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The Zacks Analyst Blog Highlights Block, Coinbase Global and Nvidia
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For Immediate Release
Chicago, IL – March 12, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Block, Inc. (SQ - Free Report) , Coinbase Global, Inc. (COIN - Free Report) and Nvidia Corporation (NVDA - Free Report) .
Here are highlights from Monday’s Analyst Blog:
Is $100,000 Near at Hand for Bitcoin? 3 Crypto Stocks to Gain
The price of Bitcoin (BTC) briefly topped $70,000 on Mar 8 for the first time. It is, however, currently trading below its record high of $68,982.20. Nonetheless, the price of the flagship cryptocurrency has surged significantly this year after a phenomenal 2023, gaining more than 150%.
Moreover, some cryptocurrency bulls are now expecting the price of Bitcoin to touch $100,000 soon. In reality, 3iQ Corp's director of research, Mark Connors, expects the price of Bitcoin to reach the $100,000 mark before the halving event, which is expected around Apr 20.
So, what's propelling the price of Bitcoin higher? Of course, the halving event will act as a boon for the price of Bitcoin. This is because the supply of Bitcoin is lowered during the halving event, eventually leading to an uptick in price. During the halving event, the supply of Bitcoin has a cap of 21 million.
However, the price of Bitcoin has already started to gain momentum as its investor base has broadened since Bitcoin ETFs began trading on Jan 11. There was already optimism among crypto market aficionados after the regulator approved 10 spot Bitcoin ETFs in January.
Those 10 spot Bitcoin ETFs saw a net inflow of $7 billion combined from mid-Jan through the end of February, per data from Morningstar Direct. BlackRock's iShares Bitcoin Trust witnessed the highest inflow, per Dow Jones Market Data.
The Federal Reserve's dovish stance is also partly responsible for lifting the price of Bitcoin. The Fed has kept its interest rates unchanged in its latest policy meeting and expects to trim rates later this year. Notably, higher interest rates are bottlenecks for Bitcoin as it weighs on high-risk assets like digital coins.
Hence, it makes sense for astute investors to place bets on stocks that are well-positioned to capitalize on the price of Bitcoin's present upsurge. Some of the prominent names are Block, Inc., Coinbase Global, Inc. and Nvidia Corporation. These stocks carry a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Block is a digital payments company that generates revenues from products such as Cash App, where Bitcoin is purchased and sold. Block has successfully expanded its customer base and boosted its profit margins.
The Zacks Consensus Estimate for Block's current-year earnings has increased by 0.3% over the past 60 days. Block's expected earnings growth rate for the current and next year is 63.9% and 31.2%, respectively. Its estimated revenue growth rate for the current and next year is 12.8% and 11.4%, respectively.
Coinbase is a crypto trading platform where around 50 different kinds of digital assets, including Bitcoin, are traded. Coinbase registered fourth-quarter profit banking on an uptick in transaction volumes and higher interest income.
The Zacks Consensus Estimate for Coinbase's current-year earnings has increased by 268.3% over the past 60 days. Coinbase's expected earnings growth rate for the current year is 172.3%. Its estimated revenue growth rate for the current year is 29.3% (read more: 2 Stocks in Cathie Wood's Portfolio to Watch Now).
Nvidia, the semiconductor behemoth, has entered the crypto space by designing graphic processing units for mining cryptos, including Bitcoin. Nvidia recently posted solid fiscal fourth-quarter earnings results (read more: Nvidia (NVDA - Free Report) a Must-Buy After AI-Fueled Blowout Earnings).
The Zacks Consensus Estimate for Nvidia's current-year earnings has increased by 16.1% over the past 60 days. Nvidia's expected earnings growth rate for the current and next year is 79.2% and 11%, respectively. Its estimated revenue growth rate for the current and next year is 68.1% and 14.9%, respectively.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights Block, Coinbase Global and Nvidia
For Immediate Release
Chicago, IL – March 12, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Block, Inc. (SQ - Free Report) , Coinbase Global, Inc. (COIN - Free Report) and Nvidia Corporation (NVDA - Free Report) .
Here are highlights from Monday’s Analyst Blog:
Is $100,000 Near at Hand for Bitcoin? 3 Crypto Stocks to Gain
The price of Bitcoin (BTC) briefly topped $70,000 on Mar 8 for the first time. It is, however, currently trading below its record high of $68,982.20. Nonetheless, the price of the flagship cryptocurrency has surged significantly this year after a phenomenal 2023, gaining more than 150%.
Moreover, some cryptocurrency bulls are now expecting the price of Bitcoin to touch $100,000 soon. In reality, 3iQ Corp's director of research, Mark Connors, expects the price of Bitcoin to reach the $100,000 mark before the halving event, which is expected around Apr 20.
So, what's propelling the price of Bitcoin higher? Of course, the halving event will act as a boon for the price of Bitcoin. This is because the supply of Bitcoin is lowered during the halving event, eventually leading to an uptick in price. During the halving event, the supply of Bitcoin has a cap of 21 million.
However, the price of Bitcoin has already started to gain momentum as its investor base has broadened since Bitcoin ETFs began trading on Jan 11. There was already optimism among crypto market aficionados after the regulator approved 10 spot Bitcoin ETFs in January.
Those 10 spot Bitcoin ETFs saw a net inflow of $7 billion combined from mid-Jan through the end of February, per data from Morningstar Direct. BlackRock's iShares Bitcoin Trust witnessed the highest inflow, per Dow Jones Market Data.
The Federal Reserve's dovish stance is also partly responsible for lifting the price of Bitcoin. The Fed has kept its interest rates unchanged in its latest policy meeting and expects to trim rates later this year. Notably, higher interest rates are bottlenecks for Bitcoin as it weighs on high-risk assets like digital coins.
Hence, it makes sense for astute investors to place bets on stocks that are well-positioned to capitalize on the price of Bitcoin's present upsurge. Some of the prominent names are Block, Inc., Coinbase Global, Inc. and Nvidia Corporation. These stocks carry a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Block is a digital payments company that generates revenues from products such as Cash App, where Bitcoin is purchased and sold. Block has successfully expanded its customer base and boosted its profit margins.
The Zacks Consensus Estimate for Block's current-year earnings has increased by 0.3% over the past 60 days. Block's expected earnings growth rate for the current and next year is 63.9% and 31.2%, respectively. Its estimated revenue growth rate for the current and next year is 12.8% and 11.4%, respectively.
Coinbase is a crypto trading platform where around 50 different kinds of digital assets, including Bitcoin, are traded. Coinbase registered fourth-quarter profit banking on an uptick in transaction volumes and higher interest income.
The Zacks Consensus Estimate for Coinbase's current-year earnings has increased by 268.3% over the past 60 days. Coinbase's expected earnings growth rate for the current year is 172.3%. Its estimated revenue growth rate for the current year is 29.3% (read more: 2 Stocks in Cathie Wood's Portfolio to Watch Now).
Nvidia, the semiconductor behemoth, has entered the crypto space by designing graphic processing units for mining cryptos, including Bitcoin. Nvidia recently posted solid fiscal fourth-quarter earnings results (read more: Nvidia (NVDA - Free Report) a Must-Buy After AI-Fueled Blowout Earnings).
The Zacks Consensus Estimate for Nvidia's current-year earnings has increased by 16.1% over the past 60 days. Nvidia's expected earnings growth rate for the current and next year is 79.2% and 11%, respectively. Its estimated revenue growth rate for the current and next year is 68.1% and 14.9%, respectively.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.