Crypto Darling's Earnings Debut Grabs Wall Street's Attention

COIN's first-quarter earnings and revenue fell in line with analysts' estimates

Digital Content Manager
May 14, 2021 at 2:56 PM
facebook X logo linkedin

Cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) made its earnings debut as a publically traded company on Thursday evening, and initially the equity skyrocketed, gaining at least 3% in after-hours trading. The firm posted first-quarter earnings of $3.05 per shares on $1.80 billion in revenue, falling in line with analysts' estimates. Coinbase saw a notable surge in revenue from last year, citing strengthening crypto prices of Bitcoin (BTC) and Ethereum (ETH), which made up a significant 39% of the exchanges' trading volume. 

Some of this initial excitement has cooled, however, and at last check COIN was down 3% at $257.42, putting the stock just within striking distance of its all-time closing low of $250.51, touched late last week. It's been roughly a month since the stock debuted on the Nasdaq, with an IPO price of $250 and an open at $381. Since this first day, the equity has suffered a gradual drop, down roughly 20% in the past month, though the $250 mark could act as a potential floor going forward.

Coinbase's earnings report has sparked some chatter among the brokerage bunch. Piper Sandler initiated coverage with an "overweight" rating and a $335 price target. Meanwhile, Rosenblatt Securities slashed its price target to $400 from $450. 

Heading into today, analysts are cautiously optimistic on COIN. Four considered the security a "strong buy," and three said "hold," while the 12-month consensus price target of $418.62 is a wide 62.8% premium to current levels. 

The Wall Street freshman has already captured the attention of options traders, too. So far today, 82,000 calls and 51,000 puts have crossed the tape -- double the intraday average. The most popular contract is the weekly 5/14 270-strike call, followed by the 260-strike put in the same series with positions being opened at both. 


Unlock Weekend Profits with Chris Prybal's Favorite Strategy Up +487.5% in 2024

With the markets going left, right, and sideways, you need to have a plan now more than ever. 

Expert Trader Chris Prybal is no stranger to volatility, and has mastered finding big stock rallies while other traders aren't looking over the weekend. Rallies that produced gains like +207% on RTX calls, +236% on MARA calls, and +238% on NET calls.

A few simple moves on Sunday at 7pm could be the “Secret Sauce” your portfolio needs to not just stay afloat, but make unprecedented gains in this turbulent market.

Don’t sit on the sidelines, beat the market with Chris Prybal's strategy. Join him now!




Rainmaker Ads CGI