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Coinbase stock pulls up, erasing after-hours losses, as crypto rebounds

Coinbase stock pulls up, erasing after-hours losses, as crypto rebounds


Seeking Alpha
2022-08-10 14:29:44
Coinbase stock pulls up, erasing after-hours losses, as crypto rebounds

After turning in a bigger-than-expected Q2 loss after Tuesday's close, Coinbase Global (NASDAQ:COIN) stock initially fell in Tuesday after-hours trading and Wednesday premarket trading. With bitcoin (BTC-USD) and cryptocurrencies in general rallying, Coinbase (COIN) shares have rebounded some, rising 2.1% at 10:23 AM ET. In addition to the support from the crypto markets, some analysts have also reiterated their bullish ratings on the crypto exchange platform, reflecting in the company's long-term strategy of diversifying beyond crypto into Web3 and digital assets.BTIG analyst Mark Palmer repeated his Buy rating, saying the amount of the company's cash burn didn't set off alarm bells and fears of a massive retail investor exit didn't materialize. Oppenheimer Owen Lau also backed up Coinbase (COIN), saying the H1 2022 crypto slump has shaken out the less than serious investors, and leaves a base of long-term believers.Mizuho analyst Dan Dolev, though, doesn't believe that investors should get too excited about the the company's uptick in retail take rates "as this may simply be a reflection of share losses in the 'pro-summer' high-roller pro-space to platforms like FTX. User and ARPU guide downs should weigh on sentiment as well."Note that the SA Quant rating has a Sell rating on the company, SA Authors' average rating is Neutral, and the average Wall Street rating stands at Buy.On Tuesday, Coinbase (COIN) stock slides on lower...

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