- The shares of Coinbase Global Inc (NASDAQ: COIN) increased 3.24%. This is why it happened.
The shares of Coinbase Global Inc (NASDAQ: COIN) increased 3.24%. Investors appear to be responding positively to the company’s second-quarter 2021 results.
Coinbase beat the Wall Street estimates on sales and profits for the second quarter. The company reported total revenue of $2.2 billion. And the adjusted earnings before interest, taxes, depreciation, and amortization was $1.15 billion.
Coinbase said that its trading volume and transaction revenue also continued to gain momentum. And the monthly transaction users increased from 6.1 million in the first quarter to 8.8 million. The trading volume also increased from $335 billion to $462 billion.
Following the earnings report, Canaccord analyst Joseph Vafi increased the company price target from $285 to $325. And Vafi is maintaining a “Buy” rating on the company shares.
Vafi said he believes Coinbase’s long-term investment considerations relative the company remain attractive as he believes in the future of cryptocurrencies along with the emergence of blockchain clouds/decentralized finance.
Mark Palmer of BTIG reiterated a “Buy” rating on Coinbase shares. And Palmer issued a $500 price target on the company, citing the volume pick up in Ethereum and the non-fungible tokens on that blockchain.
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