Analyst Bets on Bounce for Struggling Coinbase Stock

The broader cryptocurrency sector is weighing on the stock today

Digital Content Manager
Jan 6, 2022 at 9:52 AM
facebook X logo linkedin

The shares of Coinbase Global Inc (NASDAQ:COIN) are down 1.5% at $230.43 this morning, despite an upgrade from BofA Global Research to "buy" from "neutral." The analyst commended Coinbase on its revenue diversification, and added that this trend could accelerate into this year and beyond. The firm also lifted its fourth-quarter net revenue forecast to $1.44 billion, citing app download growth. 

The upgrade initially helped COIN work off some of yesterday's selloff, sparked in part by the release of the Federal Reserve's meeting minutes, but ultimately the broader cryptocurrency space is weighing too heavily on the stock. It looks like the $230 level could serve as a potential floor for COIN going forward, though the 20-day moving average still looms as resistance. Plus, in the past six months, the stock has lost 7%. 

Analysts are still hopeful that Coinbase stock can stage a rebound. Coming into today, 12 of the 17 in coverage called the equity a "buy" or better, with five "hold" ratings, and one "strong sell" recommendation on the books. Plus, the 12-month consensus price target of $392.25 is a hefty 67.5% premium to current levels. 

Meanwhile, calls have been outnumbering puts at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This is per COIN's 50-day call/put volume ratio of 1.75, and its 10-day call/put volume ratio of 1.31. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI