Trading Strategies For Coinbase Stock Before And After Q4 Earnings As Bitcoin, Ethereum Soar
Portfolio Pulse from Melanie Schaffer
Coinbase Global, Inc (NASDAQ:COIN) is anticipated to release its Q4 financial results, with analysts expecting earnings of 2 cents per share on revenues of $823.85 million. JPMorgan upgraded Coinbase to Neutral with an $80 price target. Investors are keen on Coinbase's Bitcoin and Ethereum trading revenue. For diversified investment, TARK ETF, which includes Coinbase as a top holding, and SARK ETF for bearish positions are options. Technical analysis suggests a mildly bullish outlook for Coinbase but indicates a potential need for a pullback.
February 15, 2024 | 7:54 pm
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POSITIVE IMPACT
Coinbase is set to announce Q4 results with expectations of earnings of 2 cents per share on revenues of $823.85 million. JPMorgan upgraded the stock to Neutral with an $80 price target. Technical analysis suggests a mildly bullish outlook but indicates a potential need for a pullback.
The anticipation of Q4 earnings, combined with the upgrade from JPMorgan, suggests a positive short-term outlook for Coinbase. However, the technical analysis indicating a need for a pullback tempers the potential upside, suggesting a cautious optimism.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
TARK ETF, which aims to return 200% of the daily performance of ARKK with Coinbase as a top holding, offers a diversified investment approach for bullish traders on Coinbase.
Given TARK's direct link to Coinbase's performance through its significant holding in ARKK, positive developments for Coinbase, especially around earnings, could lead to increased investor interest in TARK as a leveraged play on Coinbase's success.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
SARK ETF offers a bearish stance on the ARKK's holdings, including Coinbase, providing an option for investors skeptical about Coinbase's short-term prospects.
SARK's inverse tracking of ARKK, which includes Coinbase as a significant holding, means that negative outcomes for Coinbase, particularly in its earnings report, could bolster SARK's appeal to investors looking for bearish positions.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80