CONVERTED ORGANICS (COIN) – Looking At Coinbase Global’s Recent Whale Trades

Someone with a lot of money to spend has taken a bearish stance on Coinbase Global (NASDAQ:COIN).

And retail traders should know.

We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, we don’t know. But when something this big happens with COIN, it often means somebody knows something is about to happen.

So how do we know what this whale just did?

Today, Benzinga‘s options scanner spotted 32 uncommon options trades for Coinbase Global.

This isn’t normal.

The overall sentiment of these big-money traders is split between 46.88% bullish and 53.12%, bearish.

Out of all of the special options we uncovered, 6 are puts, for a total amount of $287,400, and 26 are calls, for a total amount of $1,699,806.

What’s The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $240.0 to $520.0 for Coinbase Global over the last 3 months.

Volume & Open Interest Development

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for Coinbase Global’s options for a given strike price.

Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Coinbase Global’s whale activity within a strike price range from $240.0 to $520.0 in the last 30 days.

Coinbase Global Option Volume And Open Interest Over Last 30 Days

Options Call Chart

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
COIN CALL TRADE BEARISH 01/21/22 $400.00 $158.0K 7.2K 828
COIN CALL TRADE BEARISH 01/21/22 $400.00 $133.3K 7.2K 168
COIN CALL TRADE BULLISH 11/26/21 $340.00 $122.4K 448 224
COIN CALL TRADE NEUTRAL 01/21/22 $400.00 $102.3K 7.2K 826
COIN CALL TRADE BULLISH 01/21/22 $400.00 $102.3K 7.2K 688

Where Is Coinbase Global Standing Right Now?

  • With a volume of 2,070,390, the price of COIN is down -0.83% at $342.49.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 82 days.

What The Experts Say On Coinbase Global:

  • JMP Securities has decided to maintain their Market Outperform rating on Coinbase Global, which currently sits at a price target of $405.0.
  • Citigroup downgraded its action to Buy with a price target of $415.0
  • Rosenblatt has decided to maintain their Buy rating on Coinbase Global, which currently sits at a price target of $455.0.

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.

If you are already an options trader or would like to get started, head on over to Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy.