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Coinbase Global Inc (NASDAQ:COIN) shares tanked in early trading on Friday.
The results came amid an exciting earnings season. Here are some key analyst takeaways.
Analyst Patrick Moley reiterated a Neutral rating and price target of $245.
"Excluding the impact of $319M of pretax M2M losses on crypto assets and assuming a normalized tax rate of 25%, we calculate core EPS of $0.73, which is slightly below our estimate of $0.75 and below the consensus of $0.95," Moley said in a note.
Coinbase Global reported total revenues of $1.450 billion, with Subscription & Services revenues of $599 million, he added.
"Bottom line, extrapolating July trading revenues for the full quarter, COIN’s guidance for 3Q24 implies a significant contraction in the operating margin (we est. ~24% in 2Q24 to ~8% in 3Q24) as the company signaled plans to grow its variable marketing spend and increase headcount in 2H24," the analyst wrote.
Check out other analyst stock ratings.
Analyst Kenneth Worthington maintained a Neutral rating and a price target of $181.
Coinbase reported diluted earnings of 14 cents per share, significantly short of expectations, Worthington said. "Tougher volume quarter but Coinbase seemed to monetize well," he added.
"Coinbase delivered a commanding top-line beat versus our estimates with total revenue of $1,450mn (JPMe $1,359mn), ultimately beating our projections on better fee rates for retail and institutional trading," the analyst wrote.
The company delivered a strong quarter "in what was a far less robust market than we witnessed in 1Q24," he further stated.
Analyst Devin Ryan reiterated a Market Outperform rating and a price target of $320.
Coinbase's core results came in "modestly above our estimates and roughly in line with consensus, on balance," Ryan said. This was the sixth straight quarter in which the company reported "positive adjusted EBITDA with substantial growth in its liquidity position," he added.
"The firm continues to execute on its product roadmap, with numerous areas of significant optionality within both transactional drivers and newer areas of the business model," the analyst further wrote.
COIN Price Action: Shares of Coinbase Global had declined by 2.47% to $207.30 at the time of publication on Friday.
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Posted In: COIN
