Benzinga - by Erica Kollmann, Benzinga Staff Writer.
Coinbase Global, Inc. (NASDAQ: COIN) shares are trading lower Friday, though the stock remains up by more than 35% over the past month. The stock has gained more than 375% year-to-date and may be benefiting from increased excitement in the crypto markets due to the anticipation of a possible spot Bitcoin ETF approval.
On Wednesday, Ark Invest sold 148,885 Coinbase shares through its ARK Next Generation Internet ETF (ARCA:ARKW) in a transaction valued at $27.58 million.
In December, two analysts raised their price targets on Coinbase shares:
JMP Securities maintained a Market Outperform rating on the stock and raised its price target from $107 to $200. The firm highlighted broader market implications of blockchain technology and potentially exponential growth of the digital asset ecosystem, which it believes Coinbase is positioned to capitalize on.
Mizuho analyst Dan Dolev maintained Coinbase Global with an Underperform, but raised the price target from $35 to $54. The analyst noted re-acceleration in the crypto markets during the fourth-quarter, which he said was driven mainly by investors' excitement surrounding the potential approval of a spot Bitcoin (CRYPTO: BTC) ETF.
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COIN Price Action: According to Benzinga Pro, Coinbase Global shares are down 7.7% at $172.05 at the time of publication.
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