What's Going On With Coinbase Stock Today?

Coinbase Global, Inc. COIN shares are trading lower Friday after Barclays lowered its price target and amid broader market weakness following the August jobs report.

The Details:

Coinbase shares are moving lower as the price of Bitcoin BTC/USD dropped below the $54,000 mark and is down by 4.14%.

Also weighing on the stock, Barclays analyst Benjamin Budish upgraded Coinbase from Underweight to Equal-Weight, but lowered the price target from $206 to $169 on Friday.

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A Look Into Crypto:

Cryptocurrencies have been in the political spotlight recently as both Presidential candidates have expressed pro-crypto views and potential policy changes.  

Coinbase's Chief Legal Officer, Paul Grewal, has voiced optimism that a pro-cryptocurrency Congress would emerge following the upcoming election and highlighted progress made by the FIT21 bill, also called the “crypto bill.”

“And so we expect, even as the presidential campaign roars ahead, we're going to see progress in the fall on that legislation and hopefully an embrace by both parties,” Grewal told CNBC.

Will COIN Stock Go Up?

When trying to assess whether or not Coinbase Global will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $261.69 on Coinbase Global. The Street high target is currently at $345 and the Street low target is $169. Of all the analysts covering Coinbase, 8 have positive ratings, 3 have neutral ratings and 2 have negative ratings.

In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Coinbase have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Coinbase is 2.79% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Coinbase Global, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

COIN Price Action: According to Benzinga Pro, Coinbase Global shares are down 7.42% at $147.85 at the time of publication Friday.

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