COIN - Is Coinbase a No-Brainer Stock to Buy Right Now?
2024-07-02 07:05:00 ET
Coinbase Global (NASDAQ: COIN) is firing on all cylinders right now. The leading cryptocurrency brokerage and exchange operator posted a revenue gain of 116% in the first quarter (ended March 31). And in stunning fashion, it produced $1.2 billion in net income, translating to a fantastic margin of 74%.
Skyrocketing crypto prices are undoubtedly benefiting this business, whose shares have jumped 558% since the start of 2023. But with the top cryptocurrency stock still trading 35% below its peak price, you might be wondering if Coinbase is a no-brainer buy right now.
Coinbase makes its money chiefly from facilitating cryptocurrency transactions for consumers and institutions, earning a fee in the process. Revenue here was up almost threefold from the 2023 first quarter.
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Is Coinbase a No-Brainer Stock to Buy Right Now?