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Why Coinbase Stock Is Climbing Higher

Published 08/04/2024, 15:15
Updated 08/04/2024, 16:40
© Reuters. Why Coinbase Stock Is Climbing Higher
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Benzinga - Coinbase Global, Inc. (NASDAQ:COIN) shares are trading higher Monday amid a rise in the price of Bitcoin. Here's a look at what's going on.

The Details:

According to data from Benzinga Pro, Bitcoin is trading at $72,112.45, up nearly 4% over the past 24 hours.

Coinbase announced last Thursday that it had been registered as a Restricted Dealer by the Canadian Securities Administrators (CSA), making Coinbase the first international and largest cryptocurrency exchange to be registered in Canada.

Oppenheimer analyst Owen Lau maintained Coinbase with an Outperform and raised the price target from $200 to $276 last Thursday as well.

Cathie Woods-led Ark Invest sold more than $21 million of Coinbase shares from its holdings last week, perhaps capitalizing on the stock's gains of more than 200% over the past year.

According to data from Benzinga Pro, Coinbase shares are trading well-above the stock’s 50-day moving average of $199.48 and are approaching its 52-week high of $283.48.

Related News: What’s Going On With Rivian Automotive Stock?

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 $193.91, representing an expected downside of 24.96%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. 4 analysts have bearish recommendations on Coinbase Global, while 11 analysts have bullish ratings. The street high price target from JMP Securities is $300, while the street low from Mizuho is $60.

COIN Price Action: According to Benzinga Pro, Coinbase Global shares are up 8% at $260.20 at the time of publication Monday.

This illustration was generated using artificial intelligence via MidJourney

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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