What's Going On With Coinbase Stock After Earnings?

Coinbase Global, Inc. COIN shares are trading lower Friday after the company posted its first-quarter financial results after the market close Thursday.

The Details:

Coinbase reported total revenue of $1.64 billion, which beat the analyst estimate of $1.34 billion, and GAAP earnings of $4.40 per share. 

Transaction revenue in the first quarter was $1.08 billion, with consumer transaction revenue totaling $935.2 million. Institutional transaction revenue was $85.4 million, and the company said institutional trading volume and number of active accounts hit all-time highs.

Bitcoin represented 33% of Coinbase's quarterly trading volume and 30% of transaction revenue in the quarter. Ethereum ETH/USD represented 13% of trading volume and 15% of transaction revenue in the quarter.

Outlook: 

Coinbase sees second-quarter subscription and services revenue to be in a range of $525 million to $600 million and said transaction revenue was $300 million for the month of April.

Analysts React: 

• Goldman Sachs analyst Will Nance maintained a Neutral rating and lowered the price target from $295 to $255.
• Needham analyst John Todaro maintained Coinbase with a Buy and lowered the price target from $275 to $260.
• Canaccord Genuity maintained its Buy rating and raised the price target from $240 to $280.
• Oppenheimer analyst Owen Lau maintained an Outperform rating on the stock and raised the price target from $276 to $282.
• Keefe, Bruyette & Woods maintained its Market Perform rating and raised the price target from $230 to $240.

Related News: Rivian Automotive Receives $827M Incentive Package: What’s Going On With Rivian Stock?

Will COIN Stock Go Up?

When trying to assess whether or not Coinbase will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $224.84 on Coinbase Glb. The Street high target is currently at $325.and the Street low target is $80. Of all the analysts covering Coinbase, 15 have positive ratings, 11 have neutral ratings and 5 have negative ratings.

In the last month, 15 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Coinbase Glb have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Coinbase Global is 286.73% up year-to-date. The average analyst price target suggests the stock could have further downside ahead.

For a broad overview of everything you need to know about Coinbase, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

COIN Price Action: According to Benzinga Pro, Coinbase shares are down 1.69% at $224.99 at the time of publication Friday. 

Image: Shutterstock