Coinbase (NASDAQ:COIN) Surges after Stellar Q4 Results
Market News

Coinbase (NASDAQ:COIN) Surges after Stellar Q4 Results

Story Highlights

Coinbase surged in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2023.

Shares of cryptocurrency exchange Coinbase (NASDAQ:COIN) surged in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2023. Earnings per share came in at $1.04, which beat analysts’ consensus estimate of $0.02 per share.

Sales increased by 51.6% year-over-year, with total revenue hitting $953.8 million and Subscription and Services revenue coming in at $375 million. Total revenue beat analysts’ expectations by $135 million.

Looking forward, management now expects Subscription and Service revenue for Q1 2024 to be in the range of $410 million to $480 million.

Is COIN a Good Buy Now?

Turning to Wall Street, analysts have a Hold consensus rating on COIN stock based on five Buys, four Holds, and six Sells assigned in the past three months, as indicated by the graphic below. After a 152% rally in its share price over the past year, the average COIN price target of $133.20 per share implies 19.6% downside potential.

Related Articles
TheFlyBuy/Sell: Wall Street’s top 10 stock calls this week
Samuel O'BrientWhich Crypto ETF Is the Best Pre-Election Buy?
TheFlyCrypto Currents: Crypto firms report Q3 earnings
Go Ad-Free with Our App