Coinbase shares rose 3.1% on Thursday to close at $54.90 amid a tumultuous week for the crypto exchange that was marked by a lawsuit against it filed by the U.S. Securities and Exchange Commission.
The stock had dipped to $52.14 in the morning around 10 a.m. ET but rose steadily throughout the rest of the day, according to TradingView.
COIN's performance on June 8, 2023.
Mark Palmer, an equity research analyst for digital assets at Berenberg Capital, said shares will most likely decline due to the SEC lawsuit and reduced his price target to $39 from $55.
However, some remain bullish on the stock. Cathy Wood's Ark Invest purchased $21 million in Coinbase stock on June 7, just a day after the SEC alleged that the company had broken securities regulations.