Coinbase Global Stock Bounces Back as Bitcoin Recovers

Quarter-to-date, COIN is up more than 39%

Fernanda Horner

Digital Content Manager

Nov 29, 2021 at 10:46 AM

BTC
COIN

The shares of Coinbase Global Inc (NASDAQ:COIN) are rebounding this morning, last seen up 3.1% at $312.45, as Bitcoin (BTC) recovers from last week's selloff, which was sparked by the new Covid-19 omicron variant. Last time we checked in on the equity, it was plunging on the heels of a third-quarter revenue miss.

The $300 level seems to have contained Coinbase Global stock's recent pullback, which came after the equity's rally was rejected by the $370 level earlier this month. The 40-day moving average is also providing a floor for the shares today, after COIN slipped below it for the first time since October on Friday. Quarter-to-date, the security remains up 39.2%.

Analysts are optimistic towards the equity, with 12 of the 18 in question sporting a "buy" or better, while six say "hold" or worse. Plus, the 12-month consensus target price of $408.70 is a 30.9% premium to current levels.

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