What's Going On With Coinbase Stock Tuesday?
Portfolio Pulse from Erica Kollmann
Shares of Coinbase Global, Inc. (NASDAQ:COIN) are trading 10% higher on Tuesday, continuing the stock's upward momentum from the last 30 days. The company's stock price has risen more than 65% over the last 30 days. JMP Securities analyst Devin Ryan reiterated coverage on Coinbase with a Market Outperform rating and maintained the $90 price target for COIN. The larger crypto market has recently surged with the price of Bitcoin surpassing the $31,000 mark. BlackRock submitted an amended application to the SEC for a spot Bitcoin ETF that includes custodial and market surveillance agreements with Coinbase Global.
July 11, 2023 | 5:06 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
The price of Bitcoin has recently surpassed the $31,000 mark, finding a new support level around $30,000. This surge in the crypto market has positively impacted Coinbase's stock price.
The surge in Bitcoin's price has a direct impact on Coinbase's stock price as the company is a major player in the crypto market. The new support level for Bitcoin indicates a positive sentiment in the crypto market, which is beneficial for Coinbase.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Coinbase shares are trading higher, with a 10% increase on Tuesday. The stock has seen a 65% rise over the last 30 days. JMP Securities maintains a $90 price target for COIN.
The surge in Coinbase's stock price can be attributed to the positive market outperform rating by JMP Securities and the overall surge in the crypto market. The company's association with BlackRock's Bitcoin ETF application also adds to the positive sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100