What's Going On With Coinbase Stock After Earnings?

Coinbase Global, Inc. COIN shares are trading lower Friday as Bitcoin drops amid broad market declines. The company posted its second-quarter results after Thursday's closing bell. 

The Details:

Though Coinbase beat analyst expectations on both the top and bottom line, the company said total trading volumes were down 28% quarter-over-quarter. Consumer trading volume was down 34% quarter-over-quarter and institutional trading volume was down 26% quarter-over-quarter.

Bitcoin BTC/USD represented 35% of Coinbase's trading volume and 31% of transaction revenues in the second quarter. 

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Several analysts updated coverage on Coinbase following the print: 

• Barclays analyst Benjamin Budish maintained an Underweight rating and raised the price target from $196 to $206.
• Canaccord Genuity reiterated a Buy rating and $280 price target.
• HC Wainwright & Co. analyst Mike Colonnese maintained Coinbase with a Buy, but lowered the price target from $315 to $295.

According to data from Benzinga Pro, Coinbase shares are trading below the stock’s 50-day moving average of $234.74 and are down nearly 15% over the past five days. 

Does COIN Stock Pay Dividends?

Coinbase Global pays a dividend of $0.26 per share quarterly. This represents a yield of 0.43% versus the 1.28% yield on the SPDR S&P 500 ETF. This compares to the 3.84% yield on the US 10-year Treasury.

How much do I need to make $100 per quarter in dividends from Coinbase Global stock?

With a dividend of $0.26, an investor will need to hold $80,654.81 worth, or 384.62 shares, of the stock. Additionally, investors can reinvest their dividends to buy more shares of Coinbase and compound their position over time. If reinvested, each dividend payment can buy 0.001240 shares of the stock.

COIN Price Action: According to Benzinga Pro, Coinbase Global shares are down 4.12% at $203.87 at the time of publication Friday.

Read Also:

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