H.C. Wainwright analyst Mike Colonnese has reiterated their bullish stance on COIN stock, giving a Buy rating on February 19.
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Mike Colonnese has given his Buy rating due to a combination of factors that positively impact Coinbase Global’s outlook. A significant development is the SEC’s decision to dismiss its lawsuit against Coinbase, which alleged that the company was involved in offering unregistered securities. This dismissal is seen as a major victory for Coinbase and the wider crypto industry, as it alleviates regulatory pressures and sets a positive legal precedent.
Furthermore, the resolution of this legal issue is expected to enable Coinbase to expand its staking business and potentially increase the number of new crypto listings on its platform. This expansion is likely to boost Coinbase’s subscription, services, and transaction revenues while reducing legal costs. Despite the current lack of formal legislation in the U.S. crypto market, there is optimism for future regulatory clarity. Mike Colonnese maintains a $350 price target based on expected revenue growth, although he acknowledges risks such as market volatility and regulatory dynamics.
In another report released on February 19, Compass Point also maintained a Buy rating on the stock with a $365.00 price target.
Based on the recent corporate insider activity of 199 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of COIN in relation to earlier this year.