Coinbase Down on Upgrade

Coinbase (NASDAQ:COIN) shares lost ground in the first hour Monday.

JMP Securities reiterated its outperform rating on the stock, which has rallied 85% since the start of trading Jan. 9, analysts said in a note Friday.

The company’s stock spiked 15.8% on Friday as bullish sentiment across the broader cryptocurrency market, along with equities , rumbles on.

The upswing was accompanied by a 0.6% increase in the global crypto market cap, standing at $1.06T, according to CoinMarketCap data . Bitcoin and ethereum, together accounting for a majority of the crypto market cap, drifted up 0.5% to $23.19K and 0.1% to $1.60K, respectively, as of shortly before 5:00 p.m. ET.

The crypto exchange's stock was one of the biggest percentage winners intraday among crypto-related stocks, only to be outpaced by Core Scientific Applied Digital and Cipher Mining.

COIN closed Friday's session at $61.37 a share, the highest level since last November, just days before onetime rival FTX imploded, despite Coinbase being fined €3.33 million by the central bank of the Netherlands on Thursday for providing crypto services without registering.

As of Jan. 20, Coinbase's stock was at $55, meaning a 100% rise translates to a $110 price target. Usually, Wall Street analysts try to predict where shares will be 12 months out. Some experts say, if Coinbase hits this target by year's end , that would certainly boost investor portfolios.

COIN shares began Monday down five cents to $61.32.