What's Going On With Coinbase Stock?

Coinbase Global, Inc. (COIN) shares are trading higher Thursday as investors digest the first interest rate cut from the Federal Reserve in four years.

The Details:

The Federal Reserve announced a 50 basis point (bps) cut Wednesday, bringing the federal funds rate down to a range of 4.75% to 5% and increasing the appeal of risk assets like stocks and cryptocurrencies.

Cryptocurrencies are rising with the broad market rally Thursday following Wednesday's rate cut. Bitcoin (CRYPTO: BTC) is trading above the $63,000 level and Ethereum (CRYPTO: ETH) is up 2.17% over the past 24 hours. Both cryptocurrencies saw increased trading following the Federal Reserve’s surprise decision, which exceeded the anticipated 25 basis point cut.

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"These markets should benefit from the formalization of the Fed’s dovish shift. Our long-term investment thesis for Bitcoin remains intact, and regardless of the near-term direction of monetary policy, BTC is well-positioned for growth as institutional adoption continues to gain momentum," Hashdex’s CIO Samir Kerbage wrote in a note sent to Benzinga. 

Coinbase shares are climbing on above-average volume Thursday, though the stock is trading well-below its 50-day moving average of $201.46, according to data from Benzinga Pro.   

Will COIN Stock Go Up?

When trying to assess whether or not Coinbase Global (COIN) will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $257.25 on Coinbase. The Street high target is currently at $345 and the Street low target is $169. Of all the analysts covering Coinbase, 7 have positive ratings, 3 have neutral ratings and 2 have negative ratings.

In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Coinbase Global (COIN) have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Coinbase is 10.56% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Coinbase Global (COIN), visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

COIN Price Action: According to Benzinga Pro, Coinbase Global (COIN) shares are up 7.11% at $174.21 at the time of publication Thursday.?

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