Mizuho also chimed in with a price-target hike
Coinbase Global Inc (NASDAQ:COIN) stock is trading at its highest level since April 2022, after JMP Securities called the firm the Amazon.com (AMZN) of the cryptocurrency sector, and almost doubled its price target.
Mizuho earlier raised its price objective to $54 from $35, too. More bull notes could be coming, considering the stock’s 12-month target price of $109.64 is a 34.8% discount to current levels. COIN also looks overdue for upgrades, with 15 of the 22 covering analysts rating it a “hold” or worse.
A short squeeze could generate tailwinds. The 23.15 million shares sold short make up 12.5% of the equity’s available float, or nearly three days’ worth of pent-up buying power.
Call volume is today running at double the intraday average volume, with 96,000 calls traded, compared to 52,000 puts. New positions are being bought to open at the most active contract, which is the weekly 12/22 175-strike.
Coinbase stock was last seen up 4.8% to trade at a brand new 52-week high of $176.02. The 20-day moving average has been supporting the security’s upward movement on the charts since November, and contributed to a more than 404% lead amassed over the last 12 months.
Image and article originally from www.schaeffersresearch.com. Read the original article here.