Coinbase Global, Inc. (NASDAQ:COIN) shares are trading higher Friday as the price of Bitcoin (CRYPTO: BTC) rises.
The Details:
Bitcoin is up more than 4% over the past 24 hours and trading above $66,000 according to data from Benzinga Pro. Coinbase shares are climbing with Bitcoin, though the broader markets are falling Friday.
Needham analyst John Todaro reiterated a Buy rating and $260 price target on Coinbase stock Friday.
Coinbase is set to report its second-quarter results on Aug. 1 after the closing bell. According to estimates from Benzinga Pro, analysts expect Coinbase to report earnings of 96 cents per share and quarterly revenue of $1.411 billion. The company has beat analysts' expectations in each of the last five quarters.
According to data from Benzinga Pro, Coinbase shares are trading above the stock's 50-day moving average of $228.65 and are approaching its 52-week high of $283.48.
Will COIN Stock Go Up?
When trying to assess whether or not Coinbase Global will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $256.81 on Coinbase. The Street high target is currently at $320 and the Street low target is $196. Of all the analysts covering Coinbase, 9 have positive ratings, 5 have neutral ratings and 2 have negative ratings.
In the last month, 3 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Coinbase Global have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Coinbase stock is 150.41% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Coinbase, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
COIN Price Action: According to Benzinga Pro, Coinbase shares are up 9.89% at $256.31 at the time of publication Friday.
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