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You Should Watch this Stock During the Coming Week: Coinbase

The company's stock finished Friday’s trading session at $342

Quarterly earnings reports will also be closely watched during the week and there is a good reason for this. Some of the U.S. most influential companies from a wide range of sectors are going to share their Q1 2021 earnings releases. 

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As we can see, the U.S. economy is recovering even faster than everyone predicted, stimulated by the successful COVID vaccination rollouts. More so, this week investors will figure out whether the inflationary pressures squeeze corporate margins.

Meanwhile, just in a week, companies have beaten earnings predictions substantially by more than 85%, according to some sources. Thus, S&P 500 profit grew for 30.2% for the quarter as for now, based on current reports and evaluations. Thus, S&P 500 saw its best three-month performance since the third quarter of 2010.

Taking advantage of earnings optimism, the U.S. three largest indices kept demonstrating their upward trajectory last week. The S&P 500 closed the week at a new high, the Dow rose for a fourth week, and the NASDAQ added an additional 1.1% for the week.

Below, we are presenting a stock which everyone will be monitoring as Q1 earnings season gains full power:

Coinbase

After its great direct listing last week, which granted one of the strongest global cryptocurrency exchanges Coinbase Global (NASDAQ:COIN) with an initial valuation of USD $86B. With this being said, the stock has now dropped a little lower.

Still, it has become a major indicator in the rapidly-expanding cryptocurrency market. Shares of the most admired U.S. exchange to trade cryptocurrencies finished their first week as a publicly traded company with great results.

The company’s stock finished Friday’s trading session at $342 after soaring 6% for the day. At that rate, Coinbase’s shares are trading more than 30% above the estimated price of $250, but also substantially lower than the $429.54 high seen during the stock’s first few minutes of trading on Wednesday April 14th. 

The crypto exchange, with a remarkable market cap of $68 billion, keeps receiving  flattering assessments from Wall Street analysts. Some analysts even advise clients to buy shares of the exchange, saying there’s “lots of runway” for the company ahead of its “takeoff.” 

Notwithstanding the risks that comprise growing competition to Bitcoin’s volatility, investors do see profitable opportunity in Coinbase. Thus, Cathie Wood’s ARK funds have acquired about $352 million worth of Coinbase shares in two days as they expect the company to become an important element in money managers’ portfolios.

 

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