Coinbase Sees Some Weakness Going Forward. Is The Stock Still A Buy?

Coinbase Sees Some Weakness Going Forward. Is The Stock Still A Buy?

PARIS, FRANCE - APRIL 13: In this photo illustration, a visual representation of the digital ... [+] cryptocurrency Bitcoin is displayed in front of the Coinbase cryptocurrency exchange platform logo on April 14, 2021 in Paris, France. Coinbase, America's leading cryptocurrency exchange, arrives on Wall Street on Wednesday April 14 as part of a 'direct introduction'. An IPO, eagerly awaited by crypto enthusiasts, which could value the Californian company at more than 100 billion dollars. This is the most anticipated event on Wall Street since Facebook came public: the Coinbase platform, specializing in cryptocurrencies, entered the Nasdaq at a price of $ 250 per share. It's the biggest introduction for an American business since Uber in 2019. Taking advantage of exploding demand for digital currencies, Coinbase said last week that it expects to make a profit of $730 million to $800 million in the first quarter of 2021, more than double the total profit in 2020. Revenues for the first three months of 2021 have likely exceeded last year's, to nearly $1. 8 billion. (Photo illustration by Chesnot/Getty Images) Revenues expanded 27% sequentially to $2. 2 billion, while adjusted EBITDA rose by about 3% to $1. 15 billion. Overall trading