• Tổng hợp
    • Hỏi đáp
    • Biển số
    • Con số ý nghĩa
  • Sức khoẻ
    • Mẹ và bé
    • Gym
    • yoga
    • Chăm sóc răng miệng
    • Bí quyết sống lâu
    • Rèn luyện sức khỏe
  • Cuộc sống
    • Bí kíp yêu
    • Mẹo vặt cuộc sống
    • Bài học cuộc sống
    • Câu chuyện thành công
    • Kinh nghiệm sống
  • Làm Đẹp
    • Sản phẩm làm đẹp
    • Thẩm mỹ viện
    • Nail
    • Răng sứ
  • Học tập
    • Lịch sử
    • GDCD
    • Toán
    • Văn học
    • Công nghệ
    • Địa lý
    • Hoá học
    • Sinh học
    • Tin học
    • Vật lý
    • Tiếng Anh
  • Game
    • Code Game
    • Game private
No Result
View All Result
No Result
View All Result

Coinbase Q1 Earnings: No Escape From The Crypto Winter (NASDAQ:COIN)

Admin by Admin
14/05/2022
in Coin
0

Nội dung bài viết

  1. Investment Thesis
  2. The Street Couldn’t Model Coinbase’s Highly Volatile Revenue Base Accurately
  3. The Market Is Pricing In A Loss For FY22
  4. Is COIN Stock A Buy, Sell, Or Hold?
Coinbase Releases Third-Quarter Financial Results

Leon Neal/Getty Images News

Investment Thesis

Coinbase ( NASDAQ : COIN ) reported a black Q1 poster that sent the stock swooning post-earnings. The market has been pricing in a disappointing show by CEO Brian Armstrong & team as it headed into its Q1 earnings. notably, COIN sprout had already been slashed 80 % off its November highs before its earnings passing. however, with yesterday ‘s batting order that came in well below the consensus estimates, the stock has continued its downdraft. COIN stock is trading about 18 % below yesterday ‘s close ( May 10 ) in pre-market as investors parsed its Q1 card.

Reading: Coinbase Q1 Earnings: No Escape From The Crypto Winter (NASDAQ:COIN)

We had not been optimistic about Coinbase ‘s dissertation since our inaugural article in February ( Hold rat ). We emphasized that Coinbase ‘s highly volatile transaction gross made it challenging to model its tax income and profitableness with assurance. Despite its efforts to diversify its tax income base, it ‘s still excessively early to impact its valuation meaningfully. We then revised our denounce in March to Buy, seeing a short-run counter-trend opportunity. however, we emphasized a price aim of $ 200 for the short-run opportunity. consequently, COIN stock hit our price prey before continuing its down spiral. Notwithstanding, our price military action analysis besides suggests that the marketplace makers have been trying to force a capitulation in COIN breed before forming a bottom. consequently, a inquisitive opportunity could emerge after a consolidation zone has been created. As a result, we revise our rate from Buy to Hold. We implore investors to bide their meter before adding far exposure to COIN stock.

The Street Couldn’t Model Coinbase’s Highly Volatile Revenue Base Accurately

Coinbase revenue

Coinbase revenue (S&P Capital IQ)

Coinbase ‘s reliance on transaction tax income from chiefly its retail customers made it highly challenging to model its estimates accurately. As a solution, we were not surprised that Coinbase ‘s Q1 metrics came in well below the consensus estimates. For case, Coinbase reported tax income of $ 1.17B, down 35.3 % YoY in Q1. however, the consensus estimates had pointed to tax income of $ 1.49B, down 18 %. consequently, the miss was highly significant. It besides validated our former assumptions that it was excessively challenging to forecast its near-term tax income confidently. Coinbase had been selling its “ crypto-economy ” bullish dissertation to its investors and urged COIN stock bagholders to stay invested. Armstrong besides took the opportunity to address the crypto winter fear in the markets, as he accentuated ( edited ) :

Read more: Colin Jost – Wikipedia

We besides tend to see the down period as a big opportunity because we ‘re avaricious when others are fearful. We tend to be able to acquire great talent during those periods and others pivot, they get distracted, get discouraged. And so we tend to do our best cultivate in a down period. So ironically, I ‘ve never been more bullish on where we are as a company. And our thesis has been about moving away from good being a trade platform to enabling the entire crypto-economy. It ‘s very starting to work. The majority of our active users are now doing something other than trade. ( Coinbase ‘s FQ1’22 earnings visit )

We do n’t buy that thesis. Investors must understand the difference between holding the underlying crypto assets and investing in Coinbase. Coinbase ‘s tax income and profitableness are driven chiefly by its retail transaction gross. And if we ca n’t accurately model its tax income and profitableness, how do investors determine what Coinbase stock should be worth ?

