Is Coinbase a No-Brainer Stock to Buy Right Now?
Coinbase Global (NASDAQ: COIN) is firing on all cylinders right now. The leading cryptocurrency brokerage and exchange operator posted a revenue gain of 116% in the first quarter (ended March 31). And in stunning fashion, it produced $1.2 billion in net income, translating to a fantastic margin of 74%.
Skyrocketing crypto prices are undoubtedly benefiting this business, whose shares have jumped 558% since the start of 2023. But with the top cryptocurrency stock still trading 35% below its peak price, you might be wondering if Coinbase is a no-brainer buy right now.
Coinbase makes its money chiefly from facilitating cryptocurrency transactions for consumers and institutions, earning a fee in the process. Revenue here was up almost threefold from the 2023 first quarter.
Source Fool.com
Coinbase Global Inc. Stock
Currently there is a rather positive sentiment for Coinbase Global Inc. with 31 Buy predictions and 16 Sell predictions.
On the other hand, the target price of 161 € is below the current price of 223.8 € for Coinbase Global Inc., so the potential is actually -28.06%.
