Deep-pocketed investors have adopted a bearish approach towards Coinbase Glb (NASDAQ:COIN), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in COIN usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 71 extraordinary options activities for Coinbase Glb. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 35% leaning bullish and 39% bearish. Among these notable options, 21 are puts, totaling $1,086,747, and 50 are calls, amounting to $4,939,187.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $125.0 to $520.0 for Coinbase Glb over the recent three months.
Volume & Open Interest Development
In today's trading context, the average open interest for options of Coinbase Glb stands at 1417.67, with a total volume reaching 30,505.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Coinbase Glb, situated within the strike price corridor from $125.0 to $520.0, throughout the last 30 days.
Coinbase Glb Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| COIN | CALL | TRADE | BEARISH | 07/19/24 | $11.55 | $11.2 | $11.25 | $260.00 | $618.7K | 27.3K | 401 |
| COIN | CALL | SWEEP | NEUTRAL | 06/21/24 | $42.55 | $42.5 | $42.55 | $195.00 | $437.8K | 570 | 4 |
| COIN | CALL | TRADE | NEUTRAL | 06/21/24 | $94.45 | $91.35 | $92.82 | $145.00 | $185.6K | 1.0K | 200 |
| COIN | CALL | SWEEP | BEARISH | 08/16/24 | $92.8 | $91.8 | $92.1 | $150.00 | $184.2K | 335 | 259 |
| COIN | CALL | SWEEP | BEARISH | 08/16/24 | $93.15 | $91.65 | $92.0 | $150.00 | $184.0K | 335 | 319 |
About Coinbase Glb
Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. The company intends to be the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy. Users can establish an account directly with the firm, instead of using an intermediary, and many choose to allow Coinbase to act as a custodian for their cryptocurrency, giving the company breadth beyond that of a traditional financial exchange. While the company still generates the majority of its revenue from transaction fees charged to its retail customers, Coinbase uses internal investment and acquisitions to expand into adjacent businesses, such as prime brokerage and data analytics.
In light of the recent options history for Coinbase Glb, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Where Is Coinbase Glb Standing Right Now?
- With a volume of 4,899,555, the price of COIN is down -3.02% at $237.69.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 44 days.
What Analysts Are Saying About Coinbase Glb
2 market experts have recently issued ratings for this stock, with a consensus target price of $287.5.
- In a cautious move, an analyst from Needham downgraded its rating to Buy, setting a price target of $260.
- In a cautious move, an analyst from HC Wainwright & Co. downgraded its rating to Buy, setting a price target of $315.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.