Coinbase stock gains nearly 6% last week, consensus price target inches up

Coinbase’s stock price picked up nearly 6% over the last week as the average price target among analysts slightly increased, according to data compiled by The Block Research. 

Coinbase traded up 5.93% last week, ending the week’s session at $55.59 despite the overhang of the US Securities and Exchange Commission’s lawsuit against the exchange-operator. The stock is up more than 7% since the SEC announced its suit on June 6. 

Meanwhile, the average price target analysts for COIN inched up slightly from $69.17 per share to $69.70 as of June 18. The tick up was underpinned by one broker removing its sell rating coverage for the stock, which in turn elevated the consensus coverage rating.

Aside from regulatory related headlines, the exchange announced last week that it bought back $64.5 million worth of their Convertible Senior Notes, a type of debt that can be exchanged into a set amount of the issuer’s shares, at a 29% discount, according to a company release. 

“We are always looking for the best opportunities to deploy capital to create shareholder value,” said Alesia Haas, Coinbase’s chief financial officer, in a company statement. “This opportunistic repurchase is a continuation of those efforts and reflects our confidence in our business, strong first quarter financial performance, and improved competitive positioning.”

$1.373 billion of notes will remain outstanding following the close of the repurchase, the firm said. 

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