Following the decision in favor of Ripple, Coinbase Global Inc (NASDAQ: COIN) stock surged over 24.49% on July 13, 2023 trading session; it opened trading at $85.35, lowering to $83.42 it hit a high of $109.21 and closed trading at $107.00 with intraday trading volume of 65.379 Million.
Since the past week, COIN stock prices rose over 37.09% in a week, and its prices ascended approximately 106% in a month. The annual price target of COIN stock was $72, which is around 20-25% lower than the current trading prices.
It is believed that COIN stock surged as Bitcoin and Ethereum are trading near their 8-monthly high. On the morning of July 13, 2023, Bitcoin was below $31K, but as the news went viral that the honorable court had ruled in favor of Ripple, prices jumped above $31,300, reflecting the majority of buyers.
After the FTX collapse, Coinbase Inc’s Global digital asset trading platform reportedly attracted the users of FTX. It became one of the largest cryptocurrency exchanges to serve almost every region of the globe.
The 52-week high of COIN stock is $116.30, and after analyzing the current trading prices, it is easy to say that stock might register a fresh 52-week high in the upcoming trading session.
Other than Ripple’s case judgment, it is assumed that some big investors have injected vast amounts of money into the COIN stock, that’s why it’s trading volume and trading price rose intraday.
The market capitalization of Coinbase Inc Global is $25.105 Billion, and its average trading volume is 22.69 Million. As per market watchers and technical analysts, it is also claimed that COIN stock price might surge further; it will release its earnings on August 8, 2023.
Coinbase Global Inc (NASDAQ: COIN) Earnings and Revenue
In Q1, Coinbase Inc Global reported 17.89% more revenue than the estimated figures. The estimated revenue of the cryptocurrency exchange was $655.31 Million, although its reported revenue was $772.53 Million.
The Earning Per Share (EPS) of COIN share reflected impressive growth and reported 76.53% more EPS than estimated. The estimated revenue for Q2 and Q3 2023 is $636.04 Million and $682.30 Million respectively.
According to TradingView, approximately 170.952 Million COIN shares are free-floating, and the remaining 63.67 Million of them are closely held by the company’s financial backers or the board of members.
As per the financial year 2022, the revenue-to-profit conversion of Coinbase Inc Global constitutes 80% of gross profit, -55% of earnings before interest, taxes, depreciation, and amortization (EBITDA), 61% of earnings before interest and taxes (EBIT) and -82% net income.
Last year, Coinbase generated $3.19 Billion in revenue, from which it gathered $2.24 Billion from Retail business, $326.96 Million from Interest, $275.51 Million from Blockchain rewards, $79.85 Million from custodial fees, and the remaining from other businesses.
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 assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/14/coin-stock-price-witnessing-high-tides-amid-ripple-effect/