Traders Purchase Large Volume of Call Options on Coinbase Global (NASDAQ:COIN)

Key Points

• Coinbase Global experienced a surge in call options trading, with 478,085 call options purchased on Friday, a remarkable 62% increase from the average volume of 295,973.
• CEO Brian Armstrong sold 25,000 shares of Coinbase, amounting to an $8.06 million transaction, significantly reducing his ownership stake by nearly 98%.
• Fifteen analysts rate Coinbase stock as a "Buy," while the consensus target price is set at $363.75, reflecting a mixed outlook on the company’s market position.

Coinbase Global, Inc. (NASDAQ:COIN) was the recipient of some unusual options trading activity on Friday. Stock traders purchased 478,085 call options on the stock. This represents an increase of approximately 62% compared to the average volume of 295,973 call options.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Erste Group Bank assumed coverage on shares of Coinbase Global in a research report on Wednesday, July 23rd. They set a "buy" rating on the stock. The Goldman Sachs Group raised their target price on shares of Coinbase Global from $239.00 to $268.00 and gave the company a "neutral" rating in a report on Monday, July 7th. Bank of America cut their target price on shares of Coinbase Global from $369.00 to $340.00 in a report on Wednesday. Mizuho set a $300.00 target price on shares of Coinbase Global in a report on Thursday, September 18th. Finally, Williams Trading set a $405.00 target price on shares of Coinbase Global in a report on Thursday, July 31st. Fifteen investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $363.75.

Insider Activity

In other news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $322.28, for a total transaction of $8,057,000.00. Following the sale, the chief executive officer owned 526 shares in the company, valued at $169,519.28. This trade represents a 97.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Jennifer N. Jones sold 1,756 shares of Coinbase Global stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $300.52, for a total transaction of $527,713.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 714,515 shares of company stock valued at $272,046,775. Company insiders own 17.65% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in Coinbase Global by 45.5% during the third quarter. GAMMA Investing LLC now owns 2,202 shares of the cryptocurrency exchange's stock worth $743,000 after buying an additional 689 shares during the period. Vigilare Wealth Management lifted its position in shares of Coinbase Global by 4.5% during the third quarter. Vigilare Wealth Management now owns 1,320 shares of the cryptocurrency exchange's stock worth $445,000 after purchasing an additional 57 shares during the last quarter. Farmers Trust Co. bought a new stake in shares of Coinbase Global during the third quarter worth $1,977,000. Neville Rodie & Shaw Inc. bought a new stake in shares of Coinbase Global during the third quarter worth $1,933,000. Finally, Corient Private Wealth LLC lifted its position in shares of Coinbase Global by 30.0% during the second quarter. Corient Private Wealth LLC now owns 12,923 shares of the cryptocurrency exchange's stock worth $4,529,000 after purchasing an additional 2,980 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Stock Up 7.5%

NASDAQ COIN opened at $372.07 on Friday. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The company has a fifty day moving average of $323.85 and a two-hundred day moving average of $279.47. The firm has a market capitalization of $95.60 billion, a price-to-earnings ratio of 35.98 and a beta of 3.68. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.79). The firm had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The firm's quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.14 earnings per share. On average, analysts predict that Coinbase Global will post 7.22 earnings per share for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.