What's Going On With Coinbase Stock?
Portfolio Pulse from Erica Kollmann
Coinbase Global, Inc. (NASDAQ:COIN) shares are trading higher as Bitcoin's price rises. Bitcoin is up over 4% in the past 24 hours, trading above $66,000. Needham analyst John Todaro reiterated a Buy rating and $260 price target on Coinbase. Coinbase is set to report its Q2 results on Aug. 1, with analysts expecting earnings of 96 cents per share and revenue of $1.411 billion. Coinbase has beaten expectations in the last five quarters. The stock is trading above its 50-day moving average and approaching its 52-week high.
July 19, 2024 | 6:54 pm
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Coinbase shares are trading higher as Bitcoin's price rises. Needham analyst reiterated a Buy rating with a $260 price target. Coinbase is set to report Q2 results on Aug. 1, with expectations of 96 cents per share in earnings and $1.411 billion in revenue. The stock is trading above its 50-day moving average and nearing its 52-week high.
The rise in Bitcoin's price directly impacts Coinbase's stock positively as the company benefits from higher trading volumes and transaction fees. The reiterated Buy rating and high price target from Needham further boost investor confidence. Upcoming Q2 results with strong expectations add to the positive sentiment. The stock trading above its 50-day moving average and nearing its 52-week high indicates strong momentum.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100