Coinbase Revises Price Target Amid Weaker Than Expected Q2 Results
Crypto exchange Coinbase Global Inc.'s (NASDAQ:COIN) second-quarter results were weaker than expected, prompting price target revisions from analysts. Freedom Broker cut its price target on Coinbase stock to $185 from $225 while maintaining a Buy rating.
The company reported diluted GAAP earnings per share of negative $1.36, compared with consensus expectations of negative $0.44. Adjusted EPS came in at negative $0.40 versus the consensus estimate of positive $0.12. Total revenue of $1.22 billion declined 14% sequentially and missed the Street expectation of $1.29 billion by roughly 5%.
Coinbase's crypto trading volume market share reached an all-time high of 10.3%, up from 9.1% in the first quarter, despite a 25% sequential decline in market spot volumes.