Coinbase is set to report earnings on Thursday, May 2, after the market closes.
Investors expect EPS and revenue to expand from a year ago as trading volume swells.
COIN is trading with an IVR of 77.5 and an expected May 3 move of +/- 22.85 points.
The SEC voted earlier this year to allow investors to trade bitcoin exchange-traded funds.
Coinbase Global (COIN) is scheduled to report first-quarter fiscal earnings on Thursday, May 2, after market close. Investors hope that the earnings will renew the stock’s uptrend, which fell apart in mid-March alongside the broader stock market.
Still, COIN outpaces the S&P 500, with a year-to-date gain of about 16.3% versus 5.36% for the index. The last time COIN reported earnings, the stock price surged over 10% in the following two days of trading.
What do investors expect from COIN?
Analysts expect earnings per share (EPS) of $1.14 and revenue of $1.4 billion. That would be up from -$0.34 EPS and $773 million revenue in the first quarter of 2023. It would also be up from last quarter’s EPS of $1.04 and revenue of $954 million.
According to TradingView data, analysts expect a 1-year price target of $239.26, which would be a gain of nearly 19% from the current stock price. There are currently 10 strong buy ratings, 12 hold ratings, three sell ratings and three strong sell ratings on the stock among 28 analysts.
A pickup in trading volume should provide a major tailwind for Coinbase since it collects fees from trading and spread markups. According to data.bitcoinity.org, bitcoin trading volume on the Coinbase exchange rose to 675,000 btc in February, the highest since December 2022.
The Securities and Exchange Commission (SEC) voted earlier this year to allow investors to trade bitcoin exchange-traded funds (ETFs). Traders hailed that as a milestone for crypto assets. Coinbase likely benefited from the move since it sparked wider interest in the asset class and opened bitcoin to more investors.
Trading Coinbase earnings
COIN is trading at about $200 per share as of Wednesday, May 1. That is the lowest since March 1. The recent losses have caused volatility to expand, with the implied volatility rank (IVR) at 77.5.
The May 3 strike shows an implied move of +/- 22.85 points. A hypothetical trade for those believing that COIN will repeat its bullish streak of earnings surprises could go with a short put vertical, selling the 195 and buying the 192.5. That trade produces a max profit of $92 and a max loss of $155, with a probability of profit (POP) of 57%.
Thomas Westwater, a tastylive financial writer and analyst, has eight years of markets and trading experience. @fxwestwater
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Go long or short on thousands of international stocks. Expectations are for Coinbase's Q2 revenue to almost double to US$1.4 billion, up from the previous US$708 million.
The average price target for Coinbase Global is $256.77. This is based on 15 Wall Streets Analysts 12-month price targets, issued in the past 3 months. The highest analyst price target is $345.00 ,the lowest forecast is $169.00. The average price target represents 63.39% Increase from the current price of $157.15.
Coinbase is expected to report an earnings-per-share (EPS) of $0.81 on $1.37 billion in revenue. Coinbase has exceeded EPS estimates by triple digit percentages the past two quarters, but EPS estimates are lower this quarter. Regulatory clarity and updates will likely be a focal point for this earnings call.
This company is expected to post quarterly earnings of $1.07 per share in its upcoming report, which represents a year-over-year change of +354.8%. Revenues are expected to be $1.45 billion, up 104.9% from the year-ago quarter.
Coinbase has excellent security measures to ensure its users' funds are safe. However, we recommend moving your crypto assets off any exchange into a self-custodial hardware wallet. For new users looking to make simple buy and sell orders, the original Coinbase platform is likely the best option.
To determine whether a company's EPS is "good," it's essential to consider the company's earnings per share in context. A good EPS is determined by its year-over-year change. In a best-case scenario, a company's EPS value will accelerate upward yearly, and the rate of increase will increase as well.
Actual EPS is what a company reports with their earnings announcement. Expected EPS is what analysts predict a company's earnings will be in the future.
Coinbase stock has received a consensus rating of buy. The average rating score is and is based on 49 buy ratings, 24 hold ratings, and 26 sell ratings. What was the 52-week low for Coinbase stock? The low in the last 52 weeks of Coinbase stock was 69.66.
With a 15% stake, CEO Brian Armstrong is the largest shareholder. For context, the second largest shareholder holds about 7.1% of the shares outstanding, followed by an ownership of 4.4% by the third-largest shareholder.
Look out for COIN's next earnings release expected on November 07, 2024. For the next earning release, we expect the company to report earnings of $0.59 per share, reflecting a year-over-year increase of 6000%.
Earnings were $5.16 per share, up 73% from a year earlier. Analysts were expecting $4.72 per share, according to FactSet. Meta also forecast roughly $39.75 billion in revenue for its September quarter, ahead of analyst expectations of $39.1 billion in sales for the company's Q3.
Based on analysts offering 12 month price targets for COIN in the last 3 months. The average price target is $256.77 with a high estimate of $345 and a low estimate of $169.
Coinbase reports to the IRS by issuing Forms 1099-MISC for US traders who earned over $600 in crypto rewards or staking during the tax year. Taxpayers must report all crypto income, even if they do not receive a 1099 form. If you receive a 1099-MISC from Coinbase, the IRS should also have received it.
But you can earn rewards simply by buying and holding dollar-pegged stablecoins like Dai and USD Coin (USDC). As of June 2021, you can earn 2.00% APY rewards by simply holding Dai in your Coinbase account. You can also earn 0.15% APY for holding USD Coin — and can earn even more via USDC Lending (see tip No.
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