Benzinga - Coinbase Global, Inc. (NASDAQ:COIN) shares are trading higher Friday as the price of Bitcoin (CRYPTO: BTC) breached the $47,000 mark on Friday for the first time since 2022.
The Details:
Bitcoin is up more than 4% and trading just under $47,000 on Friday, and shares of several crypto-related stocks are trading higher including Coinbase.
Coinbase's stock has had a rough start to 2024 and is down more than 19% year-to-date after the long-awaited approval of several spot Bitcoin ETFs became a "sell the news" event.
However, Bitcoin has climbed more than 10% over the past five days and Coinbase shares have followed in-step with gains of nearly 10% as well.
Coinbase is set to report its fourth-quarter financial results after the market close on Feb. 15 and will host a question-and-answer conference call to discuss the results at 5:30 p.m. ET the same day. All shareholders will be able to submit and upvote questions for Coinbase management by visiting here.
According to estimates from Benzinga Pro, Coinbase is expected to report earnings of 2 cents per share and quarterly revenue of $823.85 million.
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COIN Stock Prediction 2024
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.Shares of Coinbase Glb have an average 1-year price target of $125.73, representing an expected downside of 12.47%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. 5 analysts have bearish recommendations on Coinbase, while 5 analysts have bullish ratings. The street high price target from JMP Securities is $200 while the street low from Mizuho is $35.
COIN Price Action: According to Benzinga Pro, Coinbase Global shares are up 5.06% at $139.26 at the time of publication.
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