On February 12, Coinbase released its earnings report, which revealed a 20% drop in revenue in the fourth quarter to $1,8 billion.
Coinbase was forced to write down an unrealized loss due to the collapse in cryptocurrency prices, recording a net loss of $667 million.
Coinbase data
Furthermore, on the afternoon of February 12, an exchange representative confirmed that an outage had temporarily prevented some users from trading digital assets. This exacerbated the decline in COIN shares.
However, the following day, investors reassessed the situation, which allowed the shares to correct by 4,55% upwards from $141,09 at the close of trading to $147,51.
Coinbase stock price daily chart, including extended trading hours through February 13. Source: Perplexity
Wall Street currently rates Coinbase shares a Moderate Buy with a 12-month price target of $302,06.
Moreover, after all 14 revisions, the projected upside is now 114%. Of the 14 listed revisions, only three position COIN stock as a Hold, and only one as a Sell.
Wall Street has set a rating and price target for Coinbase stock. Source: TipRanks