Investing
Will Coinbase Stock Soar 50% More In 2024? Here's Wall Streets Answer
Published:
Coinbase Global (Nasdaq: COIN) stock has been on a tear the past 6 months, soaring over 200% buoyed by the surge in activity in the cryptocurrency market. Some of the biggest cryptos are experiences exception gains, including Bitcoin, up 123% this past year and Solana, up 630% over the same time period.
As investor interest around digital assets increases, Coinbase stands to gain a large exchange between buyers and sellers of cryptocurrencies as well as supporting its clientele with a suite of products to protect the market participants. In fact most recently, JMP Securities analyst Devin Ryan boosted his target price on Coinbase stock from $220 to $300, but one analyst sees even more growth setting a price target of $350. With a current price of $230, that would be a 30% to 50% upside respectively.
Coinbase Global Price Prediction for 2024
Wtth the Securities and Exchange Commission (SEC) recent approval for Bitcoin exchange-traded funds (ETFs), investors have easier options to invest in digital assets and expectations are this market will continue to grow, with some estimates suggesting the market could be upwards of $200 billion.
With more investors entering the market and enthusiasm for digital assets returning after the sharp declines in the market throughout 2022, will Coinbase continue to soar in 2024?
Well, according the collective thought of the 25 Wall Street analysts covering Coinbase, the answer is not likely. The median target price among these 25 analysts covering the stock is $169 which is a 25% haircut.
Moreover, the stock is a consensus hold.
Coinbase Longer Term Outlook
Coinbase Global’s 200% gain this past year is likely outpaced the Wall Streets expectations and while a more conservative price target that match the businesses current fundamentals is likely at play, one shouldn’t lose site of the bigger picture.
Coinbase is raising $1.1 billion of .25% convertible senior notes which it plans to use to pay down its pricier debt and will also increase working capital to take advantage of of more entrants into the market. With a $200 billion market potentially opening up, I wouldn’t be surprised to see more price target upgrades in the next few years. A $350 stock price is very achievable but 2024 might not be the time that will happen.
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
