Coinbase Stock Rallies on ‘Emophatic’ Response to NFT Marketplace By Investing.com
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Sam Boughedda
Investing.com — Coinbase stock (NASDAQ:) rallied after the company announced it would be creating an NFT market. Customers rushed to register and analysts replied with encouraging calls.
Coinbase shares posted a decline of 1% on Wednesday but have since rebounded and gained 5.7%, to close at $260
Brian Armstrong, Coinbase CEO, posted this morning on Twitter (NYSE 🙂 that more than 1M people had signed up to Coinbase NFT, since the launch yesterday.
It was reported, however, that Sanchan Saxena VP Product and Ecosystem at Coinbase said that the waitlist to the NFT market “appears” to be nearly 1.5 million strong.
Investors and analysts have been encouraged by this news. Analyst Mark Palmer at BTIG said that he had a “bold reaction” to Coinbase’s NFT marketplace. Palmer believes that the stock will rise as it diversifies its business and is less dependent upon transaction fees. Current analyst rating: Buy. Target price for shares is $500.
Palmer wasn’t the only analyst who was encouraged by NFT Marketplace’s response. Devin Ryan from JMP Securities raised Coinbase’s price target to $330, up $300. He also maintained an outperform rating. Ryan indicated that the marketplace was a natural extension of the company and may be an enormous long-term business opportunity.
Coinbase states in its waitlist that Coinbase NFT will be initially made available to U.S. customers with expansion.
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