Principal Financial Group Inc. Increases Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Principal Financial Group Inc. boosted its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 219.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,648 shares of the cryptocurrency exchange’s stock after acquiring an additional 36,843 shares during the quarter. Principal Financial Group Inc.’s holdings in Coinbase Global were worth $9,558,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Crescent Grove Advisors LLC purchased a new position in shares of Coinbase Global in the third quarter valued at $206,000. Clarity Capital Partners LLC grew its stake in shares of Coinbase Global by 1.0% during the third quarter. Clarity Capital Partners LLC now owns 16,681 shares of the cryptocurrency exchange’s stock valued at $2,972,000 after acquiring an additional 165 shares in the last quarter. World Equity Group Inc. increased its position in shares of Coinbase Global by 22.4% during the third quarter. World Equity Group Inc. now owns 1,560 shares of the cryptocurrency exchange’s stock worth $278,000 after acquiring an additional 285 shares during the last quarter. QRG Capital Management Inc. grew its stake in Coinbase Global by 237.5% during the 3rd quarter. QRG Capital Management Inc. now owns 32,743 shares of the cryptocurrency exchange’s stock valued at $5,834,000 after purchasing an additional 23,040 shares in the last quarter. Finally, Asset Management One Co. Ltd. grew its stake in Coinbase Global by 3.6% during the 3rd quarter. Asset Management One Co. Ltd. now owns 68,193 shares of the cryptocurrency exchange’s stock valued at $12,150,000 after purchasing an additional 2,352 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Performance

Shares of COIN stock opened at $325.41 on Tuesday. Coinbase Global, Inc. has a 12-month low of $100.01 and a 12-month high of $334.86. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $81.47 billion, a price-to-earnings ratio of 55.53 and a beta of 3.34. The business has a 50 day simple moving average of $202.13 and a 200 day simple moving average of $212.58.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter last year, the firm posted ($0.01) EPS. The company’s revenue was up 78.8% compared to the same quarter last year. On average, equities research analysts anticipate that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Insider Activity at Coinbase Global

In related news, Director Frederick R. Wilson sold 40,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $300.00, for a total transaction of $12,000,000.00. Following the completion of the transaction, the director now owns 50,000 shares of the company’s stock, valued at $15,000,000. This trade represents a 44.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $162.24, for a total transaction of $243,360.00. Following the completion of the sale, the chief operating officer now owns 187,601 shares in the company, valued at approximately $30,436,386.24. This trade represents a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 135,822 shares of company stock worth $30,921,194 in the last 90 days. Corporate insiders own 23.43% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on COIN. Compass Point reduced their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Bank of America boosted their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Citigroup raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and increased their price target for the stock from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Monness Crespi & Hardt initiated coverage on Coinbase Global in a report on Monday, October 28th. They issued a “buy” rating and a $245.00 price objective for the company. Finally, HC Wainwright reaffirmed a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a report on Tuesday, October 29th. One investment 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 MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $251.00.

Coinbase Global 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.