What's Going On With Coinbase Global Stock?

Coinbase Global, Inc. -6.56%
ARK Web x.0 ETF -3.28%

Coinbase Global, Inc.

COIN

245.75

-6.56%

ARK Web x.0 ETF

ARKW

79.14

-3.28%

Coinbase Global, Inc. (NASDAQ:COIN) shares are trading lower Friday, though the stock remains up by more than 35% over the past month. The stock has gained more than 375% year-to-date and may be benefiting from increased excitement in the crypto markets due to the anticipation of a possible spot Bitcoin ETF approval.

On Wednesday, Ark Invest sold 148,885 Coinbase shares through its ARK Next Generation Internet ETF (NYSE:ARKW) in a transaction valued at $27.58 million.

In December, two analysts raised their price targets on Coinbase shares:

JMP Securities maintained a Market Outperform rating on the stock and raised its price target from $107 to $200. The firm highlighted broader market implications of blockchain technology and potentially exponential growth of the digital asset ecosystem, which it believes Coinbase is positioned to capitalize on.

Mizuho analyst Dan Dolev maintained Coinbase Global with an Underperform, but raised the price target from $35 to $54. The analyst noted re-acceleration in the crypto markets during the fourth-quarter, which he said was driven mainly by investors' excitement surrounding the potential approval of a spot Bitcoin (CRYPTO: BTC) ETF.

Related News: What's Going On With Bitcoin Miner Hive Digital Technologies Stock?

COIN Price Action: According to Benzinga Pro, Coinbase Global shares are down 7.7% at $172.05 at the time of publication.

Image: Gerd Altmann from Pixabay

 

 

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