Coinbase Shares Decline After Gangbuster Session
Coinbase shares experienced a decline on Friday, following a successful trading day the day before. However, financial institutions have raised their overall price target for the stock.
Key Points:
- COIN was trading down 3.3% to $103.50 at 3:31 p.m. in New York.
- The stock rallied more than 20% on Thursday after a judge ruled that Ripple Lab’s sales of XRP on exchanges did not violate securities laws.
- Coinbase’s stock has seen significant growth since mid-June, largely due to its involvement in the launch of proposed spot bitcoin exchange-traded funds.
- Shares in the exchange surged above $110 earlier on Friday.
- WedBush, a private investment firm, increased its price target on Coinbase to $110, citing encouragement from the suggestion that XRP sales were not securities.
- The bank Needbush also raised its price target to $120 from $70 following the decision.
Hot Take: Despite the decline in Coinbase shares, the increased price targets from financial institutions suggest continued confidence in the company’s future performance.
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