Stock Traders Buy High Volume of Call Options on Coinbase Global (NASDAQ:COIN)

Coinbase Global, Inc. (NASDAQ:COIN) saw unusually large options trading activity on Thursday. Investors bought 358,270 call options on the stock. This is an increase of approximately 38% compared to the typical volume of 259,899 call options.

Coinbase Global Stock Up 4.0%

Coinbase Global stock traded up $15.11 during trading hours on Thursday, reaching $388.96. The stock had a trading volume of 16,810,258 shares, compared to its average volume of 10,850,728. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $391.54. The company has a market cap of $98.75 billion, a price-to-earnings ratio of 72.84, a PEG ratio of 25.95 and a beta of 3.70. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52. The business's 50 day moving average price is $274.66 and its 200-day moving average price is $244.97.

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

Insider Transactions at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on 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 completion of the sale, the insider owned 82,328 shares of the company's stock, valued at approximately $28,702,833.92. This trade represents a 10.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 value of $8,457,250.00. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at $177,940.54. This represents a 97.94% decrease in their ownership of the stock. 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 quarter. 17.65% of the stock is currently owned by company insiders.

Institutional Trading of Coinbase Global

Institutional investors have recently modified their holdings of the business. Farther Finance Advisors LLC increased its stake in Coinbase Global by 4.3% in the fourth quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange's stock valued at $239,000 after purchasing an additional 40 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Coinbase Global by 4.2% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,015 shares of the cryptocurrency exchange's stock valued at $356,000 after acquiring an additional 41 shares in the last quarter. Pallas Capital Advisors LLC grew its stake in Coinbase Global by 1.6% during the 2nd quarter. Pallas Capital Advisors LLC now owns 2,662 shares of the cryptocurrency exchange's stock worth $933,000 after buying an additional 41 shares during the last quarter. IPG Investment Advisors LLC grew its stake in shares of Coinbase Global by 2.0% in the fourth quarter. IPG Investment Advisors LLC now owns 2,261 shares of the cryptocurrency exchange's stock worth $561,000 after purchasing an additional 45 shares in the last quarter. Finally, Clare Market Investments LLC grew its stake in shares of Coinbase Global by 1.8% in the second quarter. Clare Market Investments LLC now owns 2,552 shares of the cryptocurrency exchange's stock worth $894,000 after purchasing an additional 45 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Jefferies Financial Group reaffirmed a "hold" rating and set a $260.00 price objective (up from $210.00) on shares of Coinbase Global in a research report on Tuesday, May 27th. The Goldman Sachs Group upped their target price on Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a report on Monday. Citigroup reaffirmed a "buy" rating on shares of Coinbase Global in a research report on Wednesday, June 25th. Cantor Fitzgerald began coverage on Coinbase Global in a report on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 price objective on the stock. Finally, Needham & Company LLC reduced their price objective 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 issued a buy rating to the company. According to data from MarketBeat, Coinbase Global has a consensus rating of "Hold" and a consensus price target of $298.60.

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.

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