Why Coinbase Is Trading Higher Today

Coinbase Global Inc COIN is trading higher Monday morning after Goldman Sachs initiated coverage on the cryptocurrency exchange platform.

What Happened: Goldman Sachs analyst Will Nance initiated coverage on Coinbase with a Buy rating and announced a price target of $306 on Monday.

See also: How to Buy Coinbase (COIN) Stock

The analyst cited Coinbase's leading consumer platform being positioned in an ecosystem experiencing strong growth. The analyst also noted Coinbase is well-positioned to benefit from volatility in cryptocurrencies. 

Recently, the cryptocurrency space experienced extreme volatility as Bitcoin BTC/USD and Ethereum ETH/USD, the two largest cryptocurrencies by market cap, sold off more than 50% from all-time highs before bouncing. 

Related Link: Cathie Wood Loads Up Yet Another $51M In Coinbase As Shares Slump Amid Bitcoin-Led Crypto Carnage

Price Action: Coinbase traded as high as $429.54 on the day of its direct listing. Since that time, the stock has trended lower.

At last check Monday, Coinbase was up 3.08% in premarket trading at $231.36.

Bitcoin was up 11.73% and Ethereum was up 14.63% at last check Monday. 

Photo courtesy of Coinbase. 

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Price TargetInitiationAnalyst RatingsMoversTrading Ideaswhy it's movingWill Nance
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!