8 expert predictions ahead of Coinbase s hotly anticipated IPO next week ilee@insider.com (Isabelle Lee)
Many view it as a significant milestone for the cryptocurrency space.
Insider compiled views from eight experts on what it could mean for rapidly growing digital currency market.
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Adding to the excitement, the cryptocurrency trading giant reported a whopping $1.8 billion revenue in the first quarter of the year on Tuesday, compared to the $1.3 billion for all of 2020.
On the back of the eye-popping earnings, DA Davidson analyst Gil Luria increased his price target by 125% to $440 from $195. The analyst derived his adjusted price target from a 20x multiple based on the company s expected revenue this year.
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With almost 3 times the revenue predicted by market analyst DA Davidson, Coinbase is likely heading for a bumper listing next week. Da Davidson pegs COIN stock price to $400+ per share.
Earlier this week on Tuesday, April 6, Coinbaseannounced the first quarter estimated results with mind-blowing figures. The company reported a revenue of $1.8 billion with a net income of around $800 million. Besides, the platform also reported 56 million verified users with 6.1 million monthly transacting users. Coinbase’s assets have topped $223 billion nearly 125% up from $90.3 billion by the end of 2020. This is massive considering it is nearly 25% of the overall crypto market cap. Also, the trading volume has nearly doubled to $335 billion from $193 in the previous quarter. Coinbase is all headed for the listing of its COIN shares on Nasdaq ahead this month on April 14.
What you need to know about Coinbase s direct listing and earnings - Silicon Valley Business Journal bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
Coinbase IPO: The Price Target One Analyst Thinks COIN Stock Will Hit $195 per share is apparently much too low a price for COIN stock Apr 7, 2021, 12:49 pm EDT April 7, 2021
Coinbase (NASDAQ:
COIN) IPO is creeping ever closer and one analyst thinks that the crypto exchange company is worth much more than previously thought.
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D.A. Davidson analyst Gil Luria updated his price target for COIN stock to $440 before shares even start trading. Adding to that, this is a massive jump over the analyst’s previous price target of $195 per share for the stock.
It’s also worth pointing out that the D.A. Davidson analyst set COIN stock up with a buy rating when first covering the company. That rating doesn’t change with the new price target issued today.