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

Coinbase Global, Inc. (NASDAQ:COIN) was the target of some unusual options trading activity on Thursday. Stock investors purchased 307,726 call options on the stock. This represents an increase of 67% compared to the typical volume of 184,433 call options.

Insider Activity at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 16,962 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $206.96, for a total value of $3,510,455.52. Following the sale, the insider now owns 75,556 shares in the company, valued at $15,637,069.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $188.94, for a total value of $283,410.00. Following the transaction, the chief operating officer now owns 197,101 shares in the company, valued at approximately $37,240,262.94. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Grewal sold 16,962 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the sale, the insider now owns 75,556 shares of the company’s stock, valued at $15,637,069.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 79,687 shares of company stock worth $14,908,594. Insiders own 23.43% of the company’s stock.

Institutional Trading of Coinbase Global

Several hedge funds and other institutional investors have recently made changes to their positions in COIN. Vanguard Group Inc. raised its holdings in Coinbase Global by 18.4% in the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after buying an additional 2,624,989 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after purchasing an additional 691,288 shares during the period. Canada Pension Plan Investment Board grew its stake in shares of Coinbase Global by 1,186.6% in the first quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock worth $139,854,000 after purchasing an additional 486,512 shares during the last quarter. American Century Companies Inc. increased its holdings in Coinbase Global by 1,136.7% in the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after purchasing an additional 435,886 shares during the period. Finally, APEIRON CAPITAL Ltd bought a new position in Coinbase Global during the 1st quarter worth $108,434,000. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Price Performance

Coinbase Global stock traded down $32.49 during mid-day trading on Thursday, reaching $179.25. The company had a trading volume of 18,826,300 shares, compared to its average volume of 10,428,997. The business has a fifty day simple moving average of $181.94 and a 200 day simple moving average of $209.22. The company has a market cap of $44.54 billion, a P/E ratio of 33.66 and a beta of 3.35. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. Coinbase Global has a fifty-two week low of $73.56 and a fifty-two week high of $283.48.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The company’s revenue was up 104.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.42) EPS. On average, equities research analysts predict that Coinbase Global will post 3.92 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on COIN. The Goldman Sachs Group reduced their price target on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th. Mizuho boosted their price objective on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a report on Wednesday, October 9th. Needham & Company LLC boosted their price target on Coinbase Global from $260.00 to $290.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Monness Crespi & Hardt began coverage on Coinbase Global in a research note on Monday. They set a “buy” rating and a $245.00 price objective on the stock. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and a consensus target price of $246.28.

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.