tl;dr
Coinbase (NASDAQ:COIN) is set to report its Q1 results after the bell on May 2, Thursday, with expectations of benefiting from a crypto-market rally. Bitcoin (BTC-USD) prices surged 61% in Q1 following the SEC's approval of 11 spot Bitcoin exchange-traded products, propelled by the trading frenzy am...
Coinbase (NASDAQ:COIN) is set to report its Q1 results after the bell on May 2, Thursday, with expectations of benefiting from a crypto-market rally. Bitcoin (BTC-USD) prices surged 61% in Q1 following the SEC's approval of 11 spot Bitcoin exchange-traded products, propelled by the trading frenzy among U.S.-listed spot Bitcoin ETFs. SA analyst Yiannis Zourmpanos noted, "The stock has recently bounced back, driven by renewed interest in cryptocurrencies and regulatory approval of Bitcoin Exchange-Traded funds." The consensus EPS Estimate is $1.05, while the consensus Revenue Estimate is $1.34B ( 73.5% Y/Y). SA analyst KM Capital stated, "Investors should understand that the stock is extremely volatile, but as the crypto-economy expands its reach, I expect crypto assets to become less volatile over time." KM Capital also remarked that COIN looks like the company of the future. Coinbase filed an appeal in a federal court challenging a key legal point that allowed its case against the U.S. SEC to move forward in March, seeking the court's resolution on whether the SEC can consider a digital asset transaction as an investment contract. SA analyst Joseph Parrish mentioned, "Despite the setbacks, Coinbase has managed to flesh out the business and continues to evolve under management's vision." Last quarter, COIN returned to profitability for the first time in three years, attributed in part to higher interest income from its stablecoin reserves amid a bull run across crypto assets prices. SA analyst Noah's Arc Capital Management emphasized, "The approval of Bitcoin ETFs by the SEC presents a significant opportunity for Coinbase to generate revenue and expand its market share." Over the last 3 months, EPS estimates have seen 1 upward revision and 0 downward, while revenue estimates have seen 13 upward revisions and 0 downward. Shares in the company are up 17.3% since the start of the year.
More about Coinbase Global Inc
Technical Analysis Summary: Coinbase Global Inc (FINANCE)
Coinbase Global, Inc. provides financial infrastructure and technology for the crypto economy. The company is headquartered in Wilmington, Delaware.
Industry: FINANCE
Sector: FINANCE SERVICES
Market Cap: 52,598,247,000
Current Price: $579.18
Dividend Yield: None
P/E Ratio: 0.37
EPS: 12.41
52-Week Change: 3.24%
Volume: 2,926,556,000
50-Day Moving Average: $224.45
200-Day Moving Average: $3.27
Relative Strength Index (RSI): 0.494
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.