Is Coinbase Stock Expected to Go up?

Coinbase said its outlook for 2022 remains largely unchanged despite the bumpy first quarter. The stock, which is down 71% so far this year, fell 13% on Tuesday before the release of the company's quarterly results. Other crypto stocks have seen big drops.

How high is Coinbase stock going?

Wall Street's consensus target on the stock has drifted down from $394 at the end of 2021 to $278 now, according to FactSet. Estimates for first-quarter sales have slumped too, to $1.5 billion from $1.75 billion at the start of 2022.

Is Coinbase a good buy now?

Coinbase stock trades 50% lower than its first day of trading. The stock trades at 10x trailing earnings, but earnings are likely to be highly volatile moving forward. The company is projecting to increase its headcount by nearly 200% in 2022.