Coinbase stock soars to 52-week high of $343.61 amid crypto boom

Coinbase Global (NASDAQ:COIN) Inc. stock has reached a new 52-week high, trading at $343.61, as the cryptocurrency market experiences a surge in investor interest. With a substantial market capitalization of $82.85 billion, InvestingPro data reveals the stock has delivered an impressive 90.28% return year-to-date. The leading cryptocurrency exchange has seen its stock price soar, reflecting a significant 145.81% increase over the past year, backed by robust revenue growth of 90.33%. This impressive performance underscores the growing mainstream acceptance of digital currencies and the platform's success in capitalizing on the heightened trading activity. Coinbase's ascent to this 52-week high marks a milestone for the company and highlights the bullish sentiment surrounding the crypto industry as a whole. InvestingPro subscribers have access to 14 additional exclusive insights and a comprehensive Pro Research Report that provides deep-dive analysis of COIN's valuation and growth prospects.

In other recent news, Bitcoin's surge past the $100,000 mark sparked significant gains across cryptocurrency-related stocks. Companies like Riot Platforms (NASDAQ:RIOT), MARA Holdings, Bit Digital, and MicroStrategy, known for substantial Bitcoin holdings, all experienced considerable increases in their shares. This rally is attributed to President-elect Donald Trump's pro-crypto stance and his decision to appoint Paul Atkins as the new Chair of the Securities and Exchange Commission (SEC), replacing Gary Gensler.

Oppenheimer, a well-known investment firm, increased its price target for Coinbase Global Inc., a major cryptocurrency exchange, from $265.00 to $358.00, maintaining its Outperform rating on the stock. This adjustment follows recent political developments, including the election victory of Donald Trump and the Republican Party's majority win in both the House and the Senate. These political shifts are perceived to be favorable for the cryptocurrency industry.

Despite a rare revenue shortfall for the third quarter of 2024, H.C. Wainwright adjusted its price target for Coinbase Global Inc., bringing it down to $255 from the previous $265, while maintaining a Buy rating on the stock. Coinbase's effective cost management resulted in operational expenses at the lower end of the forecasted range, and the company achieved positive adjusted EBITDA for the seventh consecutive quarter.

On the other hand, Lucid (NASDAQ:LCID) Capital Markets initiated coverage on CION Investment Corporation with a Buy rating, setting a price target of $13.50. The firm's analysis indicates an expectation for the company to trade at 85% of its projected 2025 year-end Net Asset Value (NAV), which is estimated to be $15.87. This outlook is based on reduced nonaccrual levels, presenting an appealing risk/reward scenario given the stock’s current discount valuation.

Lastly, Monness, Crespi, Hardt maintained a Buy rating on Coinbase Global Inc. stock with a steady price target of $245.00, despite a challenging third quarter in 2024. The firm's analyst highlighted that Coinbase's Board authorized a $1 billion share buyback program, reflecting confidence in the company's strategic positioning within the cryptocurrency sector.

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