RudyAsh
16 Feb 24
COIN stock jumped 13.5% in Friday morning trading after delivering its first quarterly profit in about three years, surpassing Wall Street expectations. KBW analyst Kyle Voigt upgraded the stock to Market Perform from Underperform, reflecting higher crypto prices and the positive impact on COIN's re...
COIN stock jumped 13.5% in Friday morning trading after delivering its first quarterly profit in about three years, surpassing Wall Street expectations. KBW analyst Kyle Voigt upgraded the stock to Market Perform from Underperform, reflecting higher crypto prices and the positive impact on COIN's revenue. Voigt also noted a 15% year-to-date growth in USD Coin balance. However, he expressed skepticism about the sustainability of current retail enthusiasm/speculative activity. Voigt's Market Perform rating aligns with the SA Quant system, average SA analyst, and average sell-side analyst ratings, all at Hold. During the Q4 earnings conference call, COIN CEO Brian Armstrong outlined the company's priorities for the year, including driving revenue growth in trading fees and stablecoins, exploring payments as a use case for driving utility in crypto, investing in the self-custodial app Coinbase Wallet, and continuing to drive regulatory clarity for the industry.
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