stocks: Coinbase, Enel, UniCredit, Intesa Sanpaolo and Azimut

This article will cover an overview of the current stock market situation of the stocks of Coinbase, Enel, UniCredit, Intesa Sanpaolo, and Azimut.

Analysis of shares on the stock market: Coinbase, Enel, UniCredit, Intesa Sanpaolo and Azimut

Coinbase (COIN)

Coinbase is the only US exchange to be listed on the stock market. The company (COIN) has been on Wall Street since April 2021, and since then founders Brian Armstrong and Fred Ehrsam have been running the behemoth amid market turmoil. 

The exchange is one of the few companies in the crypto world with a presence on the New York exchange, the others being Block Inc. (formerly Square), Core Scientific and Riot Blockchain.

Coinbase has been reckoning with the law lately and was recently served with a subpoena from the US Supreme Court. 

However, the company’s legal woes have not ended there, Coinbase boasts two other lawsuits, but these seem to be heading for an amicable conclusion soon.

COIN stock has fallen 87% this year, touching new lows. 

At the end of the year, in 2021 the stock sailed between $250 and $270 per share while today it travels around $30 per share. 

The exchange’s stock (Coinbase Global) was downgraded by the Bank of America (BAC) from Buy to Neutral.

Enel (ENEL)

Italy’s leading electricity company and energy supplier today touched 5.05 euros, registering a slight fractional decline with slightly greater relative strength than the Ftse Mib.

However, US investment bank JP Morgan confirmed that the stock in their view remains bullish by confirming the “overweight” rating.

The price target has been revised upward to 7.6 euros per share, should the forecast come true the stock is expected to appreciate on the stock market by 44% from the current market value. 

Meanwhile, the company with a convergence of intent has drawn up a draft agreement with Public Power Corporation (Ppc), a Greek energy company, on the possibility of divesting the Enel group’s holdings in Romania.

At the end of January next year, the parties will meet again to determine the final agreement on the divestment transaction. 

Meanwhile, Public Power Corporation will do meticulous due diligence on the target assets at the end of which it will choose whether to submit a binding purchase proposal to Enel. 

Intesa Sanpaolo (ISP)

The stock lateralized touching 2.08 euros, but the stock of Italy’s second-largest bank resulting from the merger of Sanpaolo IMI, Banca Intesa and later the acquisition of Veneto Banca Scpa is in the crosshairs of investors most enamored with risk. 

Daily volatility is notable and stands at 2.391 while intraday volumes that stand at 32,080,866 are below last month’s moving average volume of 78,269,293.

Intesa Sanpaolo stock is getting weaker and less attractive with the next support at 2.072 but the trend could continue further below according to technical analysis even to 2.061.

Analysts advise against investing in the banking sector in 2023 because the prices already are value-adjusted for the stock and lack a trading premium.

In particular, Intesa stock has good profitability even compared to other banks in Italy due to high net margins, however, since it has bottomed out in value it has no potential in a coming recession. 

UniCredit (UCG)

Italy’s largest bank in yesterday’s trading day fell slightly by 0.17%. 

Shares traded were 5,744,899 for a value that underperformed both the previous session and the weekly average.

Today the bank stock recovered and touched 13.33 euros with +0.54%. 

In 2016 the bank sold Pioneer to Amundi and seemed to have left the asset management sector, however, it then signed an agreement with Azimut to establish a hub for the sector in Ireland that will be in Azimut’s hands but for which the bank will have a call option.

On Friday 16 December 2022, the parties signed the agreement on the asset management front that will cube as many as 7 million customers in Italy from the start.

Azimut Holding (AZMT)

The stock touches 20.98 euros and seems unstoppable after the company shopped overseas about a month ago by grabbing 35% of the US company Kennedy Capital Management i.e., the most established asset manager in America. 

Now Azimut has also partnered with UniCredit regarding the latest products in asset management, lighting the fuse for an explosion in the Italian asset management sector.

The company will begin monetizing from June next year in conjunction with the launch of its first funds for as many as 7 million clients. 

Meanwhile, immediately after the announcement, the stock had risen 6% in Milan and then rebalanced.

Right now the asset management company is strengthening and will encounter a resistance area at 21.16 euros and intermediate support placed at 20.62 euros.

The bullish trend is expected up to 21.70 Euro with a positive reaction from institutional investors. 

As far as intraday volumes are concerned they stand at 550,300 below both the weekly and monthly averages, volatility on the other hand touches 2.279 substantially stable compared to previous stock market sessions.