Q2 STOCKS TO BUY

Crypto Darling's Earnings Debut Grabs Wall Street's Attention

COIN's first-quarter earnings and revenue fell in line with analysts' estimates

Digital Content Manager
May 14, 2021 at 2:56 PM
facebook X logo linkedin


Cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) made its earnings debut as a publically traded company on Thursday evening, and initially the equity skyrocketed, gaining at least 3% in after-hours trading. The firm posted first-quarter earnings of $3.05 per shares on $1.80 billion in revenue, falling in line with analysts' estimates. Coinbase saw a notable surge in revenue from last year, citing strengthening crypto prices of Bitcoin (BTC) and Ethereum (ETH), which made up a significant 39% of the exchanges' trading volume. 

Some of this initial excitement has cooled, however, and at last check COIN was down 3% at $257.42, putting the stock just within striking distance of its all-time closing low of $250.51, touched late last week. It's been roughly a month since the stock debuted on the Nasdaq, with an IPO price of $250 and an open at $381. Since this first day, the equity has suffered a gradual drop, down roughly 20% in the past month, though the $250 mark could act as a potential floor going forward.

Coinbase's earnings report has sparked some chatter among the brokerage bunch. Piper Sandler initiated coverage with an "overweight" rating and a $335 price target. Meanwhile, Rosenblatt Securities slashed its price target to $400 from $450. 

Heading into today, analysts are cautiously optimistic on COIN. Four considered the security a "strong buy," and three said "hold," while the 12-month consensus price target of $418.62 is a wide 62.8% premium to current levels. 

The Wall Street freshman has already captured the attention of options traders, too. So far today, 82,000 calls and 51,000 puts have crossed the tape -- double the intraday average. The most popular contract is the weekly 5/14 270-strike call, followed by the 260-strike put in the same series with positions being opened at both. 

 
 

“Buy This Stock Now!” - Expert Who Called 11x On TSLA

He called a rare 11x on Tesla…

But now, thanks to Elon & Trump’s new alliance…

He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.

It’s trading for less than $5 per share right now…

But it won’t be under the radar for long.

Discover The 1,000x Bigger Elon Opportunity Here

GRAND SLAM COUNTDOWN

 
 

Featured Articles from Trusted Partners:

👀Learn How Dividends Create Passive Income for Life
Receive $200 Off Motley Fool Epic. The Motley Fool Epic $299 discounted offer is based on $499/year list price. Introductory promotion for new members only. Take control of your money and your portfolio with Motley Fool Epic.

💵New Income System Could Pay You $4,243 Monthly
You could collect an average of $4,243 per month starting as early as next week with a new payout system for income investors. New registrations are being accepted for investors who want to be in a position to start with their first payout next week.

🚀Easy 92% Crypto Dividends (No Coins Required)
COIN stock doesn't pay a dividend... But there's actually a new way to collect a massive dividend that's indirectly based on the stock and offers a terrific monthly income (currently yielding nearly 92% on a forward basis).

🤝Free Advisor Match with Wiseradvisor.com
Don't leave your retirement to chance! Get matched with a trusted financial expert for FREE and make the most of your tax refund. Get started now.

⚠️Dennis Quaid's #1 Warning for Americans
Here's the thing: life doesn't come with guarantees. The economy shifts, markets stumble, and years of hard work could slip through your fingers like sand. But it doesn't have to be that way for you. So request a free copy of this Gold & Silver Guide that will arrive right to your doorstep when you act now.

 

 
 

Follow us on X, Follow us on Twitter