Coinbase Global (COIN) stock hit a new all-time high on Friday as the crypto exchange’s shares continued to rally. That saw the shares reach a price of $444.65 this morning. The latest interest in COIN stock came alongside President Donald Trump’s suggestion to open the U.S. retirement market to cryptocurrency.
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According to the latest reports, President Trump intends to sign an executive order that will allow for the creation of 401(k) plans that cover alternative investments. This doesn’t just include crypto, but also retirement plans tied to gold and private equity. Insider reports claim this executive order will be signed as soon as next week.
COIN Stock Movement Today
Coinbase Global stock was up 4.93% on Friday, extending a 75.42% year-to-date rally and 59.34% increase over the past 12 months. It appears investors are excited about the prospect of President Trump allowing crypto retirement plans. Doing so would likely be a major boon to COIN stock, as the company operates one of the largest crypto exchanges in the world.
Today’s rally came alongside strong trading of Coinbase Global shares. More than 11 million shares had been traded as of this writing, compared to a three-month daily average of 14.3 million shares of COIN stock. There’s still plenty of time left before markets close today; and COIN will likely surpass its daily average.
Is Coinbase Global Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Coinbase Global is Moderate Buy, based on 13 Buy, 11 Hold, and a single Sell rating over the past three months. With that comes an average COIN stock price target of $326.40, representing a potential 23.8% downside for the shares.
