Coinbase Stock Inches Higher After $1.5 Billion Debt Offering

Piper Sandler maintained its "overweight" rating on COIN

Deputy Editor
Sep 14, 2021 at 10:43 AM
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Coinbase Global Inc (NASDAQ:COIN) is enjoying a boost this morning, following news that the crypto wallet has proposed a debt offering of $1.5 billion, in an effort to raise money for product development and possible mergers and acquisitions. Separately, Piper Sandler reiterated its “overweight” rating on COIN, despite recent news that U.S. regulators have plans to sue the company, should it move forward with its digital lending service. 

The stock was last seen up 1.3% at $245.97, though it looks like the security is still struggling to push past recent pressure at its year-to-date breakeven, as well as its 50-day moving average, which served as support for COIN in the past. The $240 level looks to have emerged as a floor, however. 

Sentiment surrounding COIN remains optimistic. Of the 16 analysts in coverage, 10 say "buy" or better. This bullishness is echoed in the options pits. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), 2.16 calls have been picked up for every put over the past 10 weeks. 

 

 

 

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