EddieJayonCrypto
17 May 24
Coinbase Global (NASDAQ:COIN) stock gained 2.4% in Friday premarket trading after Bank of America Securities upgraded the cryptocurrency exchange to Neutral from Underperform due to the company's expense discipline and diversification strategy combined with an improved crypto outlook. "The current m...
Coinbase Global (NASDAQ:COIN) stock gained 2.4% in Friday premarket trading after Bank of America Securities upgraded the cryptocurrency exchange to Neutral from Underperform due to the company's expense discipline and diversification strategy combined with an improved crypto outlook. "The current macro environment has been a positive for cryptocurrency market cap appreciation and trading volume," BofA analyst Mark McLaughlin wrote in a note to clients. At the company level, he points out that operating leverage from Coinbase's (COIN) large cost cuts in 2022 will help it stay profitable going forward. In addition, "increased diversification of revenue sources less correlated with overall volumes should dampen earnings volatility." Counterweights are Coinbase's (COIN) dependence on transaction revenue for profitability and regulatory overhang related to its ongoing SEC lawsuit. McLaughlin's Neutral rating on the stock aligns with the SA Quant rating, the average SA Analyst rating, and the average Wall Street rating, all at Hold.
More about Coinbase Global Inc```html
Company: Coinbase Global Inc
Description: Coinbase Global, Inc. provides financial infrastructure and technology for the crypto economy. The company is headquartered in Wilmington, Delaware.
Sector: Finance
Industry: Finance Services
Market Cap: 51.46 Billion
Stock Price: $41.09
Dividend Yield: None
P/E Ratio: 5.1
EPS: 15.83
Beta: 0.357
Volume: 3,777,835,000
52-Week High: $258.75
52-Week Low: $3.27
50-Day Moving Average: $1.156