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- 1 COIN stock price soared over 11%, showing a bullish trend in the last one month.
- 2 Since last week, COIN stock price started showing the dominance of active bears in the market.
In year-to-date (YTD) price analysis, Coinbase Global Inc. (COIN) stock price showed a bullish trend with over 139% price rise. The recent one-month price performance of the stock also showed over 11% price gain which dropped over 7% in its recent week’s price analysis. Notably, last week, Coinbase reported its Q2 2023 results and after that, its price has shown bears’ increased dominance.
Moreover, in one day, COIN stock recorded an over volume of 13 Million. Meanwhile, the other investment banks/brokers industry stocks such as Barclays PLC (NYSE: BCS) and Charles Schwab Corporation Common Stock (NYSE: SCHW) are following Coinbase in one-day volume activity.
COIN Stock Price Analysis
Last week, the COIN stock price showed a bearish trend with a 7.90% price drop. Near the weekend, on August 4, 2023, COIN stock closed at $87.31 and lost $3.44 with a 3.79% of the price drop.
The stock traded in between the price range of $94.29 to $86.70 last weekend, as per the data sourced from TradingView, a web-based social network for traders.
As the above price chart shows, in the pre-market session COIN stock price traveled in between its 20 and 50-day moving average. While ahead of its Q2 2023 report, COIN stock experienced over 65 Million volume in a day which took its price to nearly above $106.00.
For the upcoming year, the analysts have set their price target at $89.30, up over 2% from the recent closing price of COIN stock. Moreover, their maximum price estimate is $200.00 while the minimum estimate is $27.00.
Q2 2023 Report of Coinbase
Last week, on August 3, 2023, Coinbase Global Inc. (NASDAQ: COIN), a financial technology company, released its Q2 2023 earnings and revenue report. As per its recent quarter report, COIN earnings per share (EPS) is negative $0.42 whereas the estimation was negative $0.76 which accounts for a 44.42% surprise.
The revenue for the same period amounts to $707.91 Million despite the estimated figure of $627.60 Million. For the upcoming quarter, the estimated EPS is negative $0.53, and revenue is expected to reach $664.16 Million.
In 2022, the revenue of Coinbase Global reached $3.19 Billion. Out of this, $2.24 Billion came from its highest-performing source at the moment, “retail”. Additionally, the U.S. made the greatest contribution to the revenue figure which last year brought Coinbase Global to $2.68 Billion.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
