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Reading: Coinbase Stock Surges Following Analyst Upgrade and Token Price Rise
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COINTURK NEWS > Coinbase > Coinbase Stock Surges Following Analyst Upgrade and Token Price Rise
Coinbase

Coinbase Stock Surges Following Analyst Upgrade and Token Price Rise

In Brief

  • Coinbase shares opened with a 6% increase on February 15.

  • JPMorgan analyst revises his view citing positive effects of Bitcoin ETFs.

  • Bitcoin ETFs collected over $10 billion in their first month.

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COINTURK NEWS 1 year ago
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Coinbase (COIN) 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 Bitcoin exchange-traded funds (ETFs) on the crypto markets.

Contents
Why Is COIN Price Rising?Noteworthy Details About Coinbase

Why Is COIN Price Rising?

Kenneth Worthington revised his stock rating from underweight to neutral. Worthington’s report to clients on February 15 was publicly reflected as follows:

“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.”

Bitcoin 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.

Noteworthy Details About Coinbase

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.

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 & 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.

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.

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.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 15 February, 2024 - 10:32 pm 15 February, 2024 - 10:32 pm
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