Should you buy Coinbase stock after Q4 results?

• Coinbase reports market-shattering results for the fourth quarter of the fiscal year.
• Mizuho’s Dan Drev shares his perspective on Coinbase Global.
• Coinbase’s stock price is currently up about 90% year-on-year.

Coinbase Global Inc (NASDAQ: COIN) is up slightly after hours after reporting market-beating results for the fourth quarter.

How is the current quarter going so far?

Also, the current quarter update was positive.

Year-to-date, the cryptocurrency’s market capitalization is up 40%, with trading revenue of $120 million last month, according to Coinbase. Nevertheless, the crypto company has not been very bullish for the rest of the year. letter to shareholders.

Given the unpredictability of the crypto market, the rest of the year has limited certainty.

Coinbase’s stock price is currently up about 90% year-on-year.

Is Coinbase stock a ‘buy’ now?

Coinbase ended the quarter with 8.3 million monthly trading users. This slightly exceeded his 8.2 million expected by Street. Still, Mizuho’s Dan Dreff told CNBC,Closing Bell: Overtime“:

The take rate continues to drop. Interest income is not core to this business. No individual investors are involved. So I don’t think I will drive it much.

Dolev currently has an “underperforming” rating in Coinbase stock. His $30 price target suggests a staggering 50% drop for him from here.

Notable Figures from Coinbase Q4 Report

• Loss of $557 million, translated to $2.46 per share
• Last year’s profit was $840 million.
• Revenue of $629 million, down nearly 75% year over year
• Consensus was $2.52 loss on $588 million gain
• Fourth Quarter Volume of $145 Million

Dref is bearish in this category

Subscriptions and services revenue increased 34% in the most recent quarter, according to Coinbase. earnings press releaseStill, Mizuho’s Drev said:

I’m very bearish in the overall category.I don’t think they will play crypto once money is tight and people realize they may be laid off. So I don’t see anything great for them in 2023.

Trading revenue in the fourth quarter declined 12% year-over-year. Coinbase currently has total dollar resources worth $5.5 billion.