What's Going On With Coinbase Global Stock?

by Erica Kollmann Benzinga Staff Writer

Zinger Key Points

Needham analyst John Todaro maintains Coinbase with a Buy and raises the price target from $120 to $160.
Coinbase shares gain 70% over the past month amid the growing interest and renewed excitement in crypto markets.
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Coinbase Global, Inc. 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 BTC/USD crossed the $42,000 mark again on Tuesday, and investors are eager to hear news regarding spot Bitcoin ETF application developments.

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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.

COIN Price Action: According to Benzinga Pro, Coinbase Global shares are up by 3.5% at $145.96 at the time of publication.

Image: Artista Digital from Pixabay

COINCoinbase Global Inc

$255.50-2.32%