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Coinbase Stock (COIN) Rallies to Its Highest Level Since November 2021
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Coinbase Stock (COIN) Rallies to Its Highest Level Since November 2021

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Coinbase shares have crossed above $300 for the first time since November 2021.

Shares of crypto exchange Coinbase (COIN) are surging in today’s trading. Indeed, the stock price has crossed above $300 for the first time since November 2021, which is bringing an end to the years of suffering endured by long-term investors who bought in near the time of its IPO. So, what is behind this recent rally? The main reason is that Trump’s election victory is seen as a positive catalyst for the crypto industry.

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Indeed, Trump had made it clear during his campaign that he wanted the U.S. to become the crypto powerhouse of the world and even urged investors to never sell their Bitcoins. Investors now expect current SEC chairman Gary Gensler, who has not been friendly toward cryptocurrencies, to be replaced, which should lead to a new regulatory framework that will make it easier for industry players to operate.

As a result, the price of Bitcoin has surged to over $84,000. For Coinbase, this should translate into higher profits from fees charged to traders who are buying and selling the cryptocurrency.

Investor Sentiment Is Very Positive for Coinbase Stock

Unsurprisingly, investor sentiment among TipRanks investors is currently very positive. Out of the 766,026 portfolios tracked by TipRanks, 1.4% hold COIN stock. Although this does not seem like a lot, it is worth noting that in the last 30 days, 4.3% of those holding the stock increased their positions.

Therefore, the average portfolio weighting allocated towards COIN stock among those who do have a position is 6.47%. This suggests that investors of the company are becoming more confident about its future.

Is COIN a Good Stock to Buy Right Now?

Turning to Wall Street, analysts have a Moderate Buy consensus rating on COIN stock based on nine Buys, eight Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 192% rally in its share price over the past year, the average COIN price target of $243.47 per share implies 23.7% downside risk.

See more COIN analyst ratings

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