Coinbase, the leading cryptocurrency exchange platform, has been making headlines since its debut on the Nasdaq stock exchange in April. The company’s stock, COIN, has been on a rollercoaster ride since then, with its price fluctuating wildly. However, H.C. Wainwright, a leading investment bank, has recently updated its price target for COIN and reiterated its Buy rating.
H.C. Wainwright’s updated price target for COIN is $394, up from its previous target of $315. This represents a potential upside of over 50% from the current price of around $260. The investment bank’s analysts believe that Coinbase’s strong fundamentals and growth prospects justify this price target.
Coinbase has been growing rapidly in recent years, with its revenue increasing from $534 million in 2019 to $1.28 billion in 2020. The company’s user base has also been expanding, with over 56 million verified users as of Q1 2021. Coinbase’s strong financials and market position make it an attractive investment opportunity, according to H.C. Wainwright.
The investment bank’s analysts also believe that Coinbase’s recent acquisition of Skew, a data analytics platform for cryptocurrency derivatives, will further strengthen its position in the market. Skew’s technology will enable Coinbase to offer more sophisticated trading tools to its institutional clients, which could drive further revenue growth.
Overall, H.C. Wainwright’s updated price target and Buy rating for COIN are a positive sign for Coinbase investors. While the cryptocurrency market remains volatile, Coinbase’s strong fundamentals and growth prospects make it a compelling investment opportunity for those looking to gain exposure to the crypto space.