The Market Is Pricing In A Loss For FY22

Coinbase MTUs

Coinbase MTUs (Company filings)

Coinbase transaction revenue QoQ change %

Coinbase transaction revenue QoQ change % (Company filings)

The growth in monthly transacting users ( MTUs ) has been trending down since 2021 ‘s massive growth. consequently, we think the market has been pricing in the implicit in weakness in its MTUs vogue. furthermore, the company guided far easing in its MTUs increase for Q2, as it expects to post lower MTUs than Q1 ‘s 9.2M. Given the doubt of its MTUs moderation, it has besides impacted the visibility of its transaction gross. As a leave, we could observe the significant QoQ volatility swings in its transaction tax income, as seen above. therefore, we continue to find it challenging to confidently value COIN stock, and Coinbase ‘s guidance corroborated our thesis.

Is COIN Stock A Buy, Sell, Or Hold?

COIN stock price chart

COIN stock price chart (TradingView)

Read more: Colin Jost – Wikipedia

We revise our denounce on COIN stock from notional Buy to Hold. Readers who used our former short-run buy opportunity should have exited the trade wind as it reached our $ 200 price target. There ‘s no rationality to hold on to it for the long terminus. Notwithstanding, our price action analysis suggests that the market makers could be forcing a capitulation in COIN stock. As a resultant role, we believe that COIN stock could find an opportunity to consolidate before staging a potential short-run rally subsequently. We urge readers to wait patiently for the consolidation before adding exposure .

source : https://wikisongkhoe.com
Category : Coin
5/5 - (295 bình chọn)
Admin

Đây là website tự động và trong giai đoạn thử nghiệm tool tự động lấy bài viết, mọi thông tin đăng tải trên website này chúng tôi không chịu trách nhiệm dưới mọi hình thức, đây không phải là một website phát triển thông tin, nó được xây dựng lên với mục đích thử nghiệm các phương pháp tự động của chúng tôi mà thôi. Nếu có khiếu nại vui lòng gửi thông tin cho chúng tôi.

Share360Pin81Share

Bài viết liên quan

Best Crypto Exchanges

15/05/2022

Top Crypto Discord Servers / Groups to Follow in 2022 [Updated]

15/05/2022

Why is crypto down today? Terra Luna market price | NationalWorld

15/05/2022

What Is Cryptocurrency? Here’s What Investors Should Know – NerdWallet

15/05/2022

Crypto 101: A Beginner’s Guide to Cryptocurrency | SoFi

15/05/2022

What is XDC Network, D.C. United’s new jersey sponsor?

15/05/2022
Next Post

Coinbase posts big revenue beat but expects trading volume to fall in the first quarter

COIN App Review: Is Geomining Worth It? - Art of PC

Making Crypto Work For You; How Lending Platforms Like Coin Planet Empower Users | https://wikisongkhoe.com

Trả lời Hủy

Email của bạn sẽ không được hiển thị công khai. Các trường bắt buộc được đánh dấu *

Kiến thức làm đẹp và sức khoẻ

  • Trang chủ
  • Liên hệ

No Result
View All Result
  • Tổng hợp
    • Hỏi đáp
    • Biển số
    • Con số ý nghĩa
  • Sức khoẻ
    • Mẹ và bé
    • Gym
    • yoga
    • Chăm sóc răng miệng
    • Bí quyết sống lâu
    • Rèn luyện sức khỏe
  • Cuộc sống
    • Bí kíp yêu
    • Mẹo vặt cuộc sống
    • Bài học cuộc sống
    • Câu chuyện thành công
    • Kinh nghiệm sống
  • Làm Đẹp
    • Sản phẩm làm đẹp
    • Thẩm mỹ viện
    • Nail
    • Răng sứ
  • Học tập
    • Lịch sử
    • GDCD
    • Toán
    • Văn học
    • Công nghệ
    • Địa lý
    • Hoá học
    • Sinh học
    • Tin học
    • Vật lý
    • Tiếng Anh
  • Game
    • Code Game
    • Game private

Kiến thức làm đẹp và sức khoẻ