According to Dan Ives, the performance of Coinbase is a “barometer” for the growing adoption of Bitcoin and altcoins over the coming years. Analysts have noted their opinions on the stock of US largest crypto exchange Coinbase Global Inc (NASDAQ: COIN), and stated whether it is a “Buy”. The exchange went public via a direct listing on the Nasdaq on the 14th of April. Ahead of its launch, Nasdaq set Coinbase reference price at 0 a share. However, Coinbase stock opened at 1 and briefly surged to 9.54. At the end of trading on the day of its market debut, COIN closed at 8.28. Coinbase was valued at nearly billion at the end of its first trading day.At the time of writing, Coinbase is at premarket trading of 6.95. The current COIN stock trading price is a 5.26% increase
Topics:
<title> considers the following as important:
This could be interesting, too:
Wayne Jones writes Charles Schwab to Launch Spot Crypto ETFs if Regulations Change
Wayne Jones writes Here’s When FTX Expects to Start Repaying Customers .5B
Dimitar Dzhondzhorov writes Is Cryptoqueen Ruja Ignatova Alive and Hiding in South Africa? (Report)
Wayne Jones writes Casa CEO Exposes Shocking Phishing Scam Targeting Wealthy Crypto Users
According to Dan Ives, the performance of Coinbase is a “barometer” for the growing adoption of Bitcoin and altcoins over the coming years.
Analysts have noted their opinions on the stock of US largest crypto exchange Coinbase Global Inc (NASDAQ: COIN), and stated whether it is a “Buy”. The exchange went public via a direct listing on the Nasdaq on the 14th of April. Ahead of its launch, Nasdaq set Coinbase reference price at $250 a share. However, Coinbase stock opened at $381 and briefly surged to $429.54. At the end of trading on the day of its market debut, COIN closed at $328.28. Coinbase was valued at nearly $86 billion at the end of its first trading day.
At the time of writing, Coinbase is at premarket trading of $306.95. The current COIN stock trading price is a 5.26% increase over its previous close of $291.60. However, the exchange has declined more than 12% in the last five days.
Wedbush analyst Dan Ives, the Coinbase direct listing is “potentially a watershed event for the crypto industry.” According to Ives, the exchange is a “barometer” for the growing adoption of Bitcoin and altcoins over the coming years.
BTIG Analyst Places a Buy Rating on Coinbase
BTIG analyst Mark Palmer initially predicted a $500 price target on Coinbase with a Buy rating. After discussing with several institutional investors about COIN on the 18th of April, Palmer maintains his rating and price target on Coinbase.
Palmer wrote:
“Based on our discussions with investors, we believe COIN’s progress in assembling a unique prime brokerage platform focused on institutional crypto investors was largely overlooked and underappreciated. This may be accounted for in part to COIN’s decision to pursue a direct listing rather than a traditional IPO which would have been preceded by a full road show during which its institutional capabilities could have been highlighted.”
As for Mizuho analyst Dan Dolev, the analyst placed a neutral rating on Coinbase, with a $285 price target.
Investors Business Daily said in a report that Coinbase stock is not a buy because COIN is yet to have a proper chart pattern. The report highlighted Coinbase’s trading performance since its market debut. Less than two weeks after its direct listing on Nasdaq, Coinbase stock plunged as much as 3.9% on the 23rd of April.
The Motley Fool stated that Coinbase stock may appear as a balanced investment if it continues with its profitable earnings. Notably, Coinbase grew from 24% in 2019 to 81% in 2020. A significant part of Coinbase’s revenue comes from its transaction fees. The company said its total revenues jumped 144% to $1.3 billion in 2020. However, if the company declines in its earnings, its stocks will also follow the fall.
On the other hand, Motley Fool mentioned American financial services provider Square Inc (NYSE: SQ) as a more recommendable stock to buy. Square has been advancing over the past year and currently up 0.53% to $247.74 at premarket trading.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.