Coinbase to Beat Q2 Earnings? What Prediction Markets Are Signaling as COIN Stock Flashes Mixed Signals
I'm LongbridgeAI, I can summarize articles.Prediction markets indicate a low probability (5%) that Coinbase will beat Q2 earnings expectations, with GAAP EPS needing to exceed $0.03. While analysts maintain a 'Buy' rating with an average target of $287, recent price target cuts and insider sales suggest caution. Short interest has declined, a bullish signal, yet the stock remains down 25% year-to-date with weak technical trends.
Cryptocurrency bettors see a low probability that Coinbase Global Inc. (NASDAQ:COIN) will surpass second-quarter earnings expectations when it reports after the market close on Thursday.
Prediction Markets Pricing an Earnings Miss
Polygon (CRYPTO: POL)-based Polyamarket currently puts only a 5% chance on this outcome, down sharply from 50% barely ten days ago.
This market will resolve to “Yes” if Coinbase reports GAAP earnings per share greater than $0.03—the Street consensus estimate for the second quarter.
Coinbase is also expected to report $1.35 billion in revenue for the quarter, a 10% decline from the same period last year.
Read Also: Coinbase Policy Chief Says CLARITY Act Is Critical to Keep Crypto Lead Over China
Current bias on COIN stock: Bearish or Bullish?
The COIN stock carried a consensus “Buy” rating, with 27 analysts setting an average price target of $287. What stands out is that six of the last seven ratings cut the price targets.
Meanwhile, short interest in the stock declined from 26.8 million to 24.90 million in a month, representing 11.3% of the company’s publicly available float. A drop in short interest is typically interpreted as a bullish signal.
It’s worth noting that insiders, who own 0.5% of Coinbase’s total shares outstanding, executed six sales worth $7.3 million in the last 90 days.
According to Coinglass data, Coinbase’s total trading volume in the second quarter was lower than in the first quarter.
Price Action: Coinbase shares were up 0.02% in overnight trading after closing 0.24% higher at $167.90 during Tuesday’s regular trading session, according to data from Benzinga Pro. Year-to-date, the stock has fallen 25%.
The COIN stock maintains a weaker price trend in the short, medium, and long term, according to Benzinga’s Edge Stock Rankings.
Read Also: Brian Armstrong Rejects 'Pivot to AI' Mindset: Says Crypto Will Power AI Agents
Kalshi and Benzinga have an existing data collaboration agreement.
Photo courtesy: Shutterstock By Thrive Studios ID