Coinbase Surges to 52-Weeks High Amid Bitcoin Bull: Time to Start Taking Profits?
This morning, Coinbase Global's (NASDAQ:COIN) stock price surpassed its 52-week high in pre-market trading, propelled by a significant rise in Bitcoin prices, which earlier today breached the $59,000 mark, also setting a new 52-week high.
This surge is primarily attributed to the burgeoning interest in cryptocurrencies following the U.S. approval of ETFs, which were launched earlier this year.
Since the beginning of February, Coinbase shares have escalated by 63%, further lifted by its impressive Q4 earnings results, which exceeded expectations. The company reported Q4 EPS of $1.04, surpassing analysts' predictions by $1.00, with a revenue of $953.8 million against an anticipated $826.69M.
These strong quarterly results have led to a series of analyst upgrades.
Additionally, transaction revenue saw a 64% increase year-over-year to $529.3M in Q4, while subscription and services revenue rose by 33% to $375.4M.
But as the stock begins to looks more expensive, the questions that pop into investors' minds are:
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Analysts at JPMorgan have cautioned about the potential for a decline in trading volume for Coinbase. Reacting to management's comments on these concerns, JPMorgan noted:
Considering Coinbase's direct participation and monetization
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