Coinbase Global (NASDAQ:COIN) on Thursday reported downbeat second-quarter financial results.
Coinbase reported total revenue of $1.22 billion in the second quarter, down roughly 19% year-over-year. The total missed a Street consensus estimate of $1.32 billion, according to data from Benzinga Pro. The company reported a loss of 40 cents per share, missing a Street estimate of a loss of 11 cents per share.
“In Q2 we hit our 3rd consecutive all-time high in crypto trading volume market share, proving our Everything Exchange can deliver in all market conditions,” said Brian Armstrong, Co-Founder and CEO. “Coinbase is no longer a bet just on the price of Bitcoin. All of financial services are getting updated by crypto, whether that’s trading or payments or lending, and Coinbase is the best-positioned company in the world to power this.”
Coinbase shares dipped 5.6% to $154.42 in pre-market trading.
These analysts made changes to their price targets on Coinbase following earnings announcement.
- BTIG analyst Andrew Harte maintained the stock with a Buy and lowered the price target from $260 to $240.
- Needham analyst John Todaro maintained the stock with a Buy and cut the price target from $220 to $177.
- HC Wainwright & Co. analyst Mike Colonnese reiterated the stock with a Buy and maintained a $265 price target.
Considering buying COIN stock? Here’s what analysts think:
Photo via Shutterstock