Crypto company Coinbase Global (COIN) is set to release its Q4 2024 results on February 13. COIN stock has surged about 81% in the past year, fueled by a crypto rally linked to the presidential elections and declining interest rates. Wall Street analysts anticipate the company will report earnings of $1.90 per share, reflecting an 83% year-over-year increase.
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Meanwhile, revenues are expected to rise by 87% from the same quarter last year, reaching $1.78 billion, according to data from the TipRanks Forecast page. It’s important to note that the company is working to boost revenue growth through initiatives like expanding derivatives, growing internationally, and enhancing custodial services.
Analysts’ Views on COIN Ahead of Q4 Results
Ahead of Coinbase Global’s Q4 results, Monness analyst Gustavo Gala maintained a Buy rating and kept a price target of $39 per share. He highlighted that the company’s product expansion and improving regulatory clarity could enhance its role in the crypto industry. Further, Gala pointed to strong user growth, with a notable rise in monthly active users and wallet activity, reflecting steady demand.
Similarly, another analyst, Peter Christiansen from Citi, is also optimistic about Coinbase, citing its strong position in the evolving crypto market. He sees Coinbase benefiting from a shifting landscape, viewing it as a “risk-on” investment tied to macro trends and regulations.
For Q4 2024, he projects strong net revenue growth driven by higher crypto prices and trading volumes. His updated forecast raises 2024 revenue estimates by 9% and adjusted EBITDA by 16%. He also raised the stock’s target price from $275 to $350 per share.
Options Traders Anticipate a 8.77% Move
Using TipRanks’ Options tool, we can see what options traders are expecting from the stock immediately after its earnings report. The expected earnings move is determined by calculating the at-the-money straddle of the options closest to expiration after the earnings announcement. If this sounds complicated, don’t worry, the Options tool does this for you.
Indeed, it currently says that options traders are expecting a 8.77% move in either direction.
Is COIN Stock a Buy, Sell, or Hold?
Overall, analysts have a Moderate Buy consensus rating on COIN stock based on six Buys, ten Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. The average COIN price target of $322.64 per share implies 20.88% upside potential.
