The shares of Coinbase Global Inc (NASDAQ:COIN) are up 2.7% at $57.03 at last glance, but opened today's session as high as $59.51. The cryptocurrency platform is rising in step with Bitcoin (BTC), last seen up 5.4% to trade at $29,844.30, a new one-week high. H.C. Wainwright also initiated bullish coverage on COIN with a "buy" rating and a $75 price target -- a 31.5% premium to current levels.
There's room for additional analysts on the bullish bandwagon. Coming into today, 13 of 22 covering brokerages rated COIN a "hold" or worse. And amongst short sellers, the 37.17 million shares sold short account for 20.7% of the equity's available float.
Options bulls are getting speculative today. In the first half hour of trading, 20,000 calls -- triple the intraday average amount -- have crossed the tape versus 10,000 puts. Most popular is the weekly 4/28 60-strike call, while new positions are being opened at the 63-strike call from the same series.
On the charts, Coinbase stock is back above its 100-day moving average, a trendline that, prior to this week, had stepped up as support in early March. Year-to-date, COIN is up 62.4%.
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