7 Banks Change Their Coinbase Stock Price Targets After Q3 Earnings

Seven Wall Street firms cut their 12-month price targets for Coinbase on Friday after Chief Financial Officer Alesia Haas said transaction revenue was about $165 million through October 25, a weak start to the fourth quarter. Coinbase makes most of its money from per-trade fees, which accounted for nearly half of its $1.22 billion third-quarter revenue. Barclays made the lowest cut, to $120 from $149, while Mizuho lowered its target to $145 from $155 and projected about $607 million in fourth-quarter transaction revenue. Coinbase's third-quarter transaction revenue was $590 million, down 44% from a year earlier, according to its regulatory filing.