Coinbase Stock Rallies 7% Pre-Market, Will Earnings Beat Wall Street Estimates?
Coinbase Global Inc (NASDAQ:COIN) is set to release its fourth-quarter financial results, with the stock already witnessing a 7% jump in the pre-market session. Analysts are projecting a revenue of $822.36 million for Coinbase, which would be an increase from last year’s figure. The company has consistently outperformed revenue forecasts in the past. However, it has a mixed track record when it comes to meeting earnings per share estimates. Despite differing opinions among analysts, Coinbase is recognized for its strong position in the crypto sector and potential for growth.
Analyst Ratings For COIN Stock
The COIN stock has seen a significant surge today due to the bullish rally of Bitcoin and the overall crypto market. The stock closed at $160.38 on Wednesday and surged by 7.11% to $171.10 in the pre-market session. Analysts have varying opinions on Coinbase’s stock performance. Needham analyst John Todaro has a Buy rating and raised the price target to $180, citing factors such as product growth and international expansion. Other notable analyst actions include Citigroup’s Neutral rating with a price target increase, Mizuho’s Underperform rating with a raised price target, and Wedbush’s Outperform rating with a price target increase.
Investors will closely watch the impact of the Bitcoin ETF launch on Coinbase’s earnings report, as well as the company’s efforts in international expansion and diversification of cryptocurrencies. The performance of Bitcoin and Ethereum will also be crucial as they contribute significantly to Coinbase’s trading volume and transaction revenue.
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