Coinbase Stock just reached a new 52-week high. How much higher can the crypto week take coin?

The sales of the transaction rose by 17.2% to 1.3 billion US dollars, which was supported by remarkable growth on both consumer and institutional channels. The consumer's trade volume rose by 39% a year to $ 78 billion. Institutional activity was also robust and increased by 23% annually to $ 315 billion.

Turnover from subscriptions and services increased by almost 37% to 698.1 million $ 698.1 million thanks to the strong interest in stable coins and a wider introduction of Coinbase One. The adapted EPS was $ 1.94, somewhat before the estimates of the analysts of USD 1.93, but 23% in the year.

Despite the operating profits, the increasing costs alleviated part of the upward trend. The adjusted EBITDA for the quarter was $ 929.9 million, a decrease of 8.3%. As of March 31, the company left the quarter with 8.1 billion US dollars at cash and cash equivalents.

Some challenges remain. However, the recent acquisition of Deribit, a leading crypto option exchange, has the company's narrative in the amount of US dollars of 2.9 billion. With open interest rates of over $ 30 billion and more than $ 1 trillion in non-I-US trading volume in 2024, Deribit Coinbase places the top of the global market for crypticoderivates.

With a view to the future, Coinbase expects subscription and service income between USD 600 and 680 million in the second quarter. In the meantime, analysts expect a decline in the EPS from 21% to $ 0.84 for the quarter, with the EPS forecast of the total year forecast of USD 4.90 (35% Joy). However, a rebound is expected in the next financial year, with EPS expected to increase by 26% to $ 6.18.

Wall Street remains optimistic about the future of Coin Stock and is reflected in a “moderate purchase” consensus among the analysts. Oppenheimer -Analyst Owen Lau determined a price target of $ 395 for shares, which matches Devin Ryan from JMP Securities to 400 US dollars. The benchmark analyst Mark Palmer continues to see a target of 421 US dollars.

Among the 30 analysts that cover the stock recommend 13 a “strong purchase”, an incident of a “moderate purchase”, 14 suggest “holding”, and two recommend a “strong sales” rating. The average price target for coin shares is $ 309.16, although the shares are currently trading above this brand.

At the upper end, Bernstein holds a street destination of $ 510, which indicates potential upswing of 24%. Bernstein underlines the gap between market perception and reality and believes that Coinbase is the “most misunderstood company” in the Crypto coverage universe.

At the date of publication, Aanchal Sugandh did not have positions in any of the securities mentioned in this article (either directly or indirectly). All information and data in this article serve exclusively for information purposes. This article was originally published on barchart.com