Token

COIN

Coinbase Stock

Rise

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/coinbase-stock-surges-following-analyst-upgrade-and-token-price-rise/" data-wpel-link="internal">Coinbase Stock Surges Following Analyst Upgrade and Token Price Rise</a><br></p>
<p class="p1" style="text-align: justify">Coinbase <strong>(COIN)</strong> stock trading opened with a 6% increase in the first hour of the day on February 15, following rising token prices and a recent note upgrade by JPMorgan analysts. JPMorgan analyst Kenneth Worthington changed his opinion after downgrading the cryptocurrency exchange’s stock rating in January, citing the positive impact of <a href="https://en.coin-turk.com/bitcoins-profit-taking-phase-and-price-trends/" data-wpel-link="internal">Bitcoin</a> exchange-traded funds (ETFs) on the crypto markets.</p> 
<h2 class="p1" style="text-align: justify" id="why-is-coin-price-rising">Why Is COIN Price Rising?</h2> 
<p class="p1" style="text-align: justify">Kenneth Worthington revised his stock rating from underweight to neutral. Worthington’s report to clients on February 15 was publicly reflected as follows:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“Considering the recent acceleration in inflows into Bitcoin ETF funds and the significant appreciation in value of Bitcoin and now Ethereum, we are returning to a Neutral rating on Coinbase as we look into the first quarter of 2024. We see that high cryptocurrency prices not only sustain but also improve the operational levels and earning power of Coinbase.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify"><strong>Bitcoin</strong> ETF funds, with strong demand for the crypto investment vehicle, exceeded most analysts’ expectations by collecting over $10 billion in assets under management in their first month. Coinbase’s custody arm partnered with most of the asset managers who launched Bitcoin ETF funds in January. These products are expected to generate fees ranging from $25 million to $30 million for the company.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-305587 size-full" src="https://coin-turk.com/wp-content/uploads/2024/01/coinbase-cointurk.webp" alt="" width="2000" height="1333"></p> 
<h2 class="p1" style="text-align: justify" id="noteworthy-details-about-coinbase">Noteworthy Details About Coinbase</h2> 
<p class="p1" style="text-align: justify">On the downside, the exchange may not present a profitable report this year. According to an analysis by InvestingPro, Coinbase’s operating income margin is at a negative 55.53%. This profitability ratio measures a company’s profitability after paying variable costs.</p> 
<p class="p1" style="text-align: justify">Analysts surveyed by Bloomberg predict the exchange will record a loss of about $16 million in the last quarter of 2023. However, some experts disagree. John Todaro from Needham &amp; Company expects Coinbase to achieve a net income of $103 million, which could bring the exchange to profitability for the first time in two years.</p> 
<p class="p1" style="text-align: justify">Coinbase’s operations are also under strain due to legal issues with regulators. The United States Securities and Exchange Commission filed a lawsuit against the exchange in June 2023, alleging it offered unregistered securities.</p> 
<p class="p1" style="text-align: justify">Nevertheless, investors seem to be looking at the exchange’s long-term prospects. The stock’s one-year total price return has increased by 131%. InvestingPro notes that COIN is currently trading with a high Price/Book ratio, indicating that the stock may be overvalued compared to the company’s actual net assets.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/coinbase-stock-surges-following-analyst-upgrade-and-token-price-rise/" data-wpel-link="internal">Coinbase Stock Surges Following Analyst Upgrade and Token Price Rise</a></h5>

Coinbase Stock Surges Following Analyst Upgrade and Token Price Rise

Obsah

COINTURK NEWS

Ďalšie články zverejnené 15. 2. 2024

VeChain Establishes Digital Intelligent Cloud Tumor Center with Partnerships

Bitcoin Hits $52,000-Plus, Explodes Over 21% For 2024 – Details

LUKSO Integrates Transak for Web3 Creator Economy Growth

Market Roundup: Stacks (STX) and Optimism (OP) Crumble, Algotech (ALGT) Raises $1 Million in Presale

New $0.01 Cryptocurrency Poised to Dominate 2024’s Bull Run Alongside Shiba Inu (SHIB)

Gold ETFs See Outflows as Bitcoin ETFs Gain Popularity

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!