Coinbase Global, Inc (NASDAQ: COIN) is set to print its fiscal fourth-quarter financial results after the market closes on Thursday, and the stock was edging about 3.5% higher heading into the event.
When the cryptocurrency trading platform printed a third-quarter revenue beat on Nov. 2, the stock closed 1.4% higher the following day and subsequently continued in a steep uptrend, which brought Coinbase to a Dec. 28 high of $187.39.
For that quarter, the company beat on the top line, reporting revenue of $674 million, which exceeded a Street consensus estimate of $653.19 million.
For the fourth quarter, analysts estimate Coinbase will print earnings of 2 cents per share on revenues of $823.85 million. Read more here…
Read Next: Investor Sentiment Improves; Dow Jumps Over 150 Points
Trending: Elon Musk Set To Appeal Tesla Compensation Ruling: Title Of World’s Richest Person At Stake
On Thursday, JPMorgan analyst Kenneth Worthington upgraded Coinbase from Underweight to Neutral rating on Coinbase and maintained an $80 price target. The price target suggests about 51% downside for the stock. Read More Here…
For the fourth quarter, crypto traders and investors will be watching to see how much of Coinbase’s revenue was brought in through Bitcoin and Ethereum trading specifically. The two apex cryptos experienced a bull run during the quarter, with Bitcoin surging almost 60% between Oct. 1 and Dec. 31.
From a technical analysis perspective, Coinbase’s stock looks mildly bullish, trading in a strong uptrend and setting up a possible three-gap-up pattern, but also in need of a pullback.
Bullish traders and investors looking to play the possible upside in Coinbase stock but with a diversified approach may choose to take a position in AXS 2X Innovation ETF (NASDAQ: TARK). TARK is an actively managed double-leveraged ETF aiming to return 200% of the daily performance of Cathie Wood-led ARK Innovation ETF (ARCA: ARKK). Coinbase is the top holding within ARKK, with a 9.77% weighting, followed by Tesla at 7.91%.
For traders bearish on Coinbase, AXS Short Innovation Daily ETF (NASDAQ: SARK) is an actively managed ETF aiming to inversely track the daily performance of ARKK and its basket of holdings.
Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial.
The Coinbase…
Click Here to Read the Full Original Article at Cryptocurrencies Feed…
