Coinbase Stock Climbs Alongside Bitcoin

Bitcoin has broken above the $50,000 level for the first time in three months

Assistant Editor
Aug 23, 2021 at 10:18 AM
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As Bitcoin (BTC) breaks above the psychologically significant $50,000 level for the first time since May, the shares of cryptocurrency exchange platform Coinbase Global Inc (NASDAQ:COIN) are on the rise as well. At last check, COIN was up 2.8% to trade at $264.58. Plus, today's price action comes after last week's announcement that Coinbase will buy $500 million in crypto on its balance sheet and allocate 10% of quarterly profits into a crypto assets portfolio. 

Coinbase stock, which has been publicly trading since its long-anticipated April 14 initial public offering (IPO) of $250 per share, has just found recent support from its 50-day moving average, after bouncing off it at the $240 level last week. In the past month, the equity is up 14.4%. 

Of the 15 analysts in coverage, nine carry a "strong buy" rating on COIN, with five a lukewarm "hold," and one "strong sell." Meanwhile, the 12-month consensus price target of $383.50 is a 45.8% premium to current levels. 

Over in the options pits, 2.58 calls have been bought for every put in the last 10 days at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). So far this morning, 12,000 calls and 2,685 puts have crossed the tape, with the weekly 8/27 270-strike call seeing the most activity. 

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