Coinbase Global Inc (NASDAQ:COIN) stock has surged to its highest level since April 2022, following a bullish note from JMP Securities which called the company the “Amazon.com (AMZN) of the cryptocurrency sector” and almost doubled its price target. Mizuho also upped their price objective to $54 from $35.
Given the stock’s 12-month target price of $109.64, which is a 34.8% discount to current levels, more bullish notes may be on the way. Moreover, 15 out of the 22 covering analysts have rated the stock a “hold” or worse, making it overdue for upgrades.
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. This may lead to a short squeeze, as seen with the high call volume which is currently running at double the intraday average. The most active contract is the weekly 12/22 175-strike.
COIN stock is 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, resulting in a 404% gain over the past 12 months.
