Why Coinbase Stock Soared Over 30% This Week
Shares of Coinbase Global (NASDAQ: COIN) rose over 35% this week, according to data from S&P Global Market Intelligence. The leading cryptocurrency trading platform had strong earnings in the fourth quarter and 2023. With prices of cryptocurrency, such as Bitcoin, soaring again, investors have piled back into Coinbase -- and quickly. Bitcoin prices are currently over $52,000 but still below all-time highs.
As of 11:30 a.m. ET on Friday, Feb. 16, Coinbase shares are up 192% in the last 12 months. Here's why the stock was soaring yet again this week.
Coinbase is a place where people can buy and sell cryptocurrencies like Bitcoin. However, this segment actually saw declining revenue in 2023, falling from $2.36 billion in revenue in 2022 to $1.52 billion in 2023.
Source Fool.com
Coinbase Global Inc. Stock
Our community is currently high on Coinbase Global Inc. with 31 Buy predictions and 16 Sell predictions.
However, we have a potential of -26.16% for Coinbase Global Inc. as the target price of 161 € is below the current price of 218.05 €.
