Coinbase expects strong quarter with estimated earnings increase and revenue growth, shares down.

From Nasdaq

July 30, 2024 2:35:49 pm:

Cryptocurrency exchange Coinbase (COIN) is anticipating a strong quarter ahead of the 2024 elections, but investors are cautious with shares down over 3%. Estimated earnings per share for the quarter are $0.94, a significant improvement from a loss of $0.42 per share in 2023. Revenue is expected to surge to $1.396 billion, marking the fourth consecutive quarter of growth.

Analyst Owen Lau sees potential for Coinbase in the long term, stating that the U.S. is approaching a crucial turning point for blockchain development. With the possibility of a Trump return and a more favorable stance from Harris, the future looks promising. Despite four quarters of growth, questions remain about how long the trend will continue.

Wall Street analysts have a Moderate Buy consensus rating on COIN stock, with eight Buys, eight Holds, and two Sells in the past three months. After a 129.74% increase in share price over the past year, the average price target of $258.06 per share implies a 13.94% upside potential.

Read more at Nasdaq: Coinbase (NASDAQ:COIN) Pre-Earnings: Here’s What to Expect