Investors Purchase High Volume of Coinbase Global Call Options (NASDAQ:COIN)

Coinbase Global, Inc. (NASDAQ:COIN) saw unusually large options trading activity on Thursday. Stock investors purchased 334,931 call options on the stock. This represents an increase of 45% compared to the typical volume of 230,731 call options.

Coinbase Global Stock Performance

Shares of NASDAQ COIN traded down $16.58 during trading on Friday, reaching $195.43. 14,379,381 shares of the company traded hands, compared to its average volume of 10,402,157. The firm has a 50 day simple moving average of $191.39 and a 200-day simple moving average of $222.22. Coinbase Global has a 52-week low of $139.36 and a 52-week high of $444.64. The stock has a market capitalization of $51.49 billion, a PE ratio of 73.47, a P/E/G ratio of 7.73 and a beta of 3.38. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($1.55). Coinbase Global had a net margin of 12.20% and a return on equity of 4.06%. The company had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the previous year, the firm earned $0.24 earnings per share. The firm’s revenue for the quarter was down 30.5% on a year-over-year basis. Equities research analysts anticipate that Coinbase Global will post 1.75 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Robert W. Baird decreased their target price on shares of Coinbase Global from $200.00 to $160.00 and set a “neutral” rating for the company in a research note on Friday, May 8th. Mizuho boosted their price target on Coinbase Global from $170.00 to $200.00 and gave the stock a “neutral” rating in a research report on Tuesday. Canaccord Genuity Group cut their price target on Coinbase Global from $400.00 to $300.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Deutsche Bank Aktiengesellschaft lowered their price objective on Coinbase Global from $206.00 to $205.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Finally, President Capital raised their price target on Coinbase Global from $236.00 to $264.00 and gave the company a “buy” rating in a report on Tuesday. Nineteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $252.20.

Insider Activity

In related news, CFO Alesia J. Haas sold 10,020 shares of Coinbase Global stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $200.00, for a total transaction of $2,004,000.00. Following the completion of the transaction, the chief financial officer directly owned 397,171 shares of the company’s stock, valued at $79,434,200. This trade represents a 2.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 29,990 shares of company stock valued at $6,013,920. 16.66% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank bought a new stake in shares of Coinbase Global during the 4th quarter valued at about $656,744,000. Vanguard Group Inc. boosted its holdings in shares of Coinbase Global by 8.3% in the third quarter. Vanguard Group Inc. now owns 26,216,793 shares of the cryptocurrency exchange’s stock worth $8,847,905,000 after buying an additional 2,007,930 shares during the last quarter. Capital World Investors grew its position in Coinbase Global by 847.2% during the fourth quarter. Capital World Investors now owns 1,536,534 shares of the cryptocurrency exchange’s stock valued at $347,472,000 after buying an additional 1,374,318 shares during the period. Ruffer LLP bought a new stake in Coinbase Global during the fourth quarter valued at approximately $166,515,000. Finally, Artisan Partners Limited Partnership bought a new position in Coinbase Global in the third quarter worth approximately $224,663,000. 68.84% of the stock is owned by institutional investors.

More Coinbase Global News

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Coinbase benefited earlier in the week from the Senate Banking Committee advancing the CLARITY Act, which could create a more favorable regulatory backdrop for crypto trading and adoption. Coinbase, Robinhood Stocks Lose Momentum After Big Crypto Bill Win
• Positive Sentiment: Rothschild & Co Redburn raised its price target on Coinbase to $263 and kept a buy rating, signaling continued analyst confidence in the stock. Coinbase Global Price Target Raised to $263.00 at Rothschild & Co Redburn
• Neutral Sentiment: Coinbase expanded its role in the Hyperliquid ecosystem by becoming the official USDC treasury deployer, highlighting growing stablecoin and onchain trading activity. Coinbase Expands USDC Push On Hyperliquid As Onchain Trading Liquidity Accelerates
• Negative Sentiment: Crypto stocks are losing momentum after an initial rally faded, with investors pulling back amid macro uncertainty and doubts about sustained upside in digital assets. Why crypto stocks Coinbase, Robinhood, Strategy are sliding today
• Negative Sentiment: Some analysts say COIN still looks expensive after its recent run, with valuation concerns likely limiting near-term upside. COIN Stock Up 29% in 3 Months But Valuation Expensive: How to Play

About Coinbase Global

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.