Share this article
BTC
$106,311.98
+
0.51%ETH
$2,432.25
+
0.12%USDT
$1.0005
-
0.02%XRP
$2.1845
-
0.69%BNB
$644.30
+
0.42%SOL
$145.67
-
0.50%USDC
$0.9999
-
0.01%TRX
$0.2742
+
0.35%DOGE
$0.1653
-
1.16%ADA
$0.5818
-
1.87%HYPE
$37.52
-
1.22%WBT
$47.85
-
0.23%SUI
$2.7803
-
3.55%BCH
$474.17
+
2.64%LINK
$13.29
-
0.15%LEO
$8.9986
-
1.26%XLM
$0.2451
-
1.31%AVAX
$18.05
-
2.35%TON
$2.8879
-
1.40%SHIB
$0.0₄1165
-
2.03%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars
Coinbase Likely to Top Q3 Trading, Revenue Estimates on Bitcoin Volatility: Oppenheimer
There is an 18% potential upside to trading volume and an 11% upside to total revenue estimates, an analyst wrote Tuesday night.
Coinbase (Nasdaq: COIN) is likely to top consensus estimates for trading volume and total revenue for the third quarter due to recent volatility in the price of bitcoin, according to Oppenheimer analyst Owen Lau.
- Lau estimates there is an 18% potential upside to trading volume and an 11% upside to total revenue estimates, citing the exchange’s “substantially” improved trading volume in the second half of the third quarter.
- Coinbase shares had a “rough” September with the stock down 12.2% versus the S&P 500′s 4.8% dip – likely hurt by increased regulatory scrutiny, the retreat of bitcoin, the company’s move to preemptively end its Lend product, its $2 billion debt raise and macro risks associated with Evergrande in China.
- “With all the news driving volatility, trading volume has substantially improved in late August and September,” Lau wrote in a note.
- Lau, who has an outperform rating on the shares and a $444 price target, estimates that Coinbase has $6.5 billion in cash as of the third quarter that can be potentially used for new product development, M&A, diversification and increased balance sheet investment in crypto.
- Late last month, JMP Securities was also bullish on Coinbase shares, putting a $300 price target and market outperform rating on the shares.
- COIN shares are currently trading at around $250.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Read more: Coinbase Shares Have Potential for Almost 30% Upside, Analyst Says
Josh Fineman
Josh Fineman is CoinDesk's Senior Wall Street Reporter, covering the intersection of crypto and traditional finance. He doesn't own any substantial amount of crypto.
Top Stories
