Principal Financial Group Inc. Cuts Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Principal Financial Group Inc. lowered its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 18.4% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 13,024 shares of the cryptocurrency exchange’s stock after selling 2,942 shares during the period. Principal Financial Group Inc.’s holdings in Coinbase Global were worth $2,243,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Mascagni Wealth Management Inc. bought a new stake in Coinbase Global during the 4th quarter worth approximately $25,000. Copia Wealth Management purchased a new stake in Coinbase Global during the 4th quarter valued at approximately $26,000. Bessemer Group Inc. grew its holdings in Coinbase Global by 297.4% during the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock valued at $26,000 after buying an additional 113 shares in the last quarter. NBT Bank N A NY purchased a new stake in Coinbase Global during the 1st quarter valued at approximately $33,000. Finally, Mpwm Advisory Solutions LLC purchased a new stake in Coinbase Global during the 4th quarter valued at approximately $35,000. Institutional investors own 68.84% of the company’s stock.

Insider Activity

In related news, CEO Brian Armstrong sold 336,265 shares of the business’s stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of the sale, the chief executive officer directly owned 526 shares in the company, valued at approximately $190,732.86. The trade was a 99.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total value of $7,622,597.56. Following the completion of the sale, the director owned 10,417 shares of the company’s stock, valued at approximately $2,632,167.56. This trade represents a 74.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,245,915 shares of company stock worth $447,462,456. Company insiders own 17.65% of the company’s stock.

Coinbase Global Trading Up 2.2%

Shares of COIN stock opened at $419.78 on Friday. The stock has a 50-day simple moving average of $302.29 and a 200 day simple moving average of $251.28. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.65. The stock has a market capitalization of $106.57 billion, a P/E ratio of 78.61, a P/E/G ratio of 31.31 and a beta of 3.70. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The company had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same quarter last year, the business earned $2.53 EPS. The company’s revenue for the quarter was up 24.2% compared to the same quarter last year. On average, sell-side analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on COIN. Compass Point raised shares of Coinbase Global from a “sell” rating to a “neutral” rating and set a $195.00 price objective for the company in a report on Monday, May 12th. William Blair started coverage on shares of Coinbase Global in a report on Wednesday, June 11th. They issued an “outperform” rating for the company. Rosenblatt Securities raised their target price on shares of Coinbase Global from $300.00 to $470.00 and gave the company a “buy” rating in a report on Thursday. Benchmark raised their target price on shares of Coinbase Global from $301.00 to $421.00 and gave the company a “buy” rating in a report on Monday, June 23rd. Finally, HC Wainwright reissued a “sell” rating and issued a $300.00 target price (down from $305.00) on shares of Coinbase Global in a report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $313.10.

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.