COIN - Zacks Investment Ideas Feature Highlights: Coinbase Robinhood Reddit GameStop and MicroStrategy | Benzinga
For Immediate Release
Chicago, IL – May 22, 2024 – Today, Zacks Investment Ideas feature highlights Coinbase, Robinhood Markets, Reddit, GameStop and MicroStrategy.
3 Crypto-Related Stocks to Buy Now
Coinbase
Coinbase (NASDAQ: COIN) is the most prominent crypto exchange in the U.S., earning a best-possible Zacks Rank #1 (Strong Buy) score.
Cash Cow
Seth Klarman is a legendary value investor, billionaire, and one of the highest-earning money managers in the world. In an interview last year, Klarman stated that he avoids crypto but sees value in Coinbase, saying, "Coinbase is sitting on $5 billion in cash, has less than that in debt, and is doing some smart things." Well, now that number has grown to more than 7 billion. I bring this to your attention because not many people trading a stock like COIN probably understand how sound the company is fundamentally.
Coinbase Smashing the Street's Expectations
On May 3rd, the leading crypto exchange announced EPS of $4.4, smashing the Street's estimate of $1.07.Here is a snippet of the EPS transcript that stuck out to me:"Our financial performance in Q1 reflects our focused execution on product expansion, ongoing operational discipline, and strong crypto market conditions. We generated $1.6 billion of total revenue and $1.2 billion of net income*. Adjusted EBITDA was $1.0 billion – more than we generated in all of 2023." Lastly, we continue to drive regulatory clarity for crypto through grassroots advocacy, pushing for legislation, and ongoing efforts to seek clarity through the courts."
COIN has beaten expectations ...