Streetbeat News

COIN

Coinbase Global, Inc.

https://www.coinbase.com

Industry

Software - Application

Coinbase Global, Inc. provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment. Coinbase Global, Inc. was founded in 2012 and is based in Wilmington, Delaware.

Open

282.51

Mkt cap

77B

Volume

18M

High

306.45

P/E Ratio

52.02

52-wk high

334.86

Low

276.02

Div yield

N/A

52-wk low

94.90

Coinbase Global's shares surged following the announcement of better-than-expected Q4 financial results and optimistic Q1 subscription and revenue guidance. Additionally, Canaccord Genuity reaffirmed a Buy rating on COIN and increased its price target from $140 to $240.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 1:19 pm

The Trade Desk, Inc. (TTD) shares rose by 19% in pre-market trading after reporting mixed Q4 financial results, with earnings missing but sales beating estimates. The board approved an additional $647 million for share repurchases. Other stocks showed significant pre-market movements, with notable gainers including Tarena International, Inc. (TCTM), Ambow Education Holding Ltd. (AMBO), and Applied Materials, Inc. (AMAT), among others. Losers included CLPS Incorporation (CLPS), Bloom Energy Corporation (BE), and Roku, Inc. (ROKU), with each reporting various financial results or updates.

Portfolio Pulse from Avi Kapoor

February 16, 2024 | 1:09 pm

U.S. stock futures indicate a mixed opening ahead of key economic data releases, including producer price inflation and consumer sentiment. The S&P 500's recent record run and varied earnings reactions suggest ongoing market momentum. Analyst Adam Turnquist warns that rising Treasury yields could pose risks to the equity market. Premarket trading saw SPDR S&P 500 ETF Trust and Invesco QQQ ETF rise, while stocks like Roku, Coinbase, Applied Materials, and others moved significantly on earnings news.

Portfolio Pulse from Shanthi Rexaline

February 16, 2024 | 12:32 pm

Canaccord Genuity analyst Joseph Vafi maintains a Buy rating on Coinbase Global (COIN) and raises the price target from $140 to $240.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 10:27 am

U.S. stock futures traded mixed with focus on PPL Corporation, DoorDash Inc, TreeHouse Foods, Inc., Coinbase Global, Inc., and Portland General Electric Company due to their financial results and earnings expectations. PPL is expected to report earnings with a slight decline in after-hours trading. DoorDash reported mixed Q4 results with a significant drop in after-hours trading. TreeHouse Foods is anticipated to report earnings with a recent gain in its shares. Coinbase reported better-than-expected Q4 results, leading to a substantial increase in after-hours trading. Portland General Electric is expected to report earnings with a rise in after-hours trading.

Portfolio Pulse from Avi Kapoor

February 16, 2024 | 8:59 am

Cathie Wood, CEO of ARK Invest, praised Coinbase Global Inc (NASDAQ:COIN) for its performance and compliance, especially in the wake of its competitors' issues. Despite ARK Invest selling $26.7 million worth of Coinbase shares, Wood remains optimistic about Coinbase's future, attributing its success to market volatility and its strategic positioning. Coinbase's Q4 earnings exceeded expectations, with revenue of $953.8 million, amidst a resurgence in Bitcoin interest.

Portfolio Pulse from Benzinga Neuro

February 16, 2024 | 8:30 am

Coinbase Global Inc (NASDAQ:COIN) CEO Brian Armstrong announced during an earnings call that Coinbase has been named as the custodian for 5 of the 8 Ethereum ETF applications. The company reported a 45.2% increase in net revenue to $905 million for the fourth quarter, turning a profit with a net income of $273 million. Transactional activity, particularly consumer crypto trading and institutional transaction revenue, played a significant role in this financial turnaround. Armstrong highlighted the positive impact of ETFs on the industry and Coinbase's role as a trusted partner in the growing adoption of cryptocurrencies by financial institutions.

Portfolio Pulse from Mehab Qureshi

February 16, 2024 | 8:01 am

Coinbase Global Inc (NASDAQ:COIN) reported a doubling in trading volume in Q4, with $154 billion traded. CEO Brian Armstrong highlighted the success of Bitcoin ETFs, noting Coinbase's significant role in custodying 90% of the $36 billion in Bitcoin ETF assets. The company's Q4 earnings exceeded expectations, with earnings of $1.04 per share and revenue of $953.8 million. Armstrong attributed part of this success to the growing appeal of Bitcoin ETFs, which have seen over $4 billion in net inflows. He also mentioned Coinbase's involvement in supporting pro-crypto candidates in the U.S. election through a Super PAC.

Portfolio Pulse from Mehab Qureshi

February 16, 2024 | 5:22 am

Cathie Wood's Ark Invest sold shares of Coinbase (COIN), Nvidia (NVDA), and Alphabet (GOOGL), while buying shares of Unity Software (U) and 10X Genomics (TXG). The sales occurred despite Coinbase's surprise profit and amidst a Bitcoin rally. Nvidia and Alphabet shares were sold amid AI sector adjustments, with concerns over Nvidia's valuation and Alphabet facing new competition from OpenAI. Ark also increased investments in U and TXG, indicating a bullish outlook on gaming, software, and genomics sectors.

Portfolio Pulse from Benzinga Neuro

February 16, 2024 | 5:07 am

DraftKings, Coinbase, Super Micro Computer, Roku, and Tesla were among the top stocks on investors' radars, with significant movements and news impacting their stock prices. DraftKings reported a 44% increase in Q4 revenue and an acquisition to boost its digital lottery market presence. Coinbase exceeded Q4 revenue estimates with transaction revenue up by 83%. Super Micro Computer surged due to its strong AI market positioning. Roku saw a 14% increase in Q4 revenue, with strategic expansions into branded TVs. Tesla's stock rose amid CEO Elon Musk's compensation plan appeal, reflecting strategic responses to challenges.

Portfolio Pulse from Benzinga Neuro

February 16, 2024 | 2:17 am

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