On May 4, 2023, Needham analyst John Todaro shared his bullish outlook on Coinbase Global (COIN), rating it as a Buy with a price target of $70. Despite lowering his price target from $73, Todaro still recommends buying the stock. He did, however, lower his Q1 FY23 volume estimate from $151 billion to $147 billion due to lower transaction revenues. Additionally, he expects a 23% decline in USD Coin’s (USDC-USD) market cap due to the failure of Silicon Valley Bank, which negatively impacted interest income.
Despite these challenges, Todaro noted that the engagement of retail customers on Coinbase’s platform has increased, which he expects to support the company’s volume growth. Coinbase Global is a provider of end-to-end financial infrastructure and technology for the crypto economy. The company faced significant headwinds in Q1 due to heightened market uncertainty, but Todaro foresees Q1 to mark the first quarter since the crypto boom unwound that Coinbase’s quarterly volume did not decline, offering optimism that retail volume could have bottomed.
Currently, Wall Street is sidelined on Coinbase stock, with a Hold consensus rating based on seven Buys, eight Holds, and five Sells. The company has a one-year high of $132.81 and a one-year low of $31.55.
COIN Stock Performance and Financial Analysis: May 4, 2023
On May 4, 2023, COIN stock opened at 48.82, slightly higher than the previous close of 48.48. Throughout the day, the stock traded within a range of 48.05 to 49.57, with a total volume of 52,898 shares.
COIN is a finance company in the investment banks/brokers industry. The company’s market cap is unknown.
COIN saw a decline of 182.78% in earnings growth last year, but is projected to experience a growth of 66.88% this year. Over the next five years, the company is expected to see an average earnings growth of 28.36%. Revenue growth saw a decline of 59.25% last year.
COIN’s P/E ratio is not available, likely due to negative earnings. The price/sales ratio is 2.46, which indicates that investors are willing to pay $2.46 for every $1 of sales. The price/book ratio is not available.
The company’s net profit margin is -82.18%, indicating that it is not currently profitable. In the previous year, COIN had an annual revenue of $3.2 billion, but a net loss of $2.6 billion.
COIN’s next reporting date is on May 5, 2023, where the company is expected to report an EPS forecast of -$1.45 for the quarter.
Overall, COIN’s stock performance on May 4, 2023 was relatively stable, with a slight increase in the opening price. However, the company’s negative net profit margin and lack of profitability may be a cause for concern for investors.
Coinbase Global Incs Stock Analysis: Median Target Price Not Met, But Analysts Remain Bullish
On May 4, 2023, Coinbase Global Inc’s stock (COIN) closed at a price of 48.42. The median target price of 65.00 as forecasted by the 23 analysts offering 12-month price forecasts was not met. However, the median estimate still represented a +34.24% increase from the last price, indicating that the analysts were bullish on the stock’s potential. The high estimate of 200.00 and the low estimate of 27.00 showed a wide range of opinions among the analysts. The current consensus among 28 polled investment analysts was to hold stock in Coinbase Global Inc. The company was set to report its earnings on May 05, 2023, which could provide more insight into the company’s financial performance and could potentially affect the stock’s price. Investors should conduct their own research before making any investment decisions.