Stock Groups

Coinbase Stock Rallies on ‘Emophatic’ Response to NFT Marketplace By Investing.com

[ad_1]

© Reuters

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.

Disclaimer Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this website’s data including quotes, charts, or buy/sell signal information. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]