Coinbase Global Inc (CRYPTO: COIN) shares are trading higher on Friday after the company reported third-quarter financial results that exceeded analyst expectations on both earnings and revenue.
What Happened: Coinbase delivered a strong third quarter, earning $1.44 per share, which is well above the $1.11 analysts were expecting. Revenue came in at $1.87 billion, topping estimates and rising 55.10% from the $1.21 billion reported a year ago.
Coinbase pulled in $1 billion in transaction revenue for the quarter, marking a 37% jump from the previous one. Subscription and services revenue also grew, reaching $747 million — up 14% quarter-over-quarter. Operating costs dropped by $134 million, or 9%, reaching $1.4 billion. Meanwhile, the company expanded its team, increasing its full-time workforce by 12% to 4,795 employees.
Multiple analysts weighed in on the results with mainly bullish stances. Rosenblatt analyst Chris Brendler maintained a Buy rating while raising the price target to $470 from $450. BTIG analyst Andrew Harte maintained a Buy rating and increased the target to $420 from $410.
HC Wainwright analyst Mike Colonnese reiterated a Buy rating with a $425 price target, while Needham analyst John Todaro maintained a Buy rating with a $400 target.
Cantor Fitzgerald analyst Brett Knoblauch maintained an Overweight rating but lowered the price target to $459 from $500. Barclays analyst Benjamin Budish maintained an Equal-Weight rating while reducing the target to $357 from $361.
COIN Price Action: Coinbase shares are making waves today, up 8.29% and trading at $355.73 at the time of publication on Friday, according to Benzinga Pro. The stock rose up to a high of $361.18 and dipped to a low of $334.43, showing a notable range throughout the day. With 5.9 million shares changing hands, it's clear there's a lot of interest. Right now, the stock is 19.2% below its 52-week high, but it's 7.8% above its 50-day moving average, showing some strong momentum lately.
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