GMBStaff
15 Feb 24
Coinbase Global (NASDAQ:COIN) saw an 8.1% increase in premarket trading following an upgrade by J.P. Morgan from Underweight to Neutral, attributed to the recent surge in cryptocurrency prices. Bitcoin (BTC-USD) has experienced a 38% jump since mid-November and is currently trading 1.5% higher at ap...
Coinbase Global (NASDAQ:COIN) saw an 8.1% increase in premarket trading following an upgrade by J.P. Morgan from Underweight to Neutral, attributed to the recent surge in cryptocurrency prices. Bitcoin (BTC-USD) has experienced a 38% jump since mid-November and is currently trading 1.5% higher at approximately $52.4K. Analyst Kenneth Worthington, previously concerned about market enthusiasm for crypto post-bitcoin ETF launches, now sees significant bitcoin price appreciation due to increased ETF flows, leading to a Neutral rating on Coinbase and a positive outlook on the company's earnings potential in 1Q24, supported by strong cryptocurrency prices and activity levels. This rating convergence is consistent with the SA Quant and Analyst ratings as well as the average Wall Street rating.
More about Coinbase Global Inc
Key financial metrics for Coinbase Global Inc show a market cap of $38.37 billion, with a negative EPS of -3.20 and a positive revenue growth of 11.3%. The stock performance indicates a current price of $88.29 with a 3.27% change. Market sentiment towards the company appears to be slightly bearish with a P/E ratio of -0.28 and a potential risk associated with the volatility of the crypto economy. It's important to note that past performance is not always indicative of future results in this fast-paced market.
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