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Coinbase Global, Inc. (NASDAQ:COIN) shares are trading higher Monday despite a drop in the price of Bitcoin (CRYPTO: BTC).
The Details:
Bitcoin has retreated slightly over the past 24 hours, trading at $66,877.32 at the time of publication, though some investors view President Joe Biden dropping out of the Presidential race as a positive development for cryptocurrency.
Popular cryptocurrency trader CrypNuevo anticipated significant volatility in the Bitcoin market after Biden’s announcement.
“Expecting a volatile price action instead; therefore, I think it's likely to see a move down first. Then we can go up to liquidity at $68,900,” CrypNuevo predicted.
Another popular crypto personality, Rekt Capital, said that a weekly close above the $65,000 level could bolster Bitcoin’s chances of reclaiming $71,500 in the following week. Bitcoin closed last week above $68,000, and Coinbase shares gained more than 10% last Friday as Bitcoin surged above the $66,000 mark.
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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.
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 Glb have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Coinbase is 159.16% 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 Global, 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 down 2.92% at $265.32 at the time of publication Monday.
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