Coinbase Global Inc (NASDAQ:COIN) shares are climbing this Monday. A broad rally across the cryptocurrency sector is driving the upward momentum.
Crypto Market Cap Hits $2.38 Trillion
The total cryptocurrency market capitalization rose 3.47% to reach $2.38 trillion on Monday. This surge provides a strong tailwind for the exchange operator. Bitcoin (CRYPTO: BTC) gained 4.01% over the last 24 hours.
It currently trades at $69,660.95. Ethereum (CRYPTO: ETH) followed suit, jumping 5.39% to $2,151.12, according to data from CoinMarketCap.
Short Interest Data Shows Decline
Short interest in Coinbase has decreased. Total shorted shares fell from 23.61 million to 22.64 million. Currently, 11.51% of the company’s float is held short.
Technical Analysis
At $177.20, the stock is up 9.02% over the past 12 months, which is a backward-looking gain that suggests the longer-term trend has been positive but not smooth.
Within the 52-week range ($139.36 to $444.64), the current price is much closer to the low than the high.
- Key Resistance: $211.50
- Key Support: $152.50
Earnings & Analyst Outlook
Looking further out, the next major catalyst for the stock arrives with the May 7 (estimated) earnings report.
- EPS Estimate: 47 cents (Down from $1.94 YoY)
- Revenue Estimate: $1.58 Billion (Down from $2.03 Billion YoY)
- Valuation: P/E of 38.5 times (Indicates premium valuation relative to peers)
The stock carries a Buy Rating with an average price target of $303.90.
Recent analyst moves include:
- Bernstein: Outperform (Lowers Target to $330.00) (March 30)
- Goldman Sachs: Buy (Lowers Target to $235.00) (March 26)
- Baird: Neutral (Raises Target to $215.00) (March 17)
COIN Stock Price Activity: Coinbase Global shares were up 3.35% at $177.20 during premarket trading on Monday, according to Benzinga Pro data.
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