Why Coinbase Shares Are Trading Higher Today

Coinbase Global Inc COIN is trading higher Wednesday after the company announced better-than-expected second-quarter financial results. 

Coinbase reported quarterly revenue of $2.03 billion, which beat the estimate of $1.77 billion. The company reported quarterly trading volumes of $462 billion, up from $335 billion quarter over quarter. 

Monthly transacting users increased to 8.8 million in the second quarter, representing a 44% increase quarter over quarter. Verified users were 68 million.

"We now have over 9,000 institutions who continue to deepen and broaden their activities in the crypto economy and more than 160,000 ecosystem partners who are using our crypto tools and services to engage with their own customers," Coinbase said in a letter to shareholders.

Rosenblatt analyst Sean Horgan maintained Coinbase with a Buy rating and raised the price target from $400 to $420.

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Wedbush analyst Moshe Katri maintained Coinbase with an Outperform rating and raised the price target from $275 to $300.

Price Action: Coinbase has traded as high as $429.54 and as low as $208 since its IPO on April 14.

At last check Wednesday, the stock was up 2.87% at $277.40.

See also: How to Buy Coinbase (COIN) Stock

Photo: courtesy of Coinbase.