Coinbase Stock Rises Ahead of Tuesday’s Earnings Report
Coinbase Global (COIN) rose Monday amid expectations for a strong second-quarter-earnings report from the biggest U.S. cryptocurrency exchange Tuesday.
The Bloomberg analyst consensus calls for second-quarter adjusted earnings per share of $2.44 on revenue of $1.88 billion.
For the third quarter, analysts predict adjusted EPS of $1.42 on revenue of $1.33 billion. For the full year the analysts project revenue of $6.17 billion.
Coinbase recently traded at $279.95, up 8%. The shares have risen 12% from its April IPO reference price of $250.
Market technician William Maloney wrote on Bloomberg that the stock breached key technical levels and that the next important price on the way up is $293.
Bitcoin Bets: Coinbase, MicroStrategy and Riot Blockchain
Meanwhile, Bitcoin rose 5% to $45,859 continuing its recent rally. The digital asset has soared 54% since dropping to $29,807 on July 19.
Ark shifted some of its capital into Coinbase amid a dip in the crypto exchange provider’s stock price.
Ark sold 785 shares of Nvidia, estimated to be valued at about $635,850, according to Fintech Zoom. ARK also sold 16,034 shares of e-commerce company Shopify, estimated to be valued at about $24.3 million.
The investment firm snapped up 27,844 shares — estimated value $6.77 million — of Coinbase on the dip, according to reports. Share-purchase information comes from a subscription to ARK’s daily trading information.
That purchase came less than three weeks after ARK added 214,718 shares of Coinbase.