tl;dr
Goldman Sachs Equity Research recently upgraded Coinbase Global (NASDAQ: COIN) stock from Sell to Neutral, in response to the bullish trend in crypto prices driving higher trading volumes on the exchange. Analyst Will Nance attributed this crypto rally to the upcoming halving event, successful rollo...
Goldman Sachs Equity Research recently upgraded Coinbase Global (NASDAQ: COIN) stock from Sell to Neutral, in response to the bullish trend in crypto prices driving higher trading volumes on the exchange. Analyst Will Nance attributed this crypto rally to the upcoming halving event, successful rollout of spot bitcoin exchange-traded funds, and increased political and geopolitical uncertainty. COIN, considered a high-beta version of crypto prices, has seen a 39.5% gain this year and a 292% surge year-over-year, diverging from bitcoin's 52.6% year-to-date climb and 211.3% surge. The company's daily trading volumes have more than quadrupled compared to Q1 2023, and the stock edged up 0.9% in premarket trading. Nance's Neutral rate aligns with the SA Quant system rating, average SA analyst rating, and average sell-side analyst rating, all at Hold.
More about Coinbase Global Inc
Coinbase Global Inc. is a company providing financial infrastructure and technology for the crypto economy. With a market capitalization of $587.8 billion and a stock price of $638.47, the company has shown steady growth. However, the stock has a low beta of 0.38, indicating relatively low volatility compared to the overall market. The company's Relative Strength Index (RSI) of 88.29 suggests that the stock may be overbought, potentially indicating a bearish trend. Additionally, the company's Bollinger Bands show a narrow trading range, which may indicate a period of consolidation. While the company's financials and stock performance have been strong, market sentiment may be cautious due to the high RSI and narrow Bollinger Bands, suggesting potential risks and uncertainties in the near term.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.