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

Principal Financial Group Inc. lifted its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 219.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Cowen AND Company LLC raised its stake in shares of Coinbase Global by 1.5% in the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange's stock valued at $330,895,000 after acquiring an additional 22,071 shares during the period. Renaissance Technologies LLC lifted its stake in Coinbase Global by 185.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange's stock valued at $236,258,000 after acquiring an additional 691,288 shares during the period. Canada Pension Plan Investment Board lifted its stake in Coinbase Global by 1,186.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange's stock valued at $139,854,000 after acquiring an additional 486,512 shares during the period. American Century Companies Inc. lifted its stake in Coinbase Global by 1,136.7% during the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange's stock valued at $105,389,000 after acquiring an additional 435,886 shares during the period. Finally, APEIRON CAPITAL Ltd purchased a new position in shares of Coinbase Global during the 1st quarter valued at approximately $108,434,000. Institutional investors own 68.84% of the company's stock.

Insider Activity

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

Coinbase Global Stock Down 0.7 %

Coinbase Global stock traded down $2.12 during mid-day trading on Tuesday, hitting $323.29. The company had a trading volume of 9,006,545 shares, compared to its average volume of 11,032,643. The stock has a market cap of $80.94 billion, a price-to-earnings ratio of 54.72 and a beta of 3.34. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. Coinbase Global, Inc. has a 1 year low of $100.01 and a 1 year high of $334.86. The business has a fifty day moving average of $202.13 and a 200 day moving average of $212.58.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business's revenue was up 78.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.01) EPS. On average, sell-side analysts expect that Coinbase Global, Inc. will post 4.27 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on COIN shares. Piper Sandler reaffirmed a "neutral" rating and set a $245.00 target price on shares of Coinbase Global in a report on Friday, November 1st. Mizuho lifted their target price on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an "underperform" rating in a research note on Thursday, October 31st. Monness Crespi & Hardt began coverage on shares of Coinbase Global in a research report on Monday, October 28th. They set a "buy" rating and a $245.00 price target on the stock. Barclays upped their target price on shares of Coinbase Global from $175.00 to $204.00 and gave the company an "equal weight" rating in a research report on Thursday, October 31st. Finally, Bank of America upped their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $251.00.

Coinbase Global Company 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.