Is It Time To Buy Coinbase Stock? This Trader Thinks So

Coinbase Global Inc COIN is trading lower Wednesday after the company announced worse-than-expected third-quarter financial results.

What Happened: Coinbase reported quarterly earnings of $1.62 per share, which beat the estimate of $1.56 per share. The company reported quarterly revenue of $1.24 billion, which came in below the estimate of $1.57 billion.

Verified users grew to 73 million in the third quarter, while monthly transacting users were 7.4 million. Trading volume was $327 billion, down from $462 billion in the second quarter.

Requisite Capital Management's Bryn Talkington urged investors last week to wait for Coinbase to report earnings before buying the stock.

See Also: Coinbase Flouts Possibility Its NFT Business Could Be 'Bigger' Than Current Crypto Offerings Like Bitcoin And Dogecoin

Why It Matters: "I would be a buyer here if I didn't own it," Talkington said Wednesday on CNBC's "Fast Money Halftime Report."

Talkington said she is a really big fan of Coinbase CEO Brian Armstrong.

Armstong was one of the first engineers working on the Airbnb Inc ABNB platform and he left the company in 2012 to start Coinbase, she noted.

"I feel like Brian Armstrong has been in Bitcoin, in the crypto markets since day one and I think that this company will continue to innovate," Talkington said.

The market didn't like that Coinbase revenues came in below expectations, but looking at revenue on a broader spectrum, it's up three-fold year-over-year, Talkington said.

"These are still the early days of cryptocurrency," she emphasized.

COIN Price Action: Coinbase has traded as high as $429.54 and as low as $208 since its direct listing on April 14.

The stock was down 6.80% at $333.16 at time of publication.

Photo: courtesy of Coinbase.