FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. You should do your own thorough research before making any investment decisions. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. Information on these pages contains forward-looking statements that involve risks and uncertainties. At its current price near $98, COIN only has the $100 psychological level and the 100-day moving average, currently at $98.34. This is yet another sign that there are few nearby support or resistance points to cling one's hopes. Above there is a supply zone between $152 and $162 stemming from April. On the upside, resistance sits at $130 from early May. This is to say there is little nearby support in the case of a severe sell-off. Recent resistance near $80 may also supply support, but none of these levels are close to its recent settlement just above $98. It is now at $63, but before that, there is further support at $74. In early August, COIN stock demonstrated its use of the 50-day moving average as support. Coinbase Global forecastįirst, it is important to protect your downside in the case of a major miss or even worse guidance.
Cathie Wood's Ark Invest funds sold off 1.41 million shares due to the regulatory uncertainty caused by the news but still owns over 7 million shares of COIN. The Securities & Exchange Commission (SEC) has been looking into several coins listed on the Coinbase platform that it considers securities. The highest price target was given by BTIG's Mark Palmer at $290, although it is way down from his prior $380 target. Mizuho's Dan Dolev has the lowest price target at $42. Goldman Sachs has a Sell rating and a $45 price target. That is about the average with the most up-to-date data showing consensus at $108 and change. Last Friday Citigroup's Peter Christiansen retained his Buy rating on COIN but cut the price target from $115 to $105. Of course, as institutional clients, Coinbase's margins would have to be reduced.Ĭoinbase Global has missed three of five quarterly revenue forecast averages since going public and two of five EPS forecasts. Just last week BlackRock announced a partnership with Coinbase to give institutional clients access to crypto. Still, COIN stock is up some 78% in the past month after Bitcoin price has appeared to find a floor of support in the low $20,000s. COIN stock has a tendency to rely heavily on the outperformance of the overall crypto market. The consensus sales figure of $868 million is a 61% reduction compared to the year-ago quarter.ĬOIN stock is down more than 66% since the IPO, while its biggest product Bitcoin (BTC) has fallen 64% since then. No one said it was going to be a boring company to invest in when it IPO'd in April 2021, but few also expected this much upheaval. This quarter's projections compared to adjusted EPS of $6.78 and revenue of $2.23 billion in the second quarter of 2021, so you can see just how vulnerable Coinbase is to gyrations in the crypto market. Consensus calls for adjusted earnings per share (EPS) of $-1.23, GAAP EPS of $-2.77, and revenue of $868.4 million.Īlso read: Tesla Stock Deep Dive: Price target at $400 on China headwinds, margin compression, lower deliveries Coinbase Global earnings
Wall Street's current projections are all over the place due to the heavy amount of churn and reduced crypto prices seen during the second quarter. The question is how bad can the earnings get. The question for Coinbase (COIN) as the market awaits the second quarter earnings release after Tuesday's close is not whether earnings will be poor. COIN stock has rallied 78% in the past month.Wall Street expects adjusted EPS of $-1.23 on revenue of $868 million.Coinbase Global will unveil Q2 earnings after Tuesday's market close.Monthly active users in the second quarter came in at 9 million, which was above the 8.8 million from Q2 2021 but below the first quarter's 9.2 million figure. Consensus for the quarter was already a sharp drop off at $868 million, but Coinbase could not even meet this lowered threshold. Revenue of $808 million was an astounding 64% reduction from the period last year. Revenue also came in even lighter than expected. The crypto platform offered up GAAP EPS of $-4.98, which was nearly double the expected $-2.77. UPDATE: Coinbase Global's Q2 earnings were even worse than expected – much worse, in fact.
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