Coinbase Global Inc (NASDAQ:COIN) shares were down on Friday after the company reported downbeat second-quarter earnings.
The announcement came amid an exciting earnings season. Here are some key analyst takeaways.
COIN stock is slumping now. See real-time price here.
JPMorgan On Coinbase Global
Analyst Kenneth Worthington maintained a Neutral rating, while reducing the price target from $404 to $342.
Coinbase’s release was “somewhat of a messy print with lots of moving parts,” Worthington said in a note. Revenues contracted 26% sequentially to $1.497 million, while adjusted EBITDA declined by 45% to $512 million, he added.
Adjusted EBITDA margin remains under pressure, “as Coinbase continues to invest despite a pressured top-line,” the analyst stated. While industry volumes declined 26% sequentially, the company’s volumes were down 40%, indicating it lost market share, he further stated.
Goldman Sachs On Coinbase Global
Analyst James Yaro reaffirmed a Neutral rating, while raising the price target from $305 to $348.
Excluding one-time items, Coinbase’s earnings were $1.45 per share, missing consensus of $1.52 per share, Yaro said. The results were “modestly” weaker than expected, he added.
“The company highlighted a favorable macro backdrop for crypto markets, …