Coinbase Global, Inc. (NASDAQ:COIN) Stock Position Raised by Principal Financial Group Inc.

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

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Crescent Grove Advisors LLC acquired a new stake in Coinbase Global during the 3rd quarter worth about $206,000. Clarity Capital Partners LLC raised its holdings 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 during the period. World Equity Group Inc. lifted its position in shares of Coinbase Global by 22.4% in the 3rd quarter. World Equity Group Inc. now owns 1,560 shares of the cryptocurrency exchange’s stock valued at $278,000 after acquiring an additional 285 shares in the last quarter. QRG Capital Management Inc. boosted its stake in Coinbase Global by 237.5% in the 3rd quarter. QRG Capital Management Inc. now owns 32,743 shares of the cryptocurrency exchange’s stock worth $5,834,000 after purchasing an additional 23,040 shares during the period. Finally, Asset Management One Co. Ltd. grew its position 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 worth $12,150,000 after purchasing an additional 2,352 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a report on Thursday, October 31st. Piper Sandler reissued a “neutral” rating and issued a $245.00 price objective on shares of Coinbase Global in a research note on Friday, November 1st. Barclays lifted their target price on Coinbase Global from $175.00 to $204.00 and gave the company an “equal weight” rating in a research note on Thursday, October 31st. Needham & Company LLC raised their price target on shares of Coinbase Global from $290.00 to $375.00 and gave the stock a “buy” rating in a report on Monday. Finally, Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and boosted their price target for the company from $260.00 to $345.00 in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $251.00.

Coinbase Global Price Performance

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

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The firm’s quarterly revenue was up 78.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.01) earnings per share. 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 Coinbase Global 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 sale, the director now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $162.24, for a total value of $243,360.00. Following the completion of the transaction, the chief operating officer now directly owns 187,601 shares of the company’s stock, valued at approximately $30,436,386.24. This trade represents a 0.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 135,822 shares of company stock worth $30,921,194 in the last ninety days. 23.43% of the stock is currently owned by insiders.

About Coinbase Global

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.