What's Going On With Coinbase Stock As Bitcoin Retreats From All-Time Highs?

Coinbase Global, Inc. COIN shares are trading lower Tuesday amid a pullback in the price of Bitcoin. 

The Details:

Coinbase has benefited from the recent crypto rally, and the stock is up more than 25% year-to-date. Bitcoin has pulled back from all-time highs in recent days and is trading at $62,610.72 at the time of publication.

The company announced it has completed its previously announced private offering of $1.265 billion aggregate principal amount of 0.25% convertible senior notes due 2030, which includes the full exercise by the initial purchasers of their option to purchase up to an additional $165 million aggregate principal amount of notes. 

Last week, JP Morgan maintained its Neutral on the stock and raised the price target from $95 to $150.

Related News: Reddit Poised To ‘Pop’ On IPO As Wall Street Eyes ‘Prettiest Girl At The Dance’

COIN Stock Prediction 2024:

Coinbase Glb COIN’s revenue growth in FY23 was -2.67%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company’s future prospects.

Some macro factors that could impact the company's performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. The Fed's benchmark rate is currently at 5.33%, while PPI recently came in at 0.6%, growing 1.6% from last year. The unemployment rate was most recently reported as 3.9%.

An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for Coinbase stock. For real time economic data and breaking market updates, check out Benzinga Pro. Try it for free.

How does this stack up against Coinbase Global's peers?

Investors may also want to analyze a stock in comparison to companies with similar products or in similar industries. Coinbase operates in the Financials sector. The stock has experienced average annual growth of -12.46% compared to the -6.69% average of its peer companies. This is below the broader sector movement of Coinbase Global.

COIN Price Action: According to Benzinga Pro, Coinbase Global shares are down 6.5% at $224.01 at the time of publication.

Image: Sulayman Sanyang from Pixabay