Coinbase (NASDAQ:COIN) stock is a hot topic among crypto enthusiasts on Thursday following a couple of positive changes for COIN shares.
The first Coinbase news worth noting today is JPMorgan upgrading the company’s shares from an “underperform” rating to a “neutral” rating. JPMorgan’s analysts point to increasing Bitcoin (BTC-USD) prices and Bitcoin exchange-traded funds (ETFs) strengthening as the reason for the upgrade.
To put that new upgrade in perspective, the analysts’ consensus rating for COIN stock is hold based on 22 opinions. The consensus price target for COIN is also $103.68 per share, which represents a potential downside of 35.4%.
Crypto Values Boost COIN Stock
The second reason that Coinbase stock is rising today has to do with the state of the crypto market. The value of the entire crypto market has reached $2 trillion. That’s a valuation not seen since April 2022.
The crypto market recovering these last few months is a win for COIN stock. That’s due to the company operating one of the largest crypto exchanges.
COIN stock is up 4.5% as of Thursday morning. This comes as some 1.3 million shares of the stock change hands. That’s still a ways off from its daily average trading volume of about 13.4 million shares.
Investors who are seeking out even more of the most recent stock market stories for Thursday are in the right place!
We are offering up insight into all of the hottest stock market news worth reading about today! That includes a new price target for Nvidia (NASDAQ:NVDA) stock, NVDA buying a stake in Arm (NASDAQ:ARM) and more. You can catch up on all of these topics by checking out the following links!
More Thursday Stock Market News
- Piper Sandler Just Raised Its Nvidia (NVDA) Stock Price Target
- Nvidia Is Betting Big on ARM Stock
- Why Is Cineverse (CNVS) Stock Down 32% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
