Why Coinbase Stock Soared 65% in November
Shares of (NASDAQ: COIN) shot up 65% in November, according to data from S&P Global Market Intelligence. The cryptocurrency platform and market exchange posted disappointing earnings but saw its share price rise after the Trump victory in the United States presidential election. Crypto prices soared, an action that usually coincides with trading volume and leads investors to pile into Coinbase stock.
Here's why Coinbase stock soared in November.
Third-quarter earnings were underwhelming for Coinbase. The company posted $1.21 billion in revenue and earnings per share (EPS) of just $0.28, both of which were below analyst expectations. Revenue is still below the $7.5 billion peak in 2021, with cryptocurrency prices down below highs for most of 2022, 2023, and 2024.
Source Fool.com
Coinbase Global Inc. Stock
Currently there is a rather positive sentiment for Coinbase Global Inc. with 68 Buy predictions and 12 Sell predictions.
With a target price of 228 € there is a hugely positive potential of 79.92% for Coinbase Global Inc. compared to the current price of 126.72 €.
