Zinger Key Points
- Needham analyst John Todaro maintains Coinbase with a Buy and raises the price target from $120 to $160.
- Coinbase shares gain 70% over the past month amid the growing interest and renewed excitement in crypto markets.
- Discover Fast-Growing Stocks Every Month
Coinbase Global, Inc. COIN shares are trading higher Tuesday. Needham analyst John Todaro maintained Coinbase Global with a Buy and raised the price target from $120 to $160.
What To Know:
The Needham analyst note states that they see Coinbase as an attractive channel in which to play the growing crypto asset sector and also see institutional businesses becoming a larger market segment as crypto markets mature.
Bitcoin BTC/USD crossed the $42,000 mark again on Tuesday, and investors are eager to hear news regarding spot Bitcoin ETF application developments.
Coinbase shares have gained 70% over the past month amid the growing interest and renewed excitement in crypto markets.
According to data from Benzinga Pro, shares of COIN are trading well-above the stock's 50-day moving average of $88.38 and 14.06% of shares are being sold short.
Related News: What's Going On With Palantir Technologies Stock?
COIN Price Action: According to Benzinga Pro, Coinbase Global shares are up by 3.5% at $145.96 at the time of publication.
Image: Artista Digital from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
