Traders Increase Purchases of Call Options on Coinbase Global

On Friday, Coinbase Global, Inc. (NASDAQ:COIN) attracted attention in the options trading market. A total of 346,763 call options were bought for the stock, marking a significant increase of about 36% over the average volume of 255,168 call options.

Insider Transactions at Coinbase Global

In related news, Coinbase Global's CEO, Brian Armstrong, sold 58,269 shares of the company on November 18th. The average sale price was $328, leading to a total transaction value of approximately $19.11 million. After this transaction, Armstrong retains ownership of 526 shares, valued at around $172,528. His sale represented a drastic 99.11% reduction in his stock ownership. This information was made public through a filing submitted to the Securities and Exchange Commission (SEC).

Additionally, the Chief Operating Officer, Emilie Choi, sold 1,500 shares on October 31st, with an average selling price of $203.30, totaling about $304,950. Currently, Choi holds 175,101 shares worth roughly $35.6 million, reflecting a 0.85% reduction in her ownership. Recently, insiders at Coinbase have collectively sold 347,033 shares, with a total value exceeding $102.61 million, while corporate insiders own about 23.43% of the company’s stock.

Changes in Institutional Investment

Several institutional investors have adjusted their stakes in Coinbase recently. RPg Family Wealth Advisory LLC acquired a new position in Coinbase during the third quarter, valued at roughly $25,000. Likewise, ORG Wealth Partners LLC invested about $32,000 in new shares of Coinbase in the same period.

MassMutual Private Wealth & Trust FSB raised its position by an impressive 365.5% in the fourth quarter, now possessing 135 shares valued at $34,000. Brown Brothers Harriman & Co. also increased its investment by 408%, holding 254 shares valued at $45,000 after purchasing an additional 204 shares. Furthermore, Abich Financial Wealth Management LLC boosted its holdings by 548.5%, owning now 214 shares with a value of $48,000. Overall, about 68.84% of Coinbase’s stock is owned by institutional investors.

Coinbase Global Stock Performance

On Friday, Coinbase Global's stock price increased by 4.9%, marking a rise of $13.85, which brought the shares to $295.48. The trading volume for the day was 11,250,894 shares, significantly surpassing its average volume of 7,827,058.

At the moment, Coinbase’s stock has a 50-day moving average price of $290.71 and a 200-day moving average price of $230.81. The stock has experienced a 12-month low of $114.51 and a 12-month high of $349.75, with the company showcasing a market capitalization of approximately $73.97 billion. The current P/E ratio stands at 50.42, alongside a beta of 3.59.

Coinbase Global released its quarterly earnings report on October 30th. The cryptocurrency exchange reported earnings per share of $0.28 for the quarter, which was below the expected $0.41. During this quarter, the company reported revenues of $1.21 billion, falling short of the anticipated $1.26 billion. Year-on-year, Coinbase recorded a 78.8% increase in revenue. Analysts forecast that Coinbase Global will post earnings per share of 4.69 for the current fiscal year.

Analyst Ratings and Forecasts

Market analysts have provided various outlooks on Coinbase shares. Canaccord Genuity Group reaffirmed a "buy" rating with a price target of $280 on October 31st. Goldman Sachs adjusted their target price for Coinbase from $397 to $340, maintaining a "neutral" rating as of January 10th.

HC Wainwright reiterated a "buy" rating, setting a price target of $295 on October 29th. Piper Sandler also revised their target from $245 to $285, giving Coinbase a "neutral" rating. Finally, Bank of America increased their target from $196 to $214 with a "neutral" rating, issued on October 31st. Currently, there is one sell rating, nine hold ratings, and ten buy ratings from analysts, indicating an average rating of "Hold" with a price target of around $282.83.

About Coinbase Global

Coinbase Global, Inc. serves as a financial infrastructure and technology provider for the crypto economy, both in the United States and internationally. The company offers essential financial accounts for consumers in the crypto space and provides an efficient marketplace for institutions to transact in crypto assets.

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