Why Is Coinbase Stock Trading Higher On Monday?

Coinbase Global Inc ) shares are climbing this Monday. A broad rally across the cryptocurrency sector is driving the upward momentum.

Crypto Market Cap Hits $2.38 Trillion

It currently trades at $69,660.95. Ethereum ) followed suit, jumping 5.39% to $2,151.12, according to data from CoinMarketCap.

Short Interest Data Shows Decline

Short interest in Coinbase has decreased. Total from 23.61 million to 22.64 million. Currently, 11.51% of the company’s float is held short.

Technical Analysis

At $177.20, the stock is up 9.02% over the past 12 months, which is a backward-looking gain that suggests the longer-term trend has been positive but not smooth.

Within the 52-week range ($139.36 to $444.64), the current price is much closer to the low than the high.

• Key Resistance: $211.50
• Key Support: $152.50

Earnings & Analyst Outlook

Looking further out, the next major catalyst for the stock arrives with the May 7 (estimated) earnings report.

• EPS Estimate: 47 cents (Down from $1.94 YoY)
• Revenue Estimate: $1.58 Billion (Down from $2.03 Billion YoY)
• Valuation: P/E of 38.5 times (Indicates premium valuation relative to peers)

The stock carries a Buy Rating with an of $303.90.

Recent analyst moves include:

• Bernstein: Outperform (Lowers Target to $330.00) (March 30)
• Goldman Sachs: Buy (Lowers Target to $235.00) (March 26)
• Baird: Neutral (Raises Target to $215.00) (March 17)

COIN Stock Price Activity: Coinbase Global shares were up 3.35% at $177.20 during premarket trading on Monday, according to Benzinga Pro data.

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