COIN's quarterly earnings are due Thursday, May 7, after the bell
Coinbase Global Inc (NASDAQ:COIN) stock is moving higher Monday, last seen up 6.5% to trade at $203.82. The rally is getting a boost from two key drivers: Bitcoin (BTC) climbing past $80,000, and Tim Scott confirming a bipartisan markup of the CLARITY Act is set for May. The legislation -- already passed in the House -- would establish clearer rules for digital assets, something that could directly support Coinbase’s business model.
With first-quarter earnings due out after the close on May 7, the key question is whether this momentum will carry through the report. COIN has dealt with pressure at the $213 region for the past couple months, though support has emerged at the 60-day moving average. The stock is down 38% in the last six months, though a round of short covering could give the shares a lift, as short interest represents 11.5% of the stock's available float.
The crypto stock sports a 50-day call/put volume ratio of 2.35 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands higher than all other readings from the past year, hinting at a much healthier-than-usual appetite for bullish bets.
Plus, COIN's Schaeffer's Volatility Scorecard (SVS) sits at 98 out of 100, indicating the stock has tended to exceed option traders' volatility expectations during the past year.