rating of "Hold" and an average target price of $298.60.

Insiders Place Their Bets

In related news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total value of $7,622,597.56. Following the completion of the transaction, the director owned 10,417 shares in the company, valued at $2,632,167.56. This trade represents a 74.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Brian Armstrong sold 336,265 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of the transaction, the chief executive officer owned 526 shares of the company's stock, valued at $190,732.86. This trade represents a 99.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 685,915 shares of company stock valued at $222,081,432 in the last 90 days. 17.65% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Institutional investors have recently bought and sold shares of the company. Mascagni Wealth Management Inc. acquired a new stake in Coinbase Global in the 4th quarter worth about $25,000. Copia Wealth Management acquired a new stake in Coinbase Global in the 4th quarter worth about $26,000. Atala Financial Inc acquired a new stake in Coinbase Global in the 4th quarter worth about $27,000. Mpwm Advisory Solutions LLC acquired a new stake in Coinbase Global in the 4th quarter worth about $35,000. Finally, Brooklands Fund Management Ltd purchased a new position in Coinbase Global in the 4th quarter worth approximately $37,245,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

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.