Bryan van der Beek / Bloomberg via Getty Images
Brian Armstrong is co-founder and chief executive officer of Coinbase.
Cryptocurrency exchange Coinbase (COIN) is slated to report quarterly results after the bell on Thursday. Investors are expecting a modest response from its stock.
Coinbase stock is forecast to move about 6.5% in either direction on Friday, according to an analysis of options prices on Thursday morning. A move of that magnitude could put the stock to a two-month high of about $217.50 or down to around $191.
Over the last four quarters, Coinbase stock has seen an average post-earnings move of more than 9%. Shares slumped 8% after reporting fourth-quarter earnings in February and 15% following its third-quarter results in October. The last time Coinbase stock rose after earnings was a year ago, when the company said first-quarter revenue jumped as investors piled into newly approved spot Bitcoin ETFs.
Analysts are split in their assessments of Coinbase’s stock, with six of the 12 analysts tracked by Visible Alpha assigning shares a “buy” rating and the other six advising that investors hold.
The average price target for the stock is $262.42, implying upside of about 33%. Price targets range from $169 at Barclays to $400 at Canaccord and Citizens.
Coinbase shares were up more than 5% in recent trading as the price of bitcoin approached $100,000 for the first time since February. The stock has lost more than 15% of its value so far this year.
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