Coinbase Global, Inc. $COIN Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 1.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 250,495 shares of the cryptocurrency exchange’s stock after selling 4,111 shares during the period. Principal Financial Group Inc. owned approximately 0.09% of Coinbase Global worth $43,739,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC raised its holdings in shares of Coinbase Global by 24.2% during the 1st quarter. Integrated Wealth Concepts LLC now owns 2,119 shares of the cryptocurrency exchange’s stock valued at $365,000 after buying an additional 413 shares during the period. Empowered Funds LLC boosted its holdings in Coinbase Global by 25.8% in the 1st quarter. Empowered Funds LLC now owns 8,581 shares of the cryptocurrency exchange’s stock worth $1,478,000 after acquiring an additional 1,761 shares during the period. Focus Partners Wealth grew its position in Coinbase Global by 9.9% in the first quarter. Focus Partners Wealth now owns 5,202 shares of the cryptocurrency exchange’s stock valued at $896,000 after acquiring an additional 467 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Coinbase Global in the second quarter valued at approximately $285,000. Finally, Cerity Partners LLC raised its stake in shares of Coinbase Global by 8.6% during the second quarter. Cerity Partners LLC now owns 17,694 shares of the cryptocurrency exchange’s stock valued at $6,203,000 after purchasing an additional 1,402 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

COIN has been the topic of a number of recent research reports. HC Wainwright reduced their target price on shares of Coinbase Global from $350.00 to $310.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Weiss Ratings raised shares of Coinbase Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, May 29th. Zacks Research upgraded shares of Coinbase Global from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 14th. Benchmark restated a “buy” rating and set a $270.00 target price on shares of Coinbase Global in a research note on Wednesday, June 17th. Finally, Wolfe Research set a $325.00 target price on Coinbase Global in a research report on Thursday, July 9th. Eighteen equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $245.39.

Coinbase Global Price Performance

Shares of COIN opened at $157.12 on Friday. The business’s 50-day moving average is $170.41 and its 200-day moving average is $187.07. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.14 and a quick ratio of 2.14. The company has a market capitalization of $41.39 billion, a price-to-earnings ratio of 59.07, a P/E/G ratio of 10.22 and a beta of 3.35. Coinbase Global, Inc. has a fifty-two week low of $139.18 and a fifty-two week high of $444.64.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing the consensus estimate of $0.06 by ($1.55). The company had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.49 billion. Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The business’s revenue for the quarter was down 30.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.24 earnings per share. Equities research analysts expect that Coinbase Global, Inc. will post 1.43 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In other news, insider Paul Grewal sold 1,960 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $176.88, for a total transaction of $346,684.80. Following the transaction, the insider directly owned 84,753 shares in the company, valued at $14,991,110.64. The trade was a 2.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 10,000 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $159.09, for a total transaction of $1,590,900.00. Following the completion of the transaction, the director directly owned 20,000 shares in the company, valued at $3,181,800. This trade represents a 33.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 30,627 shares of company stock worth $5,327,841. Corporate insiders own 16.66% of the company’s stock.

Key Headlines Impacting Coinbase Global

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Coinbase continues to benefit from progress on U.S. crypto regulation, including movement on the CLARITY Act and supportive comments from Coinbase policy leaders, which could improve long-term market structure and expand institutional adoption. Coinbase Policy Chief Calls CLARITY Act a ‘Dramatic Advance’: Here’s What Comes Next in the Senate
• Positive Sentiment: JPMorgan kept an Overweight rating on Coinbase even while cutting its price target, signaling that Wall Street still sees upside potential despite the pullback in expectations. JPMorgan slashes Coinbase price target
• Positive Sentiment: Coinbase joined a large stablecoin alliance and remains seen as a key player in new crypto payment and infrastructure initiatives, which could support future growth beyond spot trading. Coinbase Just Joined a 140-Company Stablecoin Alliance. Here’s What It Means for the Stock.

About Coinbase Global

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.