Coinbase Global, Inc. (NASDAQ:COIN) shares are trading higher Tuesday. Needham analyst John Todaro maintained Coinbase Global with a Buy and raised the price target from $120 to $160.
What To Know:
The Needham analyst note states that they see Coinbase as an attractive channel in which to play the growing crypto asset sector and also see institutional businesses becoming a larger market segment as crypto markets mature.
Bitcoin (CRYPTO: BTC) crossed the $42,000 mark again on Tuesday, and investors are eager to hear news regarding spot Bitcoin ETF application developments.
Coinbase shares have gained 70% over the past month amid the growing interest and renewed excitement in crypto markets.
According to data from Benzinga Pro, shares of COIN are trading well-above the stock's 50-day moving average of $88.38 and 14.06% of shares are being sold short.
Related News: What's Going On With Palantir Technologies Stock?
COIN Price Action: According to Benzinga Pro, Coinbase Global shares are up by 3.5% at $145.96 at the time of publication.
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