Coinbase has seen its Q4 earnings surpass expectations with a host of Wall Street analysts having turned bullish on the crypto exchange stock. Indeed, the company reported a net income that titled $273 million in the quarter, which beat consensus estimations.
The stock price surged 15% as the exchange took a bullish turn. Moreover, a plethora of analysts upgraded the stock, and would ultimately increase their price targets. Conversely, the earnings posted by the company are the first positive net income in the fourth quarter since 2021.
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Coinbase Stock Up 15% After Positive Earnings Report
One of the most prominent companies in the digital asset space is Coinbase. Emerging as a top-spot exchange on the planet, the company faced some less-than-ideal expectations amid its fourth-quarter earnings report. However, the reveal ended up being a clear bright spot for the company.
Indeed, Coinbase had seen its Q4 earnings surpass expectations, therefore leading analysts to turn bullish on the stock. Specifically, Thursday saw Cionbase share that its net revenue was $905 million in the fourth quarter of 2023. Moreover, that figure was up almost 50% from the $605 million reported in the same time a year prior.
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Among the Wall Street analysts that reversed course on Coinbase was KBW. The bank upgraded Coinbase to market performance from underperform. Moreover, the price target was increased from $93 to $160. Alternatively, Wedbush kept its outperform rating but increased its price target from $180 to $200.
Additionally, both Canaccord Genuity and JMP Securities maintained their rating at Buy and outperform respectively. Moreover, Canaccord increased the price target from $140 to $240, with JMP Increasing the price to $220 from $200. The only deferring option belongs to Mizuho securities. The firm kept its underperform rating and left its price target unchanged at $60.
Within the report, Coinbase noted that transaction revenues were the key to its success last quarter. Moreover, its trading revenue had seen a significant increase, reaching $493 million in Q4. That figure denotes a 79% increase quarter over quarter